1. Assess Your Needs
2. Finances
3. Home Search
4. Making an Offer
5. Inspect & Repair
6. Closing
7. Congratulations!

Your first step toward purchasing a new home is assessing your needs. You should begin to think about what type of home will suit your own personal needs. Make a list of what you want your new home to have and what you absolutely cannot live without. This list will help you choose the home that is right for you.

The next step is determining a time line. This time line will help you and your realtor find a home that suits your needs and works well within the confines of your schedule.

Finally, you should decide what neighborhoods you would like to live in. You aren't just buying a home but a neighborhood. It’s important to know what you want to receive from the community you are living in. Transportation, proximity to expressways, building amenities, proximity to schools if you have children, etc., all of these things are just as important as the home itself.

Grant Molden will take all of these things into consideration when helping you search for your new home. The more information you can provide about your wants and needs will only help Grant incorporate these items into a broad search profile which will then be narrowed down to suit your specific needs.

2. Finances

Financial self-analysis is important before you begin to get swept away in the idea of your dream home. Check your credit; it's important to have a good credit history in order to qualify for a low mortgage rate. Make sure your credit report accurately portrays your financial situation. If there are problems make sure to get them straightened out immediately. It could make a huge difference in the price you will end up paying for a home.

• Establish your budget: How much money do you have for a down payment? How much money do you earn? All of these questions are important to ask. Experts say that you shouldn't pay more than 28% of your gross income for your mortgage payment (this includes principal, interest, taxes, and insurance.) Your debt to income ratio can change this amount. That's why it's important to speak to a mortgage broker about getting prequalified or preapproved for a mortgage. A morgage broker will help you sort out the many different options available to you and help you to choose a loan that will suit your needs.

• Prequalification: This is a simple process that takes into consideration very basic information regarding your financial status. This can be done over the phone or online. Prequalified buyers do not hold much power over a buyer that is preapproved. That is because a prequalified buyer is only told that they might qualify for a certain amount of money.

• Preapproval: The lender will take an in-depth look at your financial situation and will perform an extensive check on your financial status. You will then be given the exact amount that you are eligible to receive. Most sellers require that only preapproved buyers write contracts on their home because this will ensure that there will not be any financial obstacles later on.

Grant Molden can help guide you through the process of deciding on a lender and can also help explain some of the more complicated advantages and disadvantages of certain loans. Your agent will also work with you and the lender to ensure that everything goes smoothly.

3. Home Search

It's finally time to begin house hunting! There are 2 things that you can do during this stage. It's important to get a thorough idea about the neighborhoods you are interested in. The best way to do this is to go window-shopping. Take a look at some of the local papers, visit Listings and see what sounds interesting and fits your criteria. Then, take a drive by these houses and really get a feel for the neighborhood. The more comfortable you are in a neighborhood the more confident you will be about where you want to live. You will feel comfortable that you made the right decision.

This will become very time consuming and it's important that you contact Grant Molden, so that you can begin to view the inside of properties. Grant Molden can help you narrow down the search, and only show you properties that meet your search criteria and financial needs. Grant will be able to save you time in the long run by keeping you up to date on available properties.

4. Making an Offer

Once you find your dream home it's time to make an offer. An offer is a legal document specifying the terms of the sale. It will include: a legal description of the property, the offering price, size of the down payment, mortgage arrangements, what repairs are expected, inspection rights, who will handle the title and closing, a list of appliances and furnishing that will stay with the unit, a list of fees and who will pay what, the settlement date, and any relevant contingencies.

Many times your first offer will be rejected but keep in mind that negotiations will still remain open. Successful negotiating occurs when both parties realize that the offer must make both the seller and the buyer happy.

Grant Molden will help make this process easier by supplying you with a market analysis of homes that have recently sold in that area, that way your offer will have the best chance of getting accepted. Grant will also help guide you through the confusing process of writing up a contract and making sure that you will be protected by any necessary contingencies.

5. Inspect & Repair

After your offer has been accepted you will need to involve a few more agencies before you can successfully close. Your mortgage provider has a vested interest in your purchase and will require that an appraisal be done. You as the potential homeowner should also get a home inspection done by a licensed inspector. This inspection will reveal if any serious flaws are present and will protect your investment by ensuring that you are getting a home that is free of flaws.

Homeowners insurance must be obtained at this point, if you do not obtain insurance the closing cannot take place. It's advisable that you obtain insurance that is equal to the full replacement value of you home.

Grant Molden can offer suggestions as to who to use for all of these tasks. In addition, making sure all of the other items are completed in timely manner in order to ensure that you close on time.

6. Closing

After all of your obligations and the obligations of the seller have been completed the deal can then be closed. The ownership of the property will be transferred on this day. The closing will take place at either the title company, bank, real estate office or the lawyer's office. It will include a formal meeting of all parties involved including attorneys and real estate agents. The closing will go smoothly if each party brings the necessary documentation including any related fees that need to be paid.

Grant Molden will ensure that you have the necessary documentation and fees needed in addition to managing any unexpected details that may arise before closing.

7. Congratulations!

I hope you have found this information helpful. For further information contact Grant Molden of RE/MAX of Lafayette, Inc. and get started on this exciting process so that we can congratulate you on your new purchase.