Buying your first home is a significant milestone and a thrilling adventure. It marks a transition from renting to ownership, offering stability, a sense of accomplishment, and an investment in your future. Sure, the whole process can feel a bit overwhelming, but your friends at JRT are here to make this process stress-free! We’ll break down the roadmap for a smooth transition from dreaming about your first home to unlocking the door to your very own space.Money Matters
ü Assess your financial situation - Calculate your monthly income, expenses, and existing debts.
ü Prepare a budget – plan for life after buying, by estimating your future living costs.
ü Give your credit a boost - access your credit report and fix any discrepancies, pay your bills on time, and watch your score rise!
Save, Save, Save!
ü Discuss First-Time Homebuyer’s Plan and other savings strategies with your bank or financial advisor.
ü 5% is the minimum down payment (for purchases under $500,000); however, stashing away a bit more will help increase your approval amount and could snag you some better deals.
Ready, Set, Pre-Approval!
ü Visit your mortgage broker or lender for a pre-approval (be prepared to provide information on your employment, income, assets & expenses).
ü Explore options of fixed or variable interest rate mortgages.
ü Review the terms and interest rates to select the best mortgage options for your needs.
ü Your rate is usually locked in for a set period of time allowing you to shop without worrying about the fluctuating rates.
Meet your JRT Realtor®
ü JRT has experienced Realtors® excited to meet with you! We’ll guide you through the market and handle all the paperwork – no cost to you!
ü Share with us your dream-home wish list – location, size, must-haves, and budget.
ü Time to go house-hunting! Make note of your likes & dislikes at each home, let’s narrow down your perfect pick!
Make an Offer Like a Pro
ü Once you find the one, your JRT agent will help you present a competitive offer.
ü Be prepared for negotiation with the seller, if there are any twists & turns, we’ve got your back!
ü Don’t get your heart set on this home – in a fast moving market, the seller may receive multiple offers, or may not be willing to negotiate. JRT will help you with strategies to remain competitive.
Congratulations, Your Offer Was Accepted!
ü You have a set amount of time to remove all your sales conditions. Your conditions will likely include financing and home inspection (but may include other conditions as well - we will discuss this when making the offer).
Waive Those Conditions Good-Bye!
ü Finalize your mortgage application with your broker and provide any final documentation for approval.
ü Hire a professional Home Inspector to assess the property's condition (Inspector's fees, around $600, are paid by the buyer).
ü We will assist you to address any issues with the seller before finalizing the deal.
ü Once you are satisfied, you will sign a waiver removing your conditions.
Congratulations, you just bought your first home!
Closing the Deal
ü Select your Real Estate Lawyer – sales documents & mortgage application will be sent to them for review.
ü Your lawyer’s office will meet with you to discuss your contract and to sign all the paperwork.
ü Pay your legal fees, tax adjustments, and other closing costs to the lawyer’s office (typically 1% to 2.5% of your home’s price).
Move In
ü In the weeks leading up to your move, set up all utilities & services at your new address. (JRT will provide you a Service Directory for your convenience).
ü You will typically receive keys to your new home by noon on the closing date; however, it is possible to be delayed to unforeseen circumstances. Coordinate your move for later in the day, or if hiring movers, the next day may be wise.
ü Settle into your new home, its time to celebrate!
Embarking on the journey of purchasing your first home is an exhilarating adventure, complete with moments of excitement and challenges. This roadmap, coupled with expert guidance, will ensure you navigate this intricate process with confidence. It's crucial to recognize that every individual's journey is distinct, making the quest for the perfect home a uniquely personal and gratifying experience. At Jason Rustand Team, we understand the significance of this venture, and we would be delighted to accompany and represent you on this fulfilling journey.
Happy House Hunting!