Buying a home for the first time can be tricky anywhere you go. Again hiring the right realtor that is knowledgeable in this process. Benefits of owning a home is you can write off the interest paid yearly. Not rent price increase and not worry about the unknown. Now you can plant flowers and say this is your home. I have represented many buyers since 2005 on many transactions and they all are different. What set's the standard is Credit score, income, debt and cash reserve. Credit score is important because this determines the interest rate you will receive. Income is important because this can qualify you for more of a home.
Debt is important because the less debt you have, the more home you can afford. As of today deferred college loans uses 15% deferred balance against you. Cash reserve is much needed for down payment and closing cost. Closing cost can always be negotiated. You can also buy your interest rate down. Apply for a loan and you will receive a pre-approval letter.
Do not run up debt at this time because this will throw the numbers off. Just before closing you will have another credit report ran to verify you are in good standing.
Once you have found a home that fits your family needs and price. Have the realtor write a contract to your best interest. If the offer is accepted, I suggest having a home and termite inspection. This will determine if you have any major issues with the home and you can opt out in a timely manner are receiving your deposit back provided if contract is written correctly. If there are no show stopping issues inform your agent you will accept and proceed on. The next steps are ordering the appraisal. You want appraisal to come back above the listing price, if not there are clauses that will let you out of the contract and receive your deposit back. Or the seller can still accept the offer.
Many simple cost can add up once you move in. For example, changing the locks which I recommend for security purposes, also for cosmetic purpose and features. Homes that are on the market and owner occupied, lawn maintenance and landscaping should be kept up. You should ask for maintenance records of HVAC unit. Duct cleaning provided someone has allergies. Also pest control service to ensure owner has this service in any instances.
Work with the lender and title company through this whole process as they request information from you and always send ASAP. Perform walk through two days before closing to ensure all is fine and gives them a day to fix necessary items. By law you should receive a disclosure statement no later than three days prior to closing. This will show you how much you need to bring to closing in a cashier check or money order.
At closing in the title officer will explain to you the cost associated broken down by the seller and buyer. Then you will receive the keys. As for searching for Orlando Florida Real Estate, I am one of the finest Central Florida Realtor's you can find! Call me today at 850 496-6412 for an immediate response.