Mortgages are harder to come by these days. We knew it was coming. So, if you want to buy a home, your first step is your bank or credit union. Find out how much home you can afford. There are many loan products available with differing fees. Our local lenders continue to be the best to work with; they return your email requests and calls. They follow through. The same cannot always be said about those mortgage brokers with an 800#, offering you a great deal.
Speaking of mortgage products, It's September and finally, USDA has received funding in order to offer first-time home buyers an avenue to purchase their first home. It's called a Rural Development Mortgage. These mortgages are available in rural areas of the United States. All of the U.P. of Michigan is eligible. Buyers have two ways to obtain a RD loan: Direct or through a participating lending institution. With interest rates at record lows (under 5%!), if you're thinking of buying your first home, now's a great time to start looking! There's plenty of time before the bad weather hits and the inventory is high right now. RD mortgages have income and purchase limits, but they are generous. To find the service center near you, go to:http://rdhomeloans.usda.gov/
When you have been pre-qualified, get out there and start looking! Make contact with a Realtor who can be a Buyer's Agent. That's important. A buyer's agent will work for you, but is typically paid by the seller, if the property is listed by another Realtor. You can also hire a Buyer's Agent for a property for sale by owner. A Realtor can provide invaluable insight and assistance when navigating the process of purchasing real estate. If you're looking for property in our area, I'd be happy to work for you as your Buyer's Agent. I can set up a search for you, if you haven't already done so, send you listings within your parameters, set up appointments show you the houses you select.
From there, there I'll help you with making an offer on the property you choose. Once you have an accepted offer, you'll have the wheels in motion. For financing, your lender will have a property to work with now. You may have chosen to have an inspection of the property. There are several qualified inspectors in our area that will provide you with a concise, written report of what they observe in an inspection of the property. That's a story in itself. Once the inspection contingency is satisfied, the way is clear for the the appraisal to be performed. The lender will put that and other items regarding the mortgage into motion. Then comes final loan approval, closing and moving!
I'll help you with every step until you have the keys to your own home in your hands!