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  • Blue Pointe Title

The Home Buying Process: What You Might Forget

Updated: Aug 3, 2023

a person standing talking to other people at a table with laptops and papers

There is no denying that the home-buying process can be very overwhelming. Early on in the process, your days become consumed with getting documents together for your loan officer, following up with the inspector, making sure you have the right amount of money for the down payment, packing and preparing to move from your current home, and more.

It is no surprise that buyers tend to forget really important aspects of the home-buying process. And, in some instances, it keeps the purchase from going through.

Let this be your reminder of things not to forget.

Don't Forget! Get Pre-Approved First

You may want to jump into the home-buying process and start searching for the perfect home - forgetting that you haven’t even been approved for a loan yet.

It is important to reach out to the lender first to determine whether or not you are pre-approved and what amount you are approved for. Not only will this help you to know what your budget is when looking at potential options, but it will also help your offer to be taken seriously.

This is also a way to feel confident that you will have a greater chance of buying the home you want when you find it.

Don’t Forget! Mortgage Options Are Available

You don’t have to go with one type of mortgage. There are many different ways people buy homes, as well as many different loan options available.

Don’t forget about these beneficial programs that could make your purchase more affordable, such as government-backed loans, first-time homebuyer programs, down payment assistance programs, etc.

Don’t Forget! Closing Costs

It is so easy to get wrapped up in the process, focusing on making sure your loan comes through and that you have the down payment ready to go when needed. But what some buyers forget is that they need to have money for closing costs, too.

Down payments can be hefty - and you may be pulling together everything you have to meet the requirement - but you absolutely cannot forget about the closing costs.

The amount you may have to pay at closing can be about 3% to 5% of your loan amount. The closing costs may include loan origination fees, title search fees, title insurance, surveys, appraisal fees, taxes, recording fees, credit reporting costs, mortgage insurance, homeowner’s insurance, and so forth.

Don’t Forget! Additional Costs

There are additional costs that you may not think of when buying a home. Once those keys get handed over to you at the closing, you will want to make sure you have funds for things like utility bills and deposits, moving costs, HOA fees, home maintenance, and more.

Spending every last dime in your savings to purchase the home can leave you with nothing.

A Hassle-Free Home-Buying Process

Needless to say, there is a lot that stands between you and your dream home. But with the right title team by your side, you will know what to expect and be prepared for anything that comes your way.

Gives yourself the best chance of living life in your new home with Blue Pointe Title.

Contact us today at (517) 258-1511 to learn more.



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