There are many steps in buying your home. Not only will you spend time looking, to find the perfect home you will also have lots of behind the scenes work to do to get into that special place. Robert Ryan Realtors will help you through every step of the way. We will be there to answer any questions and guide you along. Let's take a look at these steps.

STEP ONE - Selecting the right home

This is the first and most exciting step of the process. However, it can also be the most frustrating.

Location
Chances are you already have a particular area or neighborhood in mind. That's great, this helps us narrow down your search.

Style
What do you want your house to look like, Brick, Stucco, Wood, One story or two, how many bedroom, baths. Do you want formals, two story, master up or down, game room, pool? Having a good idea of what you want helps us in your search.

What Can I afford?
How much house can you afford? Determining this can help elevate frustration of finding the right home, only to find out that you can not afford it.

Mortgage
There are many options. Choosing the right mortgage for you can be effected by several factors.

How long?
The most common mortgage is a 30 year fixed rate mortgage. However, there are others such as 15-year, and even 10-year fixed-rate mortgages. A 30-year mortgage has a lower lower monthly payments, but you end up paying more interest over the life of the mortgage, if you keep your home that long. In addition there is Adjustable-Rate Mortgages or ARM. These type of mortgages are have an interest rate that is fixed for the first 3, 5 or 7 years which every you choose. After that the your interest rate will change based on the terms you agreed to in your mortgage. As your interest rate changes, your mortgage payments will change as well.

Pre Approval
Before you begin your search, know much house can you afford? Knowing how much you can borrow will help narrow the search for your new home. Robert Ryan Realtors works with several lenders that can help you get pre-approved. Pre-approval means the bank analyzes your current income, debt, assets, and credit history to decide what kind of mortgage payment you will be able to afford. The lender then gives you a document stating your borrowing capability and whether your mortgage can be approved, pending review of your credit application, and the appraisal of the property.

Down Payment
The mortgage program that you choose will determine the amount of your down payment. Traditional down payments are usually 5% for a 30 year fixed loan however, it can range anywhere from 3 to 20 percent. It is recommended that you put down as much as you afford. In doing so you lessen the amount you need to borrow. Keep in mind that this may reduce your available cash for after closing expenses like new appliances, repairs, etc.

STEP TWO - Negotiating the contract

Now that you have found the right home, it is time to negotiate the price. This is where your Robert Ryan Agent will be your biggest help. This process may take several days or weeks, be patient. Let's review the lingo of this step of the transaction.

List price, sales price and appraised value.
The list price is the home owners advertised price a figure that usually is an estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. The sales price is the amount of money you as a buyer would pay for a property. The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors.

STEP THREE - Inspections

Once the seller accepts your offer it is strongly recommended that you have a structural inspection done of your home.

This is not required however, would you buy a car without test driving it? You can locate your own inspector or we can provide you with a preferred list of inspectors for you to choose from. The inspector will go over the home from roof to floor looking for any possible defects the home may have. This includes but is not limited to roofing, electrical, plumbing, foundation, etc. Once completed you will receive a copy of the inspection report for your review.

STEP FOUR - Financing

Step three and four really happen simultaneously. While inspections are going on, you will also be applying for your financing.

After your offer has been accepted it is stated in the contract how many days you have to apply for financing and how many days you have to be approved. Of course getting pre-approved helps speed this process along.

STEP FIVE - Survey

A survey must be accomplished prior to closing. Who is responsible for the survey is part of the negotiating of the contract. Typically the buyer pays for the survey so that they can own the survey. Either the title company or mortgage company will order the survey.

With that you have found the right home, it is time to negotiate the price. This is where your Robert Ryan Agent will be your biggest help. This process may take several days or weeks, so patience is the key. Let's review the lingo of this step of the transaction.

STEP SIX - Closing

The date and location of your closing is negotiated in your contract. When the title company has all of the required documentation, they will produce a HUD - 1 form. This form will reflect ALL cost or profits for the your transaction. You should review this form with your Robert Ryan Agent and Mortgage Representative prior to closing.

When you arrive at closing be sure to have photo identification (i.e. drivers license, or passport) as well as any additional closing monies or documentation you may need. These additional monies must be in certified funds, no cash or personal checks.