We always be dreaming about our own house. A home is a place to Love where kids grow up.Home makes me happy and keep our memories that are hard to let go. when we think about peace we started thinking about our own house. Buying a house requires a lot of time and effort.
Should I buy or rent ? Here is some RentVsBuy Calculator
https://www.zillow.com/rent-vs-buy-calculator/
https://smartasset.com/mortgage/rent-vs-buy
If everything is in your favor and you decided to buy house, below steps will help you to get your dream house.
1: Start Your Research and identify your requirement. what you want. House or Apartment, condo or townhouse.
TownHouse Vs Condo – https://blog.nationwide.com/condo-vs-townhouse/
2: Determine how much you can afford
https://www.quickenloans.com/calculator-affordability
https://www.zillow.com/mortgage-calculator/house-affordability/
https://www.discover.com/home-loans/affordability-calculator/
3: Have your credit report and score and get a pre-approvals letter from a bank
https://www.bankrate.com/mortgage.aspx
https://www.zillow.com/mortgage-rates/#source=Z_WP-widget_mortgage-rates
Mortgage Calculator: http://www.bankrate.com/calculators/mortgages/mortgage-payment-calculator.aspx
4: Choose your Realtor and search your dream house
1: https://www.coldwellbankerhomes.com
(coldwellbankerhomes have more details of house/home)
2: http://www.estately.com
(Estaley has updated result if there is any new listing or price drop or any change)
3: http://www.zillow.com
(User friendly and popular site)
5: Make the offer to seller
6: Finalize your lender (Bank) and apply for loan
7: Close your loan process and move in.
- Some of cost you need to pay when you are done with search
- Attorney fee :$1000 (Approx)
- Home inspection: 500
- Appraisal: 500
- Title search: 1200 -1700
- Origination fee and searches: $1200
- Property Tax : 10% of your property value in NJ
- Home Insurance: 800
Roles and responsibility
1: Your responsibility: Search properties, Look around, When got the property sign a deal and review with attorney. After attorney review apply the loan and get the Home Inspection done
2: Realtor: Realtor helps you while searching property for you and will help you till closing, Realtor charge 3-5% from seller. Buyer don’t need to pay anything to realtor.
3: Lender(bank): Lender is bank or party that issue your loan. Once you finalized your property you apply for loan. Bank do appraisal of property and issue you loan.
4: Attorney : Legal binding of property, Attorney do the contract review and title search
Some of the important stuff Good to know:
What is Home inspection : Check credentials to make sure the inspector is associated with a reputable professional home inspection association
Assessing electrical, plumbing, ventilation, structural elements, and appliances Disc washer (http://www.homeinspector.org/)
What is Contract: Deal must be properly memorialized in a contract in order for them to be legally binding
Title search : Title company/Attorney (Do seller has legal right to sell)
Property Transfers: Attorney
Filings: Deal need to be filed at the county and state level (Title Company)