If you are considering building a new home, you probably have a myriad of questions you might be asking yourself regarding what goes into the actual home-buying process. It is, here, where we hope to demystify some possible pre-conceived notions and provide clarity for any potential new-home buyer who is considering the rousing prospect of building a new-home. There are crucial factors that serve as the foundation of the home-buying process–particularly as they pertain to new-home construction–and they include the following.
Call Girls In Chand Nagar (Delhi)+918447779280 Welcome To Vip Women Seeking M...
Understanding the home buying process
1. Understanding the
Home-Buying Process
If you are considering building a new home, you probably have
a myriad of questions you might be asking yourself regarding
what goes into the actual home-buying process.
2. Maintaining Good Credit
• Lenders take a big risk when they offer borrowers
huge sums of money for new-home
construction. When a potential home-buyer has a
good credit score and history, it sends a positive,
more reassuring message to lenders concerning
that person’s level of responsibility, tenacity and
determination.
3. Establishing Affordability
• Make financial room for those important things in
your life that will be with you for a number of years
to come.
• Consider income and Lifestyle changes.
• Consider Children in the future.
4. Finding a Lender
• Contact a bank or credit union.
• If you have an existing account at a branch ask
them about their loan options.
5. Becoming Pre-Approved
• Pre-qualified: Being pre-qualified for a loan simply
means the prospective home-buyer has supplied some
basic, yet pertinent, information to the lender including
debt, income and assets.
• Pre-approved: Being pre-approved for a loan means
much more detailed financial information is given to a
lender. An exhaustive mortgage application will be
completed and a scrutinized financial background
check will ensue.
• Once you’re pre-approved the process of finding the
home of your dreams can begin.
6. Choosing Your Home
• Weigh every advantage and disadvantage of
different home styles your builder will share with
you. You want your home to accommodate you,
not the other way around. And no matter how
lovely a home might be, if it doesn’t fit your
particular lifestyle, you will be disappointed in the
long run.
7. Choosing the Best Builder
• A builder’s experience, character and attention-to-
detail should be at the top of one’s search list as it
applies to narrowing down the best home builder in
your area.
• Is The Homebuilder Environmentally Responsible?
• Does The Homebuilder Offer an Existing Inventory of
Homes?
• Does The Homebuilder Emphasize Quality and
Affordability?
• Does The Homebuilder Promote a Positive Connection
with the Buyer?
8. Asking the Builder about
Financing Options
• Some new-home developers can provide ‘in-
house’ mortgage or financing options which can
offer more lending choices for the buyer. Home
builders have the option of partnering with
preferred lenders; and as a result, lower interest
rates and zero closing costs are not uncommon
• Lenders who represent new-home communities
are very familiar with the builder, the sales
personnel, the policies and the requirements that
go into new-home construction.
9. Buying Title Insurance
• Title insurance for the new-home buyer protects
the homeowner from any possible ownership
issues regarding the land, upon which, the new
home was built. Buyers want to have peace of
mind knowing their land was properly subdivided
and that their home is situated on the correctly-
identified lot.
10. Doing the Final Walk-
Through
• Prior to the Closing, the buyers should do a final
walk-through of their soon-to-be new home. This
is a proactive measure to ensure that all the
appliances, lighting fixtures, HVAC system etc. are
in expected working order.
11. Closing on the Loan
• Several weeks before closing, contact the escrow
agent or your attorney to make sure you have all
the required papers for the final meeting. Items
such as a valid photo ID, certified funds, any
divorce orders (if applicable), a copy of
homeowner’s insurance etc. will be
required. Allow yourself plenty of time before
closing to have everything readily available.