Contemplating buying a new home in Denver? Stapleton Mortgage & Realty can help.
Purchasing a home is stressful for a lot of people. However, with some planning ahead of time, it isn't that confusing.
I like to provide buyers with an overview of the entire deal so they'll know exactly what to expect.
These are my nine steps to buying a home.
When you're ready to get started, you can contact me here or send me e-mail
. I'm happy to address questions you have regarding this information.
Step 1 – Get ready to purchase a home
There are plenty of things you need to take into account before you search for a home.
When you start your search, you'll probably want to make an index of items you need, get a feel for what school districts you'd like to live in, and begin planning around your budget.
Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good guideline to follow.
Step 2 – Get with a real estate agent
This is where I can help.
I'd love to set up a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Denver area, the mortgage and housing industries, to any other economic factors that could affect your buying decision today or in the future.
In addition, I'll help you start the loan process.
I partner with some of Denver's best mortgage professionals, so you'll be in great hands.
They'll assist you with figuring out which type of loan is best for you and help you get qualified.
Step 3 – Begin your search
After our initial meeting, I'll begin searching for available houses on the market that are great for you.
I'll preview many of the homes and eliminate the duds, and then we'll book appointments to tour the homes whenever it's convenient for you.
As we tour houses, I'll identify good features and negative ones. And I'll ask you to point out what things you like and don't like.
Generally, buyers update their must-have list as we view homes and some features become more necessary than others.
If that happens, I'll go back through the listings once more and narrow it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
My awareness of the Denver home market is a crucial resource in your home search. I'm acquainted with all the neighborhoods and schools, and I will alert you to which neighborhoods are "hot" and warrant prompt action and the rest that are "cool" and allow for careful analysis.
When we tour homes, I'll be sure to tell you when the asking price has room for bargaining and when I trust the house is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions, as every real estate agent will tell you they comprehend the home market.
If it appears they don't know everything, contact me at 303.399.2154 or e-mail me at email@example.com, and I'll be glad to answer any questions you have. My market knowledge will help you stay a step ahead through the entire process.
Step 5 – Find the house you've been waiting for
I'm certain we'll find your dream house in Denver. When that happens, I'll meticulously create your purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies, such as getting financing, finishing the inspection, and a clean title.
When we send in your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property. The amount is often applied to the cost of closing. If the seller accepts your offer, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the first offer. It's widely common to receive a counter offer. But don't let this alarm you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your budget. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Obtain financing
Once we sign the final sales contract, you'll start working with your lender to close the loan.
If you're pre-qualified, this won't take long at all. But you should to stay in close contact with your lender.
And I'll handle all the property information your lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of getting your application.
The estimate is based on the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a close range of accuracy. I'll go over the estimate and let you know if everything looks permissible.
Then it's time to close on your home. This will most likely happen at a title company or escrow office and will likely be a smooth and hassle-free occurrence.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you contact me at 303.399.2154 or send me an e-mail.