When you make an offer on a home, you wait anxiously to see if it will be accepted. Sometimes you’re lucky enough to hear back within hours. Other times you could wait days or even longer. But once you get that good news that your offer has been accepted, what happens next? There Will Be a Home Inspection. A home inspection needs to be conducted in order to assess the condition of the home for financing needs. This is a stage where issues may come up that require negotiation.
With the summer buying season closing in, here are seven things you should do now to get ready: 1. Make a housing budget. Buying a home involves more expenses than just a new monthly mortgage payment, so you’ll want to sketch out a good preliminary budget. Make sure to leave plenty of extra room in your budget for any unplanned expenses. 2. Set your financial limits. Don’t take on a mortgage that you may not be able to afford. Also, consider the size of the home. If you buy a
If you’re considering buying a new home this year—whether it’s going to be in the peak spring and summer months or later in the year—you’ll need to start the homebuying process well before your targeted date to be in your new home. As Early as Possible: Get your finances in line. This includes making a budget, working to improve your credit and lowering your debt-to-income ratio. These aspects of your financial situation will greatly impact your interest rate and what kind of