Find a place you can call home

First Time Homebuyers

First time homebuyers often wonder about the various steps involved in the homebuying process.  It's easy to become overwhelmed, and sometimes even a little discouraged at first.

Skyline Properties has prioritized the steps into these concise elements.  Follow them and you'll be in your dream home before you know it!

 

Six Steps To Take Before You Move




1.     Find a Real Estate Broker. Navigating the changing market, negotiating the best terms, staying on top of various deadlines and contingencies, overcoming bumps and challenges that may occur can all be difficult to tackle on your own. This is why choosing the right broker is an important first step as they will be involved in all aspects of your new home purchase. This is a good opportunity to interview a few brokers who you can trust and one you believe will have your best interest at heart. This is an emotional and exciting time so make sure you have a strong advocate and local expert by your side.




2.      Get Preapproved. Shopping without a preapproval letter is like going to the grocery store without knowing how much you have in your wallet. This helps you determine what you are qualified for and what your estimated fees and monthly mortgage will be. A pre-approval means that you received a letter from a financial institution and that they have reviewed your financial documents, verified your debt-to-income ratio, checked your credit score and will lend based on all of these factors.




3.      Determine your needs and go house hunting. You can go over with your broker your needs vs. wants. Utilize your broker’s expertise and advice on the home search criteria and the discuss the pros and cons of the home. This is a fun time where you go physically to the houses and imagine yourself living there. There is no right amount of houses before you find the one that feels perfect. Sometimes it is the first home you see and sometimes it can take years. 




4.      Write the Offer. Together, with your broker, you will discuss purchase price, contingencies and various terms of the offer. It may get accepted right away or there may be a period of back and forth negotiating. Your broker will guide you through the offer and process if and when it gets accepted.




5.      Work on the loan and purchase process. As soon as you have reached mutual, the lender will receive a copy of the contract and start working on the loan process. The loan generally takes about 30-45 days. The contract will also go to Escrow, a neutral third party that facilitates the paperwork, title transfer, money exchange and final signing. As the loan is being processed, your broker will work through the contingencies in the agreement such as the inspection and appraisal.




6.      Close the deal and receive keys. Congratulations! You have just closed on your property. You have received the recording numbers so the home is officially yours. You have your keys so now all that is left is turning your house into your home. Welcome to homeownership.