Updated: Aug 8, 2020
Here's how you can elevate your financial position to become a homeowner
1. Overcoming F.E.A.R.
The first step in home ownership is overcoming the fear that you can’t. This fear is manifested in different ways which is caused by a lack of knowledge, fear of the unknown, or fear of rejection. Home ownership is actually one of the easiest things to do. You just have to do it! Ask questions, I’m always willing to help, or Google information. That F.E.A.R you have is really False Evidence Appearing Real. Only YOU can stop YOU! Think about it this way, you’re already paying someone’s mortgage by renting, why not make it your own. Home ownership is one of if not the best way to have wealth in America.
2. PreApproval/ Credit Repair:
Speaking with a lender is the next step in the process. This is where YOU find out how much you can afford. This is also where that F.E.A.R of rejection can creep in. Look at it as a way to help YOU and not hurt YOU. This information is valuable to building wealth for YOU and YOUR family. The lender can tell if YOU’RE able to buy a home as well as what YOU may need to repair on YOUR credit so YOU can. This process is one of the most exciting. Why? This is where YOU get it o spend someone else’s money to buy a home and create wealth for YOURSELF and your FAMILY. Remember that no doesn’t mean never, it just means not right now!
3. Shopping for a Home
Now that YOU have gotten the preapproval, it’s time for us to go house shopping. The lender has given you a budget or a maximum spending limit to purchase YOUR new home. We will look for a home that fits your budget. This is also another area where F.E.A.R will try and creep in. If we don’t find a home that you’re in love with, we will find a home that works and builds wealth so you can buy YOUR dream home later. YOU can also use YOUR home as a rental property that will generate another stream of monthly income. If YOU’RE preapproved to buy a home, make sure you do that. A home is just as much of an investment as it is a place to live.
4. Writing an Offer
Yay! Now that we have chosen a home during our home shopping process, it’s time to make an offer. We know the budget so we are able to write an offer that is a win for YOU and the seller. You hear that, F.E.A.R is telling you that YOU’RE going to be rejected. No doesn’t mean never, it just means not this house! There are 100’s of homes for sale so there a 100’s of opportunities for YOU! YOU’RE building wealth for YOU and YOUR family with this investment, always keep this in mind during the process. Successful thinking achieves successful results.
5. Inspection Time
Hooray!!! Our offer has been accepted! Now it’s time for o schedule our inspections. This is part of the process where we have a home inspection, WDO, schedule our appraisal, and survey.
Home inspection/ WDO: Before you move in we have to inspect the home so we don’t have surprises after you move in. The inspectors will check to make sure the roof, AC, pipes etc. are in good working condition. Pest control does the WDO or wood destroying organisms inspection which checks for termites, mice, rats etc. After these inspection we can ask the seller to repair problems if some are found.
Appraisal: the lender orders the appraisal is o make sure that the home is worth the money YOU’RE paying for it.
Survey: This is where YOU have a company check to make sure YOUR boundaries are accurate. If the seller is selling a 1/4 acre of land, we have to make sure that’s what YOU’RE getting as well as where it begins and ends.
Keep in mind that these are YOUR out of pocket expenses that are paid upfront.
6. Closing Day
Yes! We made it to the table. This is the part when YOU sign all the necessary paperwork to get the deed and keys to YOUR home. We will sit down together and go over the paperwork. This is also the part where YOU will pay YOUR closing costs.
( closing costs can range from 0-1ks depending on the loan. When YOU’RE preapproved, the lender will go over these costs with YOU)
There are occasions when the seller is willing to pay the closing costs for YOU.
Keep this in mind!
7. Move In
Awesome! Moving Day!
YOU did it! YOU’RE moving into YOUR new home with keys and deed in hand.
YOU overcame F.E.A.R and that bravery has lead YOU to this point. Let the wealth building begin!
Realtor, The Power Team