Purchasing a home is an important investment, which should be approached with the seriousness that it deserves.
Janice McIntosh, chief representative officer at the JN Bank Florida Representative Office said that it is important to understand all the steps of buying a house, as well as what to look for when buying, what questions to ask, understanding the hidden costs and how to close on it.
Mrs McIntosh says the following steps are advisable:
Take stock of your personal finances
She noted that persons won’t be able to buy a home until they know what they can afford based on their personal finances. The prospective home buyer should know how much they can afford to pay each month to service a mortgage. Having done that, it is also important to ensure that you keep an eye on your credit score as this is critical in getting approval for a loan, she informed.
She said that homebuyers are expected to have between five to 20 percent of the price of the property as the down payment. So it would be good to have a dedicated saving towards this, she recommends.
Research the Local Market
Mrs McIntosh said that it is also good to put one’s ‘feelers’ out there. That is, monitor and research the area where you will be buying and pay attention to the length of time that most homes in your price range stay on the market.
She also noted that partnering with a realtor is advisable, adding that JN Bank already have approved realtors who can be recommended to assist in the home buying process.
Get Pre-Approved
The Chief Representative Officer informed that getting pre-approved for a mortgage will advise the prospective home buyer how much their mortgage will cost. She said the JN Representative Office can be contacted at : 954-485-3777;Toll Free Number: 1-800-462-9003; Email: jnrepofficefla@jngroup.com for consultation.
She said in order to be pre-approved for a mortgage, persons are encourage to have on hand financial information including debts and assets.
List Your Priorities
Mrs McIntosh said once the prospective buyer knows how much he/she can afford, then he/she can actually begin a search for a house in area of choice and price range.
Make an Offer and Negotiate
With the help of your real estate agent, prospective home buyers will determine a fair price to offer the owners of home, in which you are interested in, if you are purchasing on the open market. She cautioned that prospective buyers should avoid making a low ball offer as owners who receive this low offer tend to out rightly reject it and might refuse to engage in any further negotiations.
Handle Inspections and Secure a Loan
She noted that the home inspections are critical to ensure that you are aware of any damage or signs of structural wear to the house. An inspection will allow you to pick up any issues that might have been overlooked. After the inspection and the appraisal of the property, if it is on the open market, then you can proceed to secure a mortgage.
