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How to Get Started in Buying Your First Home in Midtown West


If you’re starting to think about buying your first home in Midtown West, you probably have some questions about what the process entails and what you need to do to set yourself up for success. This expert guide will break down everything you need to know about buying your first home in Midtown West. If you still have questions after reading, feel free to contact the Fung-Casagrande Team and they will be more than happy to assist you.

Save for a down payment

Most people cannot finance 100% of the cost of their home. You’ll probably need to have some cash set aside to put down at closing. The exact amount varies based on what type of loan you’re using. Typically, buyers must be ready to put down at least three percent of the total cost of their home. Closing costs are a separate expense, and can amount to anywhere between two and six percent of the total value of the home. If you’re able to put down a larger down payment, you can save money on interest throughout the life of your loan. Keep in mind that different lenders will offer different interest rates, so it’s a good idea to shop around and see who can offer you the best deal. If you’re not satisfied with the initial offers that you receive, it’s possible to improve your financial position by raising your credit score. This will take some time, but it can make a meaningful impact.

Get a pre-approval letter


When you first make contact with a lender, they will ask some basic questions about your finances. They may want to see recent pay stubs or tax returns, and they’ll probably seek more information about your credit score and your debt-to-income ratio. They will use all of this information to evaluate how much risk you represent as a borrower. After they pull together all of this information, they will share a pre-approval letter with you that details what type and amount of loan you will most likely qualify for after the underwriting process. Some sellers will only accept offers from buyers who are pre-approved, and many real estate agents require a pre-approval letter before they will begin working with a buyer.

Hire a real estate agent


It’s crucial to work with an experienced real estate agent, especially if this is your first time shopping for a home. Your realtor will help you look at homes in your price range. They will also communicate with the seller (or the listing agent) on your behalf once you find a home that you’re interested in buying.
 
You can find a real estate agent by asking friends and family for recommendations or by searching online. It’s usually pretty easy to find reviews from past clients that speak to what kind of experience you’ll have working with a particular agent. Most agents will also agree to meet you in person even if the two of you haven’t officially agreed to start working together. This is a great time to ask questions about their experience and their qualifications.

Determine what you’re looking for in a home


Once you know how much you can spend on a home, it’s a good idea to spend some time looking at different properties online. This will give you a feel for what features and amenities homes in your price range have to offer. As you look at different properties, you’ll start to get a sense of what aspects in a home are most important to you. You can communicate these preferences with your realtor and they will recommend properties that match what you’re looking for.

See homes in person


You should never buy a home without first seeing the property in-person. Homes often appear differently online than they do when you’re actually standing inside. If you’re moving to Midtown West from another city or state, you can ask your real estate agent to visit the property for you before you submit an official offer if you’re not able to physically see the home yourself. In addition to imagining what your daily life would be like in the home, you should look for any indicators of possible structural damage. Cracks in the wall or chipped paint might only be minor cosmetic issues, but they could also tell you something about how the home was taken care of in the past.

Submit a competitive offer


Your first offer doesn’t have to be for the seller’s listed asking price. Depending on how long the home has been on the market and what the current state of the market is like, you may have some room to negotiate a better deal with the seller. Don’t be surprised if you receive a counter offer after you make your initial offer. Your real estate agent will help you craft a strong initial offer and respond to any counter offers the seller sends back. They are experienced in these types of negotiations and they know when to ask for more and when to accept a deal as presented.

Prepare for closing

The work doesn’t stop after you agree to a deal. There are a few more things that you’ll need to do as you prepare for closing. Make sure you order a home inspection so that you can have greater peace of mind about the property’s condition. You’ll also work with an appraiser to ensure that the home is selling for a fair market price. Your lender needs to see the home appraisal before they can issue the funding that you’ll need to buy a home.

The Casagrande Team knows exactly what buying your first home in Midtown West is like. They have helped countless individuals through the process in the past. They take pride in connecting with each of their customers and providing a buying experience tailored towards the specific goals and preferences of each client. Reach out to their office whenever you’re ready to move forward and begin shopping for homes in the area.

*Header photo courtesy of The Casagrande Team



 

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