Buying your first home is exciting... but it might also be a little intimidating if you don't know what to expect. However, if you're prepared, and if you've got a good agent in your corner, buying a home doesn't have to be difficult or stressful. Here's what you need to know about buying your first home in Grand Forks or the Red River Valley.
Part 1: Understanding Your Mortgage
A home is a big investment, and unless you've got an even bigger savings account, you're probably going to be using a mortgage to purchase your home. Here's an overview of the mortgage process.
Types of Mortgages
Contrary to popular belief, there's more than just one type of loan out there. So even if you don't have a 20% down payment in savings, perfect credit, or high income, you probably still have some options. Here are some loans commonly used by buyers in the Grand Forks area.
What Do Mortgage Payments Include?
Most people know that a mortgage is paid back on a monthly basis. But many do not know that that payment actually comprises several smaller payments, which are often abbreviated as "PITI". Here's what's actually in your mortgage payment.
Getting Preapproved for a Loan
There's one final step to take before you start your home search—talking to lenders! Yes, this is something you want to do before you start searching. You also want to get preapproved for a loan. Here's what that might look like for you.
Part 2: Shopping Homes for Sale in Grand Forks
Once you're officially preapproved for a mortgage, it's time to start searching for your dream home! Here's what you should do first.
Home Shopping Tips
Offer, Negotiate & Sign a Contract
First things first, let's make an offer!
Part 4: Closing the Sale
There are a few more details to iron out before you and the seller head to the closing table. Here's what needs to happen before you get those keys.