A few months ago, I purchased my first home. A simple, practical, peaceful condo unit in the heart of Prince George's County that I simply love and most importantly it's ALL MINE! The grocery store is across the street, the bus line is on the main road and the metro station is less than a mile away (4 minutes to be exact). I'm proud of my accomplishment however the process was one big headache, however it was nothing that Motrin and knowing a few good people could heal. I'll try to keep this short.
Get a copy of all three (3) credit reports to see if there are any outstanding debts and/or negative / erroneous information and to check your credit score. You'll want to ensure everything is accurate prior to searching for your new home.
Find an agent. I prefer referrals (check out my list of "realtor referrals" on the right) however, you can search for agents and your new home on www.realtor.com.
Get pre-approved. This will save you a great amount of time along the way. Unless you have a good referral, I recommend going through your credit union or banking institution. Some credit unions offer members home mortgage loans with no origination or application fee which is a great way to save money on your new home!You can choose to be pre-approved before finding an agent and inform them when you make contact that you've already received a pre-approval letter.
With your pre-approval letter you are ready to start shopping for your new home!
Once you've found your home you and your realtor will go over the specifics and submit a contract to the seller of the home or their agent for review, ratification and/or acceptance. . Also, look into housing programs that offer assistance with downpayment and closing or see if the seller is willing to pay half if not all of your closing costs which is equal to about 6%. You're almost home free!
Don't forget to shop around for homeowner's insurance, homeowner's warranties, flood/hazard insurance (for townhomes, single family homes), termite / pest inspection, home inspection (this is highly recommended)and do a walk through a few days prior to going to the settlement table. Do your research, learn the terms the mortgage lenders use, see the fees that are included in the HUD-1 (sales contract) and if you're unsure it's ok to get a 2nd, 3rd and 4th opinion, because I did.
After you've done all of the above prepare yourself for a short or long day at the settlement table reviewing and signing about 100+ pieces of paper which may feel like you're signing your life away but ultimately it's the beginning of your new title HOMEOWNER!
You can find information on housing programs, financial assistance and homes for sale in your area by visiting the following websites:
www.realtor.comwww.homesdatabase.comwww.weichert.comwww.remax.comwww.longandfoster.comwww.hud.govwww.fanniemae.comwww.nehemiahprogram.orgwww.morehouse4less.com - Washington, DC area
www.naca.comwww.hip.org - Housing Initiative Partnership - PG County, Maryland
www.wachovia.comwww.bankofamerica.comHappy House Hunting!
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