BUYER INFO

STEPS TO HOMEOWNERSHIP The home-buying process doesn’t need to be scary. We will walk you through the process and answer your questions on what you should expect from your REALTOR®, where to look for loans, and what to watch out for when closing the deal.

STEP 6: Make an Offer While much attention is spent on offering prices, a proposal to buy a home includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value for buyers -- or additional costs. Terms are extremely important and should be carefully reviewed. The process of making offers varies around the country. In a typical situation, you will complete an offer that your REALTOR® will present to the owner and the owner's representative. The owner, in turn, may accept the offer, reject it or make a counter-offer. Because counter-offers are common (any change in an offer can be considered a "counter-offer"), it's important for buyers to remain in close contact with their REALTOR® during the negotiation process so that any proposed changes can be quickly reviewed. You will want to be sure you know what you can afford to offer on a home.  Often the cost of real estate financing is routinely greater than the original purchase price of a home (after including interest and closing costs). Because financing is so important, buyers should have as much information as possible regarding mortgage options and costs.  You REALTOR® can help to provide mortgage information, discuss financing options and recommend loan sources. To obtain a loan you must complete a written loan application and provide supporting documentation. Specific documents include recent pay stubs, rental checks and tax returns for the past two or three years if you are self-employed. During the pre-qualification procedure, the loan officer will describe the type of paperwork required. Mortgage financing can be obtained from mortgage bankers, mortgage brokers, savings and loan associations, mutual savings banks, commercial banks, credit unions, and insurance companies. A growing number of REALTORS® can also arrange financing.  |Today’s Mortgage Rates| Next Step >>