Finding Your Home 

DISCUSS YOUR NEEDS The first step in the home buying process is to discuss your wants and needs regarding a new home with me, your Highgarden Realtor. During this step, you will discuss things like your budget, area, type of home, and desired closing or move-in date. Ask me for a copy of the Homebuyer’s Worksheet if you would like a list of these topics to consider. 

GET YOUR PRE-APPROVAL The second step is to talk to a mortgage company about getting a pre-approval. A pre-approval letter is key for negotiating with home sellers. Then I  can help prepare you for this step by getting a copy of your credit report and helping you identify any areas for improvement. I can also get you in contact with the most trusted mortgage companies if you are not already working with one. Regardless of who you choose to facilitate your new home loan, it is important to get a copy of your pre-approval letter to me, as your Highgarden Realtor soon as it is generated. 

WE DO THE RESEARCH The third step is handled by me and we have talked to you about your wants and needs regarding a new home, and the mortgage company has determined your maximum loan amount. With this information, we will do a custom home search of the homes for sale in your desired area. Prior to scheduling an appointment to view the homes, you will receive a list of homes that match your criteria (generally via email unless otherwise requested). You will be asked to select homes from that list that you would like to view on your initial viewing appointment with your Highgarden Realtor. 

SCHEDULE AN APPOINTMENT The third step is to schedule an appointment with me, as your Realtor to look at homes! 

Appointments are generally scheduled a minimum of 24 hrs. in advance to allow enough time for your agent to schedule the showings with the current homeowner. Appointments are usually scheduled for a 1-2 hour window so you don’t feel rushed through the homes you selected previously. When the showings are confirmed the day of your appointment, you will be contacted by your Realtor to determine your meeting place. 

MAKE AN OFFER Finally, when you have selected a home that you would like to purchase, I will help you make an offer on the property. Highgarden Realtors are experts in structuring offers to purchase in a way that meets your financial needs and gets you the most for your money. When it is time to make an offer, we will discuss the options with you, explain the meaning of the purchase agreement, and explain the next steps of the process. Then we will submit a copy of your pre-approval letter and earnest money funds to the seller for review and update you immediately on any counter offers or acceptances. 

WHAT’S THE COST? In most situations, you will need a small amount of money to secure the purchase agreement on a home. Your agent can help you structure an offer so that you receive the money you paid for prepaid items back as a credit at your closing. The following is a brief description of each pre-paid item, and an estimate of the minimum cost: 

Earnest Money $500: This is personal check, cashiers check, or money order that is submitted with an offer to purchase. The minimum earnest money deposit is $500 for most properties, but can vary by type of home and seller’s requirements. 

Due Diligence Money: $100 Minimum

Home Inspection $350: This fee is paid by you to the Independent Home Inspector of your choice. $350-450 is the average fee for a standard home inspection, but will vary from company to company. We urge you to call multiple companies to get quotes. Additional inspections on Septic, if the home is not on Sewer and  for Radon may be additional as well

Property Appraisal $350: Some mortgage companies may ask that you pay the appraisal fee up front. These are usually minimum $350. 

Homeowner’s Insurance $400-700: You are required by the lender to obtain a one year policy of Homeowner’s Insurance prior to closing. You will be asked to provide a copy of the proof of payment and coverage. The cost will vary depending on the coverage, discounts, and insurance provider. 

FHA Loan 

Standard 3.5% Down Payment 

Example: $150,000 home = $5,250 

Pros: Flexible qualifying criteria Low down payment Everybody receives the same interest rates 

VA Loan 

Standard $0 Down Payment Pros: Flexible qualifying criteria$0 Down Payment Low interest rates 

Conventional Loan 

Standard 5-20% Down Payment 

Example: $150,000 home = $7,500 - $30,000 

Pros: Low interest rates Lower or No Private Mortgage Interest 

USDA Loan 

Standard $0 Down Payment 

Pros:$0 Down Payment Flexible qualifying criteria Home must be in registered in USDA location 

Specialty First Time Buyer Program 

Mortgage Credit Certificate (MCC) and other programs provide everything from  a federal tax credit to $8,000 in Downpayment assistance programs also available for qualified parties.