Thinking about buying a home? We have information that can help you become more informed on the financial and legal implications when buying a home. Below, we’ve compiled a list of the resources provided by the U.S. Department of Housing and Urban Development provides. For more information, please feel free to contact us, and we would be happy to answer your questions!
Figure out how much you can afford
What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. Download this resource to learn how to manage your money in preparation for buying a home.
Shop for a loan
These resources give you valuable information on common mortgage terms and gimmicks you should be aware of.
Learn about home buying programs
There are many home buying programs out there to assist buyers in particular circumstances. View the resources below to see if you qualify for a home buying program.
Make an offer
This article teaches you the basics of making an offer on a home.
You’re finally ready to go to “settlement” or “closing.” Be sure to read everything before you sign!
Frequently Asked Questions
We know that buying a home is a big time and financial commitment, and you’re likely to have many questions about the home buying process. Here are a few of our most frequently asked questions about buying a home.
Buying a home will most likely be the largest purchase you will make, and you deserve to be represented throughout the transaction. At Adams Real Estate, we take this responsibility very seriously and look forward to helping you find the home that is best for you. As your real estate agent, we will negotiate hard to help you achieve the best terms and will do our best to manage the transaction—always keeping your best interest in mind, through the day of closing.
In 9 out of 10 cases, the listing broker has agreed to cooperate with and pay the buyer’s agent a commission. That means you have full representation at no out-of-pocket expense to you and it does not inflate the cost of the home! Research has shown that consumers who work with a buyer’s agent receive a better value than those who don’t.
Yes, a REALTOR is a real estate agent who holds membership in the national, state, and local real estate boards. A REALTOR is held to a higher standard of ethics and a strict code of conduct. You can read the Code of Ethics of the National Association of REALTORS here. All of the real estate agents at Adams Real Estate are REALTORS, and are involved in as many as 20 steps to complete a real estate transaction. Additionally, our agents will help you with pricing strategies and negotiation skills—helping you get the most out of your money. We know the most current local market conditions and will work with you to make sure you have the tools you need to make a confident purchasing decision.
Most lenders follow these two rules to determine how much you can afford for your home and mortgage:
- Your monthly mortgage payment should not exceed 28% of your gross monthly income.
- Your maximum debt load, including your home, should not exceed 30% of your income.
To find out what your monthly mortgage payment would be, and to see what you can afford, check out our easy-to-use financial calculators. If you’re worried that you have too much debt to qualify for a loan—don’t worry! As your REALTOR, we will help you find a home buying program that fits your needs and will get you into the home you’ve always wanted. Remember, a home is an investment.
The best thing to do is find a community that provides what is important to you. Are you looking for the best education for your children? Would you like to be close to shopping malls or public transportation? Or do you prefer a community in a more rural area with peace and privacy? Above all, make sure you are in a neighborhood that you can live comfortably and enjoyably. We can help you during this process and provide you with resources of communities in the area to help you choose the one that’s right for you.
Most home buyers usually have their own requirements and wish lists. The US Department of Housing and Urban Development provides the following list of questions to ask yourself when determining if the home is a good fit:
- Is there enough room for both the present and the future?
- Are there enough bedrooms and bathrooms?
- Is the house structurally sound?
- Do the mechanical systems and appliances work?
- Is the yard big enough?
- Do you like the floor plan?
- Will your furniture fit in the space? Is there enough storage space? (Bring a tape measure to better answer these questions.)
- Does anything need to repaired or replaced? Will the seller repair or replace the items?
- Imagine the house in good weather and bad, and in each season. Will you be happy with it year-round?
Don’t be afraid to ask your real estate agent to give you their professional opinion on the pros and cons of the home.
As the home buyer, you’ll be expected to provide proof of home insurance; the seller will provide proofs of inspection and warranties. The closing agent informs the buyer and the seller of any unpaid fees they owe each other. You and the seller will be presented with documentation to sign regarding property ownership and the mortgage agreement. When all documents are settled, the seller will give you the title to the house. You will be responsible for paying the lender’s agent all closing costs on closing day.
If you have any questions about buying a home that we didn’t cover, feel free to contact us and we’ll get back to you soon!