It's a big decision to make, the jump from renter to homeowner.  Being able to own a home comes with many rewards: equity buildup, tax advantages and, of course, having something you can call your very own.
 
When considering the purchase of a home, it is a good idea to pick a real estate agent to help you.  It is important to let the broker know exactly what you have in mind as far as commuting, schools, taxes, traffic volume, and price range.  A good real estate professional can put all his/her know how and technology to work for you.
 
Get Pre-Approved
Before you start looking for a house or condo, find out how much you can afford.  It is important to get pre-approved so that you can know your price range.  Try two or three different sources to see if they all agree.  If you are a first-time buyer, there are some great deals available.
 
Figure Your Monthly Payment
Buyers must be aware of the monthly amount that will be necessary each month in order to make the payment.  In addition to the monthly principal and interest, you will need to pay:   taxes, insurance, and in some cases, premium mortgage insurance, and  flood insurance.
 
Making an Offer
When you make an offer on a home, your real estate broker will put your money into an escrow account.  This is called "earnest money" and It may be as little as $500 or as much as $2000.  This is offer money and will be applied to the amount owed if the offer is accepted.  It is at this point that the buyer includes any contingencies such as:  acquiring of a mortgage, inspection, selling of the buyer's home, etc.  Naturally, your down payment will be returned if the offer is not accepted.  If you make an offer on a home and it is rejected, do not give up.  Negotiations are all part of real estate.  
 
Home Inspection
When you make your offer,  you can write in that you would like 10 days to have the property inspected. You can find inspectors in the yellow pages or your buyer broker can recommend one.  The inspection should include the physical property and the systems of a home.  A good home inspection can give you peace of mind and may also result in a reduction in price to cover the repairs of anything that may be defective.
 
Down Payment
The more money you can put into your down payment, the lower your monthly payments will be.  Some loans require 10, or 20 % down, while others require 5% or less.

Closing
When you close on your home, you will sit with a closing agent, usually a lawyer for the buyer or the buyer's bank, the sellers or their representative, and your real estate agent.  You will need to provide proof of insurance on the property, proof of your identification, a certified check for the down payment and closing costs (which the lender will provide.)
 
I hope you found this helpful, and I also hope you will select me, Jim Murphy, to help you with your real estate purchase.  My cell is 339-235-0856