Personal » Lending Solutions » Home Loans » Resource Center » Buying A Home Buying A Home Are you ready to purchase a new home? Do you need guidance on where to start and what you need to do? You are at the perfect place. We have the steps mapped out for you to guide you in the right direction. Let’s get started We will be by your side through the entire journey. During the process we will answer your questions and help you research every available financing option. Before shopping around for your dream home, it is important to become Pre-Qualified. Once this step is finalized, you will have a clear understanding of the purchase price range you should begin shopping for. This key step ensures that your time and efforts are put towards focusing on the end goal – Homeownerhship! First Time Homeowner’s Becoming a first time homeowner is very exciting. Since this will most likely be your biggest purchase ever, it is important that you fully understand the journey you are embarking on. Below are some steps to get you started: Get Prequalified. The process is easy and we’ll help ensure that you are focusing on the price range that best fits your financial goals. Lock your Interest Rate. Once you have found the dream home and the most beneficial mortgage program, you should consider locking in your interest rate. Make Cash Available. Even though you will be financing your home purchase, you may still need to have cash at the closing table. This will cover all your closing costs, such as an appraisal fee, your down payment and other costs. Benefits of Homeownership Investment. Real Estate has long been recognized as a “solid” investment. Over time the value of the property can increase, which could be a result of development of the surrounding area, inflation or renovations. Before purchasing a home it is important to consider any additional cost that you might incur while living in your new home. This may help you decide which house is best for you. Tax deduction. The interest incurred from your mortgage loan is currently tax deductible each year when you file your Federal Tax Return. As a result, you may pay less taxes each year. Building Equity. Rather than paying rent and helping your landlord building his/her equity in a property you could be doing it for yourself. Should I have a professional inspect the home? Absolutely! This is one step in the home purchasing process that should not be ignored. Any repairs can possibly result in a renegotiated contract resulting in a lower purchase price. Not only does the inspection reveal flaws in the home, it will also provide an in-depth look at any needed maintenance issues and provides a checklist of anything that may need some attention. For more information regarding the benefits of home inspection. What kind of inspections/test should I have done? When purchasing a home it is important to learn as much about the home and it’s components as possible. Some of the inspections are required and some are recommended. Often times the cost of the inspections/test can be negotiated in the purchase agreement for the seller to pay. Termite Inspection. This inspection may be required by your lender. If the inspection determines the home does have termites, the seller of the home may be responsible for having the home treated prior to closing. Lead Based Paint. This inspection is only mandatory on FHA and VA loans and only pertains to homes that were built before 1978. Radon Gas. This is an optional inspection. Radon gas is a colorless, odorless, radioactive gas that is released from the ground. It can enter a home through a cracked foundation or by contaminating the water supply. If you smoke and your home has high radon levels, your risk of lung cancer is especially high. Asbestos. This is an optional inspection. Normally only found in older homes and may be harmless if airborne. This is something to consider if you plan on renovating an older home.