7 Steps to Buying a House in Apalachicola, Florida
We can help you purchase a home in Apalachicola, Florida. Call us at 800-599-1563 or fill out the form on this page for a mortgage quick quote. Its takes less than a minute to find out what you can afford.
If you want to know how to buy a house in Apalachicola, Florida, you've come to the right place!
When you begin thinking about buying a home, it’s not hard to let your emotions get the best of you. In a matter of seconds, you’re stalking homes on your home-browsing app, changing your route to work to do drive-bys on those houses you like, and even looking up some interesting mortgage options that are going to get you into that home with little to nothing down.
It can be incredibly easy to get yourself into a home that you can't really afford, and that is the number one cause of people not being able to build that long term wealth. This is why knowing the steps of the home-buying process can help you make some smart decisions when buying your next home.
Let’s be honest. Buying a home can be a confusing and frustrating process.
Do you ever ask yourself, “What do I need to do to buy a home in Apalachicola, Florida?” or “Who will give me a home loan in Apalachicola, Florida?” Great News! You've found the answer with Moreira Team! We are mortgage brokers in Apalachicola, Florida.
That is why we have made it our purpose, for more than a decade, to provide our clients with the best mortgage experience possible. We have the home-buying know-how to make the home buying process a “done-for-you” experience. Getting a mortgage with us is actually a lot easier than you might think, and we have programs available for every situation. We shop your loan with over 22 different lenders and banks to make sure we deliver on our promise to get you the best deal. That means you save money, get a lower rate, and spend less money out of pocket. Our guarantee is to provide you with a transparent and easy home buying experience, and our promise is to find you the best deal.
Here are 7 easy steps to get you started on your home purchase:
Get Your Finances In Order
Buying your first home, or your next home is a HUGE deal! You absolutely have to know how much you can afford and how much you may need to save to get into your next house.
Get Preapproved for Your Mortgage
In a quick conversation with you about your income, credit and down payment, a mortgage advisor will be able to pre-qualify you for your mortgage right on the spot. Call 800-599-1563 to talk to a licensed mortgage advisor to get a custom strategy on how to make your home purchase a reality.
Find the Right Real Estate Agent
Starting your home buying journey online is a great place to start. But having a local expert in the feild is a must. We can help connect you with a local, Apalachicola, Florida Real Estate Agent who can help you find your next home.
Go House Hunting
Your finances are solid, you've been preapproved and you have an expert on your side. It's time to go house hunting! Try making some lists, doing some research and asking questions.
Submit an Offer
Once you’ve found the right home, it’s time to get serious! That means submitting an offer and signing a contract agreement with the sellers.
Get a Home Inspection and Appraisal
If you've made it this far, you are officially unde contract! But now that you're under contract there is still some things to take care of, like a home inspection, appraisal and final mortgage approval.
Close on Your House
This is it! All your hard work is done and now you have to sign the papers, take care of any payments and the keys are yours!
Find Out How Much Home You Can Afford
A mortgage calculator can help you see how much mortgage you can afford on your home. It can also help you figure out how much you can save by exploring different down payment and term options. Below we have a mortgage calculator and an affordability calculator. Feel free to play around with some numbers. And if you have any questions or want to talk more about your options give us a call or schedule a time to talk with a licensed mortgage advisor.
The Home Buying Process Explained
So, you’re ready to buy ahome? Are you a first-time homebuyer, relocating, or maybe buying something larger for your growing family? No matter the reason, knowing the steps it takes to buy a home is a must.
Step 1: Get your Finances in Order
Buying a home is a big deal. Probably one of the biggest purchases you’ll make during your lifetime. Are you sure you’re ready? Answering two simple questions can help you figure it out.
Are you financially ready to buy a house?
Before you begin the home-buying process, we recommend getting your credit as high as possible, paying your debt down and saving three months of expenses in an emergency fund. Being financially ready to buy a house is important. Why?
How much should you save?
Just like any goal, buying a home the smart way takes planning and preparation. The most time-consuming task is saving cash for the down payment, closing costs and other moving expenses.
- Down payment: The minimum requirement is 3.0%-3.5% for most programs, but 20% is even better if you can afford it because you avoid private mortgage insurance (PMI).
- Closing costs and prepaids: On average we advise clients to save around 3% of a home’s purchase price for closing costs and prepaids. A reputable realtor will be able to negotiate all or a portion of the closing costs but that percentage can vary depending on how expensive fees and taxes are in your area.
- Moving and other expenses: Moving expenses can vary from hundreds, to even thousands, of dollars depending on how much you’re moving and how far away your new home is. To help with budgeting, you can call moving companies in your area for quotes ahead of time.
So start saving today! Get an idea of what you can afford and set a goal for yourself. If you have any questions about exactly what you may need, give us a call and we will be glad to help.
Step 2: Get Preapproved for a Mortgage
The best way to buy a home is to get educated about the home buying process so you are prepared to speak to licensed mortgage advisor about your home buying goals.
How do you get preapproved?
In a quick conversation with you about your income, credit and down payment, a mortgage advisor will be able to pre-qualify you for your mortgage right on the spot. Getting preapproved takes a little more work. You will need to verify your financial information and submit your application for a credit check and preliminary underwriting. But it pays off when you begin your home search because a preapproval letter shows that you’re a serious buyer.
How do you know which mortgage option is right for you?
Bad financing turns your biggest asset into a liability. That’s why getting the right mortgage is so important! Setting your boundaries on the front end makes it easier to find a home you love that’s in your budget.
Step 3: Find the Right Real Estate Agent
A buyer’s agent can help you navigate through the home-buying process. In some cases, they may even be able to help you find a house before it hits the market, giving you a competitive edge. And when it comes to making an offer, your agent will negotiate on your behalf so you don’t pay a penny more than you have to. This includes getting the seller to pay all or a portion of your closing costs and getting to the best deal for your new home.
How does a buyer’s agent get paid?
A real estate agent will advocate for your best interest and is a crucial part of your home-buying team. But they don’t work for free. So how much should you be prepared to pay? How does nothing sound? That’s right! In most cases, the seller pays your real estate agent’s fees, so using a buyer’s agent is free to you. Why would you not want to have a true pro in your corner as you make your biggest investment?
What should you look for in a buyer’s agent?
- Specific experience assisting home buyers like you
- Full-time real estate experience for at least five years
- Great communication skills
- A super-serving attitude that makes you feel like you’re their only client
- An impressively long list of sold homes every year
- Exceptional experience in your local market
Step 4: Go House Hunting
After you’ve been preapproved for a mortgage, you’re ready for the fun part: finding your perfect home!
Do your homework!
Once you reach this step, your finances should be rock solid so you know exactly what you can afford. And with a real estate agent and mortgage advisor to guide you through the process, you have a winning combo for buying a home with confidence!
Before you dive into the home search, create a list of must-have home features. If you’re buying a home with your spouse, make separate lists and compare. Once you have clarity on the features you both want, share them with your real estate agent and use those criteria as the foundation of your home search. Your agent will be able to help you set realistic expectations and target your search to areas you can afford.
How can you know you’re making a good investment?
>When you’re looking for the perfect home, it may be hard to imagine you’ll ever sell it. But just remember, even if you think it’s your forever home, you should shop with resale value in mind. Here are some home-buying tips to help you make a smart investment:
- Don’t compromise on location or layout. These are two things you can’t change about the home you buy. No amount of curb appeal can make up for a truly terrible floorplan. And buying a great house in a not-so-great neighborhood is a bad idea. If you don’t love the location or layout, chances are potential buyers years from now won’t either.
- Look past the surface. Don’t let a lime green bathroom keep you from an otherwise great home. Other buyers may not be able to look past those easy-to-fix details like décor and paint color, which could score you a deal. That lime green bathroom may mean more green in your pocket!
- Buy the least expensive home in the best neighborhood you can afford. That gives your home’s value room to grow in the future. Keep in mind that future buyers who are shopping in a $200,000 neighborhood won't be looking for a $300,000 home.
- Pay attention to home values in that area. Are they rising or declining? Are businesses booming or closing? You can tell a lot about home values in a neighborhood by what’s happening in the community.
- Research the school districts. Even if you don’t have kids, school districts can be an important factor when you sell. Economists estimate that a 5 percent improvement in test scores can raise home prices by 2.5% in suburban areas
Step 5: Submit an Offer
Once you’ve found the right home, it’s time to get serious! That means submitting an offer and signing a contract agreement with the sellers.
What’s included in your offer?
Your real estate agent will work with you to submit a solid offer. If you end up in a bidding war with other buyers, keep a cool head and put your best foot forward. Things like being preapproved with your lender and having a flexible closing date can help make your offer strong.
Your purchase agreement will include details of the real estate transaction like:
- Buyer and seller information
- Property address
- Purchase price, lender information and down payment amount
- Earnest money deposit
- Items to be left with the home (like appliances or furniture)
- Contingencies like the home inspection, appraisal and final mortgage approval
- Closing date
Sometimes agreeing on terms is quick and painless, but it can also be one of the hardest parts of the process.If your negotiations get intense, remind yourself that both parties want the same thing. The sellers want to sell their home, and you want to buy it! Sometimes it pays to compromise on little details if that will move the process forward.
Step 6: Get a Home Inspection and Appraisal
Once you get here, you’ll officially be under contract on your new home! That’s something to celebrate. Being under contract also means you’re done with the most time-consuming stages of the home-buying process.But now that you’re under contract, what should you expect? Your main task now is to work through the contingencies in the contract.
As a buyer, you have the right to a professional home inspection before you purchase the house, and you would be crazy not to do it! This is one of the most important precautions you can take before purchasing a home because it keeps you from being blindsided by structural issues or expensive repairs. If the inspection reveals major problems with the home, you can ask the seller to fix the problem, reduce the price, or cancel the contract.
If you’re getting a home loan, your lender will require an appraisal evaluating the value of the property. An appraisal protects you from paying more than the home’s true value. If the appraisal comes in lower than your offer price, your real estate agent can provide the best guidance for what to do next.
Final Mortgage Approval
This is the homestretch on your securing your loan, you’ll have a final step before you can close on your home: getting final approval. Your lender will dig through the details of your finances to finalize your mortgage. Whatever you do, don’t open a credit card, take on more debt, or change jobs once you’re under contract. That’s a stupid idea anyway! Plus, any changes in your financial situation can jeopardize your loan process.
Step 7: Close on Your House
The final step in the home-buying process is closing on your new place! Before you get the keys for your new home and officially call it your own, you have one more sprint ahead of you: paperwork. You should receive a copy of your closing documents to review ahead of time so there are no surprises on closing day. Most likely, you’ll pay for:
- Closing costs
- Prorated property tax
- Homeowner’s association fees (if this applies to your neighborhood)
- Homeowner’s insurance
If there are any confusing terms or conditions as you work through the paperwork, don’t be shy about asking questions! This is one of the biggest purchases you’ll ever make, and you should know exactly what you’re signing up for.
Once you sign all the paperwork, it’s time to breathe a sigh of relief. You’re officially a homeowner. Congratulations! The home-buying process may not be easy, but having a beautiful new home to call your own is worth it in the end.