Purchasing a home is one of the best things you can ever do to yourself, especially when making investments. It can be an exciting process yet emotional too. However, you need to be fully committed once you decide to buy a home. Before you decide on whether you should buy a home or not, you need to explore the process of buying a home and understand the ins and outs.
Is now a good time to purchase a home?
Buying a home is all the rage this year. More and more people are purchasing homes because mortgage rates are lower than ever. The demands in the housing market aren’t slowing down at all despite the situation the world is facing right now. In fact, many people are leaving the urban cities to have cheaper homes in the suburbs – affordable, spacious and a great place to live.
So, the question remains, “Is it a good time to purchase a home now”? Yes and no. While there are many reasons to purchase a home now due to lower mortgage rates above all things, it still depends on you and your financial status.
When considering buying a home, make sure you consider your financial situation by assessing if your job is secure, budget for home repairs and maintenance aside from the monthly home payment. Before anything else, here is a how-to guide for you when buying a home in 2021:
- Check your credit score
- Make sure you are not tied to a lease
- Figure out how much you can afford
- Save for the down payment
- Have a consistent stream of income
- Shop for a mortgage
- Hire a real estate agent
- See multiple homes
- Make an offer
- Get an Inspection and Appraisal
- Secure your Financing first
- Do a final walkthrough
Once everything is set up, close on your house. This is the final step where the lender will issue a “clear to close” status on your loan. Once all the paper works are done, the house is now yours – time to move in and start making your home.
Buying a home in 2021 involves many complex processes, but this how-to do guide will help you navigate the whole process smoothly. When you do your homework in advance, you will feel confident about your decision and get your dream house earlier! Just remember we are here for you at Michael Gailliot Homes. If you’re interested in buying a home in the Northern Virginia area, contact us!