How To Start

Deciding whether to buy a new or existing home can often be a difficult decision. The reality is that the process of buying a new construction is only slightly different than an existing home on the market.   You need to ask yourself some basic questions to get started –

Is a newly built home right for you? Do you want a home that you’ve helped design and that offers the latest in energy efficiency and design? Are you okay with a previously owned home that may need fix-ups, paint jobs, and remodel projects to create more open spaces that make sense?

The answer to those questions are different for each home buyer, but are essential to making one of the largest purchases of most people’s lives.

Advantages of a New Home

Newly built properties can offer fewer hassles, higher efficiency, and increased customization. Most buyers have the option of buying a new construction home in a developing community or building their own home on their own property.

Financing

Whether you’re buying your first home or your third, you’ll most likely have to get a home loan, commonly called a mortgage. There’s a misconception out there that a minimum of a 20 percent down payment is needed to buy a home, but that’s not true. With a good credit score and debt-to-income ratio, you can get a home with a down payment as low as 3 percent or even less if you are in a qualified USDA community.

However, if you’re borrowing more than 80 percent you’ll have to factor in the cost of mortgage insurance premiums or private mortgage insurance, which along with escrow costs will add to your final monthly payment. There are numerous options for mortgage financing and each type has its pros and cons. That is why we highly advise that you reach out to a knowledgeable mortgage professional to help walk you through the best options for you and your family.

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Find the Right Team

When you are making a decision about purchasing a home, there are so many options and requirements that it can be overwhelming. That is why it is advised to make sure you have a team on your side that understands the process. From choosing a buyer’s representative to finding the right mortgage lender, the entire process can be draining if you aren’t working with representatives that are there to represent you. Good teams can refer you to builders, home inspectors, closing attorney’s, home insurance agents, and moving companies to ease the transaction. This is the team of individuals who come together to help you through the home buying process.

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What to Expect on Closing Day

If you are a first time homebuyer, the entire closing process may seem exhausting. The truth is, there are many steps but the process is quite simple with the right team.

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