Time for a New Home?
Consider these mortgage loan basics, first.
It always helps to have a team you can trust, especially when you’re embarking on the complex journey of first-time homeownership. The right professionals can make all the difference. Before you begin to assemble your team, here are some pointers for what to expect and how to handle it.
Mortgage Pre-qualification
Find out how much you can borrow, which will give you more leverage when making an offer.
Real Estate Agents
Good agents know the market, have a great reputation and references, and listen to your needs.
Finding Your Perfect Home
Make a list of must-haves, would-like-to-haves and moon shots. Determine what you can afford.
Making an Offer
Agents take offers to sellers. After price determination, a purchase agreement will define terms.
Home Inspections
After a price is agreed upon, hire a professional inspector to reveal more details on the property.
Appraisal
Lenders require a formal written assessment (or appraisal) by a licensed real estate appraiser.
Title Insurance
Title insurance protects the lender (required) and buyer (optional) if ownership confusion arises.
Closing
At closing, agents coordinate and distribute paperwork and funds, as ownership is transferred.
If you’re thinking of purchasing or refinancing property outside city limits, the rural development program from the USDA could be exactly what you need. Making homeownership easier to achieve in rural parts of the country, the USDA RDP can make buying a home less expensive, with less money out of your pocket. You can rely on Home Federal Bank to guide you through the details of program selection. Our comprehensive knowledge of the local market will give you extra confidence, every step of the way.
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