Buying a house may seem overwhelming and you’ll probably have many questions, but having one of our friendly and experienced home loan professionals assist you can make the process much easier. They’ll answer any and all of your questions and guide you through the whole process — including the different home loans and home purchase assistance programs that are available for you.*
Check out these six steps that can make the home-buying process manageable and help you get into your dream home.
STEP 1: TALK TO A GECU HOME LOAN PROFESSIONAL
Before you get out there and start looking at homes, you will need to know how much you can actually spend. The best way to do that is to get prequalified for a home loan — all you need to do is talk to a GECU home loan professional! They will be by your side every step of the way and will be able to tell you how much you can afford. During this first step, you’ll be able to get a price range of the homes that you can afford based on your financial status.
You can also use GECU’s home loan calculator to see how much house you can afford.
STEP 2: FIND THE PERFECT HOME
Start your research as soon as possible by looking for the things that you’d like your future home to have. You can then start browsing through websites, newspapers and magazines with real estate listings. Make note of the particular homes that you’re interested in. As you look at different locations, keep your eye on asking prices — this will give you an idea of the housing trends in specific areas.
Make sure that you also look for the right real estate agent. They’re the specialists in the housing market and will help you find the perfect home. They’ll help you with all the necessary paperwork, schedule home inspections, communicate with sellers, help you make the right offer and keep you informed on the status of the negotiation.
STEP 3: INSPECT YOUR FUTURE HOME
Once you’ve narrowed down a list, it’s time to start attending open houses. It’s always helpful to take notes as you’re touring these homes, click here for a downloadable home inspection checklist that you can print beforehand. Take photos and even video to help you keep a fresh memory of each house that you visit.
Make sure to check out every detail of the house, like plumbing and electrical systems as well as windows and doors. It’s also important to look at the location and neighborhood and make a note of things like …
- How much traffic does the street get?
- Is there enough parking?
- Is it conveniently located near places of interest to you? (e.g., schools, shopping centers, restaurants, parks, etc.)
Take your time when looking at a house. Remember to ask your real estate professional for a home inspection to make sure that everything is in good shape.
STEP 4: GET YOUR DREAM HOME APPRAISED
Once you’ve found the perfect home, GECU will arrange an appraisal to determine your home’s estimated value. Home appraisals are conducted by highly trained professionals who are licensed and/or certified to determine the value of a home fairly and objectively.
The home-appraisal process can provide you a better idea of the current condition of the property and give insight on how the location impacts your future home’s value.
STEP 5: CLOSE THE SALE
The big day you’ve been waiting for is finally here — you’re one step closer to getting the keys to your new home! Take a close look at the final paperwork and sign all of the documents required to complete the purchase.
Once the paperwork is returned to the lender, it typically takes a few days for your loan to be funded. Once the check is delivered to the seller, you are ready to move into your new home!
STEP 6: WELCOME HOME!
You imagined the possibilities, made your dream home a reality and you’re ready to move in. You’re a homeowner — congratulations!
Get prequalified online or contact the GECU home loan professionals to help you navigate through the homebuying process and get you into the home of your dreams by calling 778.9221, toll-free at 1.800.772.4328 or by visiting any GECU location.
*All loans are subject to credit qualification and approval. The property must be located in the United States, within a 150-mile radius of El Paso County, to include Hudspeth County. Certain fees and conditions apply. Additional qualifications may apply for home-purchase assistance programs. Learn how to become a member at gecu.com. Equal Housing Opportunity Lender.
**All loans are subject to approval. Other conditions apply. Equal Opportunity Lender.