Buying a home in the San Antonio area can be a daunting task, especially if this is the first time you’ve purchased a house. There are many things to do beyond simply finding the house of your dreams. First time homebuyers should expect the home buying process to take anywhere from a few weeks to several months depending on how long it takes to find the perfect home and how long it takes to get through the loan application process. Here are some guidelines for first time homebuyers in order to help navigate through the process and set expectations.
1. Check your credit report.
Step one of the home buying experience should always be to know exactly where you stand when it comes to your ability to borrow money. Get a copy of your credit report, dispute any errors with the credit bureaus and look for accounts that can be paid down or paid off. You need to be current on all your accounts, have a minimum of late payments, and lower revolving account balances. Do not close accounts that have a zero balance as these will decrease your income to debt ratio, which is a positive thing.
2. Check your bank account.
Ideally, you will have 20% to put down, but know that you can buy a home with less money if you have good credit. If you lack the necessary cash, like I did, you can look for a house where the sales price is less than the appraised value.
3. Use a mortgage calculator
Must USe Mortgage calculator to see what you can afford, what you qualify for, and what your monthly payments will look like.
4. Find a realtor.
The relationship should be cordial and professional, but also personable. This is one of the most important steps to the home buying process. Knowledgeable realtors can help you find the house of your dreams, recommend lenders, title companies, insurance agents and much more. The realtor is the hub of the home buying process and a boon for anyone experiencing their first home buying experience and is a definite must in the home buying process.
5. Get pre-approved.
The pre-approval process will let sellers know that you are a serious and qualified buyer, which gives you some leverage in the negotiation process.
6. Put in an offer.
When you find the house you want, put in an offer to the seller through your realtor. If your offer is accepted, you will need to work with your realtor to start a sales contract.
If you are looking to purchase a home in the San Antonio area, contact a Keller Williams realtor. The friendly, knowledgeable staff will help you navigate the often confusing process of buying a house. They are intimately familiar with San Antonio Houses for Sale, both by owner and on the MLS as they are the premier Realtors in San Antonio. For more information on how a Keller Williams realtor can help you find your perfect San Antonio home, visit http://mykwsa.com.