Buying a home in Washington DC for the first time can be intimidating. It is undoubtedly the largest financial investment you have made and involves many risks potential. Help you to do the task and are as prepared as possible.
The first step you should take to buy a home is to save for a house. This could take a couple of years, depending on your income, so start early and separated as much as possible. The larger your down payment, you will have more options when choosing the mortgage. Other steps you should perform include financial summaries of paying credit card to improve your credit-worthiness. Also get your credit report and make sure that everything in it is accurate.
Budget and mortgage
Do not trust what the bank says you can borrow. Make a realistic budget including your income and major expenditures and designs a reasonable monthly mortgage payment. This should not exceed 30 percent of your gross income. With this in mind, start looking for a mortgage. Do this before finding a home that is your interest. Then when you find one you like, you are pre-approved and ready to make an offer quickly. When you find a mortgage product with a good price, ask the lender for a full report of all fees, to know how much you have to budget for upcoming expenses.
Start search neighborhoods in which you might be interested. Note transportation to work, school district, crime rates, local services and other factors that may be important to you. Drive around neighborhoods that are to your liking; do both at night and during the day.
Find a real estate agent who knows the areas in which you are interested. Make sure you know which ones are most important to you and also the maximum amount you are willing to pay criteria. In addition to their suggestions, Internet searches. The higher the amounts of properties that compare more idea of price and features have. Be selective about the properties you see; Otherwise, you can lose a lot of time looking at unsuitable homes.
Offer and inspection
When you see a house for which you want to bid, agrees with your realtor a realistic price. However, be rigorous about staying on your budget and fear not offer much less if that’s all you can afford. Once you make a successful bid for a home, hire a supervisor homes. Arranged with him to visit the property and ask about everything that concerns you. Once you have your report, make a list of arrangements that you would be done by the seller. Complete the application for the mortgage with the details of the property.
Insurance and Closing
Compare insurance rates for the home. Make sure you’re getting enough coverage, but also looking for a competitive rate. Reach an agreement before the policy takes effect from the day you close the real estate transaction. Hire a lawyer to handle the paperwork closing. Make a final tour of the property before closing, just to make sure there are no unresolved issues. Attend the closing and be sure to read each document you have to sign. Do not be afraid to take your time, to make sure you understand what you are signing and that the content is such that the pact.