HOW TO GET STARTED WITH THE HOME-BUYING PROCESS

Buying a home can be a great experience, and a professional realtor can help you navigate through the process with success. Here are some first steps when getting started with the home-buying process.

Determining Finances

When buying a home, there are a few factors to consider:

1. Credit score: One of the most important factors in determining how much you can afford is your credit score. Chances are you'll need a credit score of at least 620 to get a conventional mortgage loan. Higher is obviously better.

2. Down payment: We'll need to determine how much down payment you'll be able to pay upfront. For most loans, you'll need a down payment of anywhere between 3.5% and 20%.

3. Closing costs: These are the final costs and fees associated with buying a new home. You can end up totaling between 2% to 5% of the total costs. So a $200,000 home would be between $4,000 and $10,000.

4. Extra homeownership costs: These are also known as maintenance costs, and you can estimate them to be about 1% of the home's total worth each year, at least at first.

And finding a good lender to obtain a Pre-Approval is paramount for a stress-free experience. Once pre-approved, you’ll be able to streamline your search to a price range of homes that are within your budget.

What are the benefits of Pre-Approval?

• You Know Exactly How Much Home You Can Afford

• You Get The Best Financing Options

• You Avoid Delays With Offer Submission

• Your Offer Is Made Much Stronger

LRW Specialty Enterprises, LLC is your trusted partner for not only finding your dream home in the Sunshine State, but also recommending resources from our network, such as lenders, inspectors, and appraisers for an extraordinary experience throughout your home-buying journey. Learn more about our services at lrwspecialtyenterprises.com