Once you’ve decided to buy a house, Real Estate Ink is here to help you. Based in Melbourne, FL, and covering the entire Space Coast, we are committed to providing you with agents who value honesty, integrity, trust, and reputation. Whether you are a first-time buyer or have any other special needs, it is our honor to help you achieve the dream of owning a home.
Below, we have highlighted some key information about buying. Take a moment to review it, and then contact us to get started!
Before searching for a house, check your credit score. There are three different credit scores, one for these 3 bureaus: Experian, Exquifax, and TransUnion. Your credit score directly impacts your ability to get a loan and the rate on the loan, so the better your score, the more attractive your rate will be. However, keep in mind that errors are common. Before you dispute or make changes, talk to your loan officer for advice. Be prepared to make an offer with a full pre-approval in hand. The majority of the bank-owned properties, as well as many sellers, require a pre-approval to accompany your offer.
As for the budget, set it in advance. Your monthly housing payment includes the principal and interest on your loan, as well as more. Ensure that your budget covers the taxes, insurance, homeowner association dues, and/or condo fees, and utility bills, too. Note that some costs are paid upfront prior to closing. Be prepared to make a good faith deposit or escrow deposit to bind your contract.
Besides upfront expenses, determine how much you are using for a down payment on your loan. If you put down less than 20%, you may be required to pay private mortgage insurance. Some lenders require an upfront funding fee for this. Request a Good Faith Estimate of costs so you know how much to bring to closing.
Some large employers will help you with the down payment or to get a low-interest loan from lenders. You may wish to dip into your 401(k) or retirement plan for a loan.
As for a home inspection, it is usually scheduled within the first 15 days of contract. It is paid directly to the inspector. Ask the inspector to perform a wind mitigation inspection; this will often provide discounts on your insurance premium. You may also want to do a full termite and pest inspection.