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  • Whether you're on the verge of buying your own home, or one of the 91% of millennial

  • renters who wants to buy a home someday, the process can seem daunting.

  • It would be lovely to skip right to that stock photo moment where the realtor hands you a

  • key next to a SOLD sign, but unfortunately, a lot of other stuff has to happen first and

  • the more you know about it, the smoother it will go.

  • So here is an illustrated guide to the Path to Home Ownership, from start to finish.

  • Many people jump right into finding a realtor or visiting open houses, but the most practical

  • first step is making sure you can get a loan--unless you're paying cash, in which case you get

  • to skip ahead a few squares.

  • But for most of us, the first order of business is choosing a “loan officer

  • This is the person who will secure a mortgage loan on your behalf.

  • Fun fact: I used to be a loan officer myself and I highly recommend sourcing this person

  • on personal referral.

  • The loan officer will have you fill out a pre-approval application that will include

  • your income, credit history and current assets.

  • You'll also have to provide documentation like pay stubs, bank statements and tax returns.

  • Be prepared to share more financial information with this person than you do with practically

  • anyone else.

  • In return, he or she will help match you to a loan that's right for you.

  • There are many different types of loans, but generally speaking, the better your credit

  • history and the more money you can put towards the down payment, the better your terms will be.

  • Having a score of 740 and being able to put down 20% of the purchase price is the ideal,

  • but as long as you have a credit score of around 680 and a down payment of at least

  • 3 and half percent, your loan officer will be able to provide you with some decent options.

  • The loan officer will also help you decide how expensive a house you can qualify for,

  • and give you an idea what kind of closing costs to expect.

  • Closing costs are all the extra expenses that you'll have to pay to finalize the deal

  • and you should anticipate them to total around 2% the purchase price.

  • Remember that your loan officer is not your financial planner.

  • It's up to you to know how much you're willing to shell out in total and how large

  • a monthly payment is comfortable for you.

  • And keep in mind that you don't have to have all your ducks in a row in order to reach out

  • to a loan officer.

  • Even if you're not quite ready to buy, they'll be happy to talk with you and tell you what

  • you need to prepare.

  • If everything checks out, in a day or two you will be pre-approved for a home loan,

  • and now it's time to add a new member to your team: the realtor.

  • Your realtor is your personal shopper and chief negotiator.

  • It's their job to find you the home of your dreams, and help you make a competitive offer.

  • Realtors are not hard to come by, so it's especially important to pick one with good

  • reviews, or has been personally recommended.

  • Like your loan officer, your realtor typically works on commission, which means they don't

  • get paid until the deal is done, so they'll be eager to get you into a home as fast as they can.

  • Now comes the part most people look forward to: finding a house!

  • After looking at countless pictures online and touring interiors,

  • at some point--hopefully--you'll zero in on a house that fits all the criteria you're looking for.

  • So what comes next?

  • You and your realtor will submit a formal offer to the owner, accompanied by a letter

  • of pre-approval from the loan officer to prove that you can afford it.

  • If they accept, the clock starts ticking on the purchase process.

  • From here on out, it's important that you don't change anything about your financial situation.

  • Your loan approval is based on things staying just the way they are, so no changing jobs

  • or taking out new credit cards!

  • The first part of the purchase process is the option period.

  • You will typically give the owner a deposit of around 1% of the purchase price up front to

  • show that you are serious.

  • In exchange, the owner gives you a window of around 5-10 days to inspect the house and

  • decide whether you want to go through with it.

  • You'll definitely want to hire a professional inspector to make sure the house is safe and

  • up to code and there are no issues with big ticket items like roof or AC.

  • If you do find major problems, you and your realtor can ask the owner to fix them, or

  • adjust your offer accordingly.

  • After option is over, you get to relax a bit while the loan officer works on turning your

  • file over to the underwriter.

  • They are the ones who hold the ultimate power to approve or deny your loan and it's their

  • job to make sure you check out as a super trustworthy, squeaky clean potential borrower.

  • The loan officer will act as your go-between and just like you, will want to keep this

  • train moving, so be sure to promptly supply them with any supplemental documentation they

  • may need.

  • Once the underwriter gives you the all clear, you will beclear to close”.

  • It's almost closing day!

  • Time to get your checkbook out!

  • By this point your loan officer should be able to give you a definitive number of how

  • much you owe in down payment and closing costs.

  • This money is actually owed to a lot of different parties, but to make it simple, you'll pay

  • it all to a title company, whose job is to make sure it gets to the right people.

  • You'll also have to show up in person to sign a big stack of papers, which are then

  • sent back to the mortgage company and once they verify it

  • Congratulations!

  • You own the home!

  • Even though the process is legally wrapped up, there's a couple more things to keep

  • in mind: Your first mortgage payment is typically due the second month after closing.

  • So if you close on June 15th, expect to write that first mortgage check in August.

  • And don't forget about moving costs!

  • Even if you don't hire a professional moving service, there's utility set-up costs, re-stocking

  • the pantry, replacing items that get broken in the move, or buying pizza and beer for

  • your dear friends that help you out.

  • No doubt about it: Buying a house is a big endeavor.

  • And like most big endeavors, the most important steps come early on:

  • ...making sure you have enough money saved, and recruiting the right team members.

  • And that's our two cents!

Whether you're on the verge of buying your own home, or one of the 91% of millennial

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B1 中級

実際に家を買うには? (How Do You Actually Buy a House?)

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    Capalu Yang に公開 2021 年 01 月 14 日
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