Kristine Wilkinson
SUCCESS! Real Estate
285 Washington Street
Braintree MA 02184

Phone: 781-848-9064
Cell Phone: (617) 529-0996
Email: KristineWsells@gmail.com


Privacy Policy
Copyright Policy
Unsubscribe
   
10 Steps to Home Ownership

10 Steps to Home Ownership

10 Steps to Home Ownership



Step 1: Getting Ready
Step 2: Choose a REALTOR®
Step 3: Get Pre-approved
Step 4: Look at Homes
Step 5: Choose a Home & Make an Offer
Step 6: Home Inspection
Step 7: Get Funding
Step 8: Bank Appraisal
Step 9: Get Homeowners Insurance
Step 10: Transfer Utilities & Close the Loan

Step 1 - GETTING READY:

Before starting to look at properties, it is important to have good credit and a down payment of at least 3-5%. It is a good idea to meet with a mortgage rep to review your income and credit at least 6 months prior to looking at properties. This gives you time to plan and save and also to have time to fix any errors on your credit report and/or bring up your credit score to an acceptable lendable score of at least 640. You can get a FREE copy of your credit report and credit score by clicking the links on my site. Be careful not to sign up for any “Fee” associated sites that you don’t need. You should not have to give your credit card info for FREE sites.

Step 2 - CHOOSE A REALTOR:

You can find a really good realtor by going online and doing some research. www.Zillow.com has info on realtors and you can read their buyer & seller reviews.

Step 3 - GET PRE-APPROVED:

Your first step in the process of buying a home is to determine how much you can afford to borrow. Click the "Get Pre-Approved" link on my website for a list of reputable mortgage reps. Working with a good mortgage rep and a good realtor is crucial since they work hand in hand to get you into a home.

Every Buyer has different income and credit, so every buyer’s mortgage options are different.
There are all different programs available to you depending on your specific income, credit and down payment. No two buyers are alike so start early and make a plan.

Once you know what price range you are qualified for the mortgage rep will issue you a "Pre-Approval Letter" showing that you are pre-approved to purchase a home for a certain amount. Now you are reading to start your search.

Step 4 - LOOK AT HOMES:

Begin your home search by focusing on the location where you want to buy and your purchase price ability. Next, determine how much square footage you want, how many bedrooms and baths you need, etc. Knowing what you're looking for will not only help you focus your search but will also help me to assist you in the process. Sign up for "Daily Email Reminders" on my site and see the homes before your friends do. My site uploads from MLS daily so you will see them 24-48 hours before they appear on other sites like zillow.com or realtor.com or Trulia.com

Step 5 - CHOOSE A HOME & MAKE AN OFFER:

Once you have decided on a home you like, you should speak to your mortgage rep to determine what your payment will be on the home. You will need to fax a copy of the listing showing the taxes so he/she can determine what your payment will be.
Next, your realtor will help you fill out and submit an Offer to Purchase. This offer is accompanied with a copy of your pre-approval letter and a deposit check which is usually 3-5% of the purchase price. The deposit is given in 2 checks… The 1st deposit check is for $500 - $1,000 (made payable to the listing agency) and accompanies the offer to purchase. The 2nd deposit is written AFTER your offer is accepted and the Purchase and Sales Agreement is signed. (usually within 10 days) This 2nd deposit is for the balance of your 3-5% down payment. It is applied toward your down payment and closing costs. The deposit is usually refundable if you are not satisfied with your home inspection or are unable to obtain a mortgage commitment by the date on the purchase and sales agreement. You may seek legal counsel if you need someone to review and explain your contracts.

Step 6 - HOME INSPECTION

Once you have made an offer on a home, you will need to schedule a home inspection, conducted by an independent authorized inspector.(usually within 10 days) It is extremely important to hire a reputable inspector so that you know exactly what you are buying. Do not hesitate to ask friends, family, and co-workers for advice. If you are satisfied with the results of the inspection, then you can proceed to signing the Purchase and Sales agreement. If the inspector finds problems with the property, you may want to negotiate with the seller to lower the price, or to pay for certain repairs.

Step 7 - GET FUNDING:

Your next step will be to get funding. You will need to fill out a Mortgage Loan Application and provide your mortgage rep with all necessary documents to obtain a loan. There is an application fee of about $400 that you pay when you fill out the application. This fee covers your credit report and home appraisal. It is part of your closing costs but is paid up front at the time of the application. He/she will also need copies of both deposit checks and proof that the $$ was in your account before writing the checks and proof it cleared your account after it comes out. (Some $$ can be in the form of a gift from a relative - ask your mortgage rep for specifics.

Step 8 – BANK APPRAISAL

Your lender will require an appraisal of the house you want to buy. They will send out their own independent appraiser to determine the value of the home. The appraisal is ordered after you have filled out a loan application and given them a copy of the signed purchase and sales agreement. The bank likes to see the appraisal come in at the value you are purchasing the home at because they lend based on the appraised value.

Step 9 - HOMEOWNERS INSURANCE

Lenders require that you have homeowners insurance on your new home or condo to insure the home against fire or loss. This is also part of your closing costs.

Step 10 – TRANSFER UTILITIES & CLOSE THE LOAN

You will need to transfer utilities to your names as of the day of closing. All utilities, taxes, water/sewer, oil and trash fees will be adjusted as of the day of closing and both the buyer and seller pay their own portion. You will do a final walk-through of the home you are purchasing the night before or the morning of the closing. The mortgage rep will let you know the day before the closing what your final settlement charges will be so you can bring a certified check (made payable to yourself) to the closing to cover any outstanding closing costs. You will need to bring 1 or 2 forms of photo ID with you and it’s always good to bring a checkbook just in case you need it.


   


Servicing: Abington, Acton, Acushnet, Adams, Agawam, Alford, Amesbury, Amherst, Andover, Aquinnah, Arlington, Ashburnham, Ashby, Ashfield, Ashland, Athol, Attleboro, Auburn, Avon, Ayer, Barnstable, Barre, Becket, Bedford, Belchertown, Bellingham, Belmont, Berkley, Berlin, Bernardston, Beverly, Billerica, Blackstone, Blandford, Bolton, Boston, Bourne, Boxborough, Boxford, Boylston, Braintree, Brewster, Bridgewater, Brimfield, Brockton, Brookfield, Brookline, Buckland, Burlington, Cambridge, Canton, Carlisle, Carver, Charlemont, Charlton, Chatham, Chelmsford, Chelsea, Cheshire, Chester, Chesterfield, Chicopee, Chilmark, Clarksburg, Clinton, Cohasset, Colrain, Concord, Conway, Cummington, Dalton, Danvers, Dartmouth, Dedham, Deerfield, Dennis, Devens, Dighton, Douglas, Dover, Dracut, Dudley, Dunstable, Duxbury, East Bridgewater, East Brookfield, East Longmeadow, Eastham, Easthampton, Easton, Edgartown, Egremont, Erving, Essex, Everett, Fairhaven, Fall River, Falmouth, Fitchburg, Florida, Foxboro, Framingham, Franklin, Freetown, Gardner, Georgetown, Gill, Gloucester, Goshen, Gosnold, Grafton, Granby, Granville, Great Barrington, Greenfield, Groton, Groveland, Hadley, Halifax, Hamilton, Hampden, Hancock, Hanover, Hanson, Hardwick, Harvard, Harwich, Hatfield, Haverhill, Hawley, Heath, Hingham, Hinsdale, Holbrook, Holden, Holland, Holliston, Holyoke, Hopedale, Hopkinton, Hubbardston, Hudson, Hull, Huntington, Ipswich, Kingston, Lakeville, Lancaster, Lanesborough, Lawrence, Lee, Leicester, Lenox, Leominster, Leverett, Lexington, Leyden, Lincoln, Littleton, Longmeadow, Lowell, Ludlow, Lunenburg, Lynn, Lynnfield, Malden, Manchester, Mansfield, Marblehead, Marion, Marlborough, Marshfield, Mashpee, Mattapoisett, Maynard, Medfield, Medford, Medway, Melrose, Mendon, Merrimac, Methuen, Middleboro, Middlefield, Middleton, Milford, Millbury, Millis, Millville, Milton, Monroe, Monson, Montague, Monterey, Montgomery, Mount Washington, Nahant, Nantucket, Natick, Needham, New Ashford, New Bedford, New Braintree, New Marlboro, New Salem, Newbury, Newburyport, Newton, Norfolk, North Adams, North Andover, North Attleboro, North Brookfield, North Reading, Northampton, Northborough, Northbridge, Northfield, Norton, Norwell, Norwood, Oak Bluffs, Oakham, Orange, Orleans, Other, Otis, Out of Town, Oxford, Palmer, Paxton, Peabody, Pelham, Pembroke, Pepperell, Peru, Petersham, Phillipston, Pittsfield, Plainfield, Plainville, Plymouth, Plympton, Princeton, Provincetown, Quincy, Randolph, Raynham, Reading, Rehoboth, Revere, Richmond, Rochester, Rockland, Rockport, Rowe, Rowley, Royalston, Russell, Rutland, Salem, Salisbury, Sandisfield, Sandwich, Saugus, Savoy, Scituate, Seekonk, Sharon, Sheffield, Shelburne, Sherborn, Shirley, Shrewsbury, Shutesbury, Somerset, Somerville, South Hadley, Southampton, Southborough, Southbridge, Southwick, Spencer, Springfield, Sterling, Stockbridge, Stoneham, Stoughton, Stow, Sturbridge, Sudbury, Sunderland, Sutton, Swampscott, Swansea, Taunton, Templeton, Tewksbury, Tisbury, Tolland, Topsfield, Townsend, Truro, Tyngsborough, Tyringham, Upton, Uxbridge, Wakefield, Wales, Walpole, Waltham, Ware, Wareham, Warren, Warwick, Washington, Watertown, Wayland, Webster, Wellesley, Wellfleet, Wendell, Wenham, West Boylston, West Bridgewater, West Brookfield, West Newbury, West Springfield, West Stockbridge, West Tisbury, Westborough, Westfield, Westford, Westhampton, Westminster, Weston, Westport, Westwood, Weymouth, Whately, Whitman, Wilbraham, Williamsburg, Williamstown, Wilmington, Winchendon, Winchester, Windsor, Winthrop, Woburn, Worcester, Worthington, Wrentham, Yarmouth