Finance

Buying a home will generally be the largest purchase you will make in your lifetime.  For this reason, it is important that you understand the steps in the loan process and the language used by mortgage companies.  It is said that information is power.  With the proper financing information you willl have the power to make a sound long term financial decision.

Buying a home in St. Augustine, Florida or anywhere else in the country the process is essentially the same.  

First determine how much house you can afford.  to see where you stand. 

A review of your credit report and knowing your credit score, often called the Libor score is valuable information in determining how much house you can afford.

You should keep in mind that when buying a home there are many costs involved.  You will have closing costs which can include cost of the survey, appraisal, the home and termite inspections, loan origination fees, escrow account fees, etc.

You also need to keep in mind that your monthly payment will include not only your principle and interest on the mortgage loan, it will also include property taxes and insurance.  This is often called PITI. 

Next determine the type of home to meet your needs.  This is a critical step in the home buying process.  Often home buyers will start looking with the idea that they will know it when they see it.  This can often lead to dissappointments down the road once they have purchased and moved in.  They may find the layout of the house does not match their lifestyle. for some helpful hints in preparing for the home search. 

Next locate an experienced real estate agent to assist you in this process.  They know the available inventory of homes in your area and can guide you to homes that meet your lifestyle requirements while staying within your budget. to locate an experienced real estate agent.

Once you have selected a home, a realtor can submit your offer and negotiate on your behalf.  If the offer is accepted the realtor will recommend that you obtain financing through a lender.

Remember, lenders are not all created equal.  Shop around for the best rates, and make sure you compare apples to apples when you do.  Compare lenders  up front and administrative fees.  All lenders are required to follow the Truth in Lending Act, which basically states that they must give you a good approximation of what your closing costs and mortgage payment will be at the time of application.  If they are unwilling to do this, find another lender. 

For further information on the loan process.

If you would like to contact an agent to assist you in finding a home.

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Aug | Real Estate |