Life On Lake Lanier - Lake Lanier Real Estate

Have you always dreamed of owning your own home but have never followed that dream? Is it because you just don t know what the first step is to obtaining that dream? Let us help you by giving you a step-by-step guide to owning your own home.

First of all, when you start thinking about buying a house, start saving money. The longer you give yourself for this, the better.

Then, you must check your credit. Unfortunately, if your credit is bad, it may take you years to clear your credit to the point where it is possible to get a home loan. If your credit is bad, but you still would like to work on owning a home, it may be necessary for you to retain the services of a professional advisor to help you fix your credit score, although, it is possible that the dream of owning your own home just may not be possible for you, at least for now.

Once your credit is found to be good, or has been fixed to the point of being able to obtain a home loan, what next? You can contact mortgage lender to start the process of being pre-approved for a loan, but make sure that you shop around to get the best interest rate possible for your loan. The lender will consider your credit, your income and will eventually give you an amount that you are approved for. For instance, they will tell you that you are qualified to buy a house that costs up to $150,000. Keep in mind that the lender is only looking at your major expenses and that they do not know your spending habits. Only you can determine this. Before you commit to buying your house, you need to take a look at what you can afford, using the good faith estimate of the mortgage provider, but remembering that it is just an estimate, and decide if the proposed mortgage will be possible with your income. Keep in mind that if any repairs crop up, unlike in renting, you as the owner will be responsible and you need to be able to save a little along the way so that when these emergencies do arise, you will have the resources necessary to take care of them.

Remember that millions of Americans are given the go-ahead by a mortgage company to purchase a house to a certain dollar amount, based on their income, but a few months to a year into the mortgage, the buyers find that it is too much strain on their finances and default, irrevocably ruining their credit against all future home purchases because of one simple mistake. Before you decide on the price range of your home search, it is recommended that you underestimate, rather than overestimate, the ability of your finances to pay the mortgage if there is any question in your mind as to your financial ability.

Find a real estate agent with whom you feel comfortable and can work. Do a little research to make sure the agent knows the area, the market and the industry. Get referrals and interview a few before you make your decision on which you want to use. Do they have a friendly demeanor? Are they hard to reach? You don t want a realtor who you can never get a hold of.

Once you have decided on a price range and contacted a realtor, then you can choose the types of amenities you want in a house, such as number of bedrooms, square feet, number of baths, etc, and see if there are any homes in your price range that offer these select amenities. Make sure you consider this carefully to decide what your family needs. Consider your options. Debate between the used home or new home markets and consider the amenities offered by each.

Fully communicate what your priorities and purpose in searching for a house to your agent. Are you looking for your first house and just want a good deal or are you moving because of a growing family and it is imperative that you find a large house? Are you only particular being within a certain proximity to your job or are wanting a specific school district? All of these considerations are important for your agent to know.

Your real estate agent will give you a list of homes that qualify in the area that you specify and you can either drive by or wait until your real estate agent sets up an appointment to see the inside of the houses.

Before going to see the homes, consider what layout you want from a house. Should the master bedroom be removed from the other bedrooms due to noisy teens? Do you want people to come in the front door and immediately be able to see your kitchen?

So let s say that you have looked and looked and finally, after many houses and several days of sore feet, you have finally found The One. What do you do now? Your agent will help you make an offer on the house and will walk through the negotiations necessary to settle on a price that pleases both of you. Remember to asses the value of the home yourself, using easy home appraisal techniques that could stop you from paying too much for a house. Also make sure you have sufficient contingencies on the contract to protect yourself. Read enough about buying real estate so that when you find a house and begin negotiations, you understand all documents and all ramifications. After the price is settled, your mortgage lender can then lock in your interest rate and finalize the transaction of your home loan. You need to shop for homeowner s insurance, as the closing will not happen until you do. Research the closing so that you know what you will need to bring and what to expect.