Buying a home is one of the most important lifetime decisions you may make. Purchasing a home may be your largest investment as well as the place in which you will live and/or raise a family. It is important to be prepared for the Buying process as it can be chaotic and overwhelming. Home Inspections and Choosing a Loan the two most important aspects of a home purchase.
The information on this page can assist with understanding the process of buying a home. Please feel free to give us a call if you have any questions...
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The first step in buying a home is getting pre-approved with a trusted lender who is experienced in working through the various types of residential home loans. There are many times where mid-way through the buying process a deal may fall apart due to inspections or appraisals, requiring the lender to change the loan type. An experienced lending professional can sometimes prevent the process from starting over and/or keep the deal on track for settlement.
Interst rates change constantly. It is important to know what the potential interest rate changes may be during the process of buying a home as well as working with a lender who can lock in interest rates in a timely manner for settlement.
When applying for a loan, your interest rate will most likely be determined by your credit score. If you credit score is too low to qualify for a loan, you may have to complete a credit repair program prior to getting pre-approved.
Loan payments will be part interest rates and part principle payment. Loans are commonly taken out over periods of 15 to 20 years.
It is important to select home inspections that can help you understand the condition of the property as well as save you money from unknown repairs that may be required. Your inspection rights are clearly stated in the contract and it is important that you have selected the right combination of inspections appropriate for the property you are purchasing. Inspections vary by state. A licensed real estate adviser can assist with reviewing the inspections in the agreement.
Inspections are designed to help you understand the overall condition of a property, potentially saving you considerable time with the purchase process and hundreds or thousands of dollars in repairs. Some of the inspections which may be required or recommended by your real estate professional are Standard Home Inspection, Radon, Termite, Asbestos, Lead Paint, Sewer and Well, etc.
Radon levels can be detected and measured during the inspection process. The EPA (Environmental Protection Agency) estimates that over 15,000 occur per year as a result of radon exposure. It is recommend that all homes be tested for radon during the purchase process. EPA guidlines recommend a remedy for radon measurements at 4.0 or more Pico Curies per liter.
A separate inspection can be conducted by a termite inspector, who will inspect the property for the presence of wood-destroying insects (WDI) or wood destroying organisms (WDO, i.e. fungus) as well as identify conditions conducive to WDI or WDO creatures.
Asbestos is not only toxic, but costly to remove. If asbestos fibers are present and they will be evaluated by a lab to determine their condition. An Asbestos removal professional should assist with remedying and disposing of friable and/or non-friable conditions.
Any home constructed before 1978 has the potential to have Lead Paint exposure. Painted surfaces should be evaluated to determine the presence of lead paint. Lead exposure can be harmful to young children and babies, damaging their brain and nervous system and causing behavior and learning problems, slowed growth, hearing problems, and headaches.
Septic systems can be very costly (tens of thousands of dollars) to repair or replace. A septic evaluation professional can conduct tests that examine fluid levels and pressure. Sub surface liquid waste levels are also checked.
In addition to determining whether or not a private well adequately supplies water to the house, it is important to know if the loan you are applying for dictates the distance and safety requirements for a well and septic tank. For example, when getting an FHA loan, the well and septic must be a certain distance apart.