Loans To Help You Remodel Your House From Countrywide

Owning a home – it’s what just about everyone dreams of! A home is one of the greatest assets you will ever possess, and it can help provide you and your family with financial stability throughout your life.

Buying a home is an exciting journey that can become a bit overwhelming, particularly for first-time homebuyers. Countrywide Bank’s Full Spectrum Lending Division wants to help you navigate the journey with ease! Below you will find a roadmap to help you purchase your house – and hopefully avoid some of the obvious pitfalls!

The following 6 steps will guide you through the general buying process:

Use these home buying tips to enjoy a smoother path to home ownership:

Home Buying Tips

Ask yourself if you’re ready to buy a home
For most people, buying a home means getting a home loan. Can you afford the monthly payments? Having a steady, reliable source of income is essential. Chances are, if you have a good track record for timely paying rent and other bills, you’re ready to handle a home loan.
Determine what sort of a home you need
Before your first home buying trip, ask yourself what features you are looking for in a home. Location is important, and so is knowing the amenities that you want. Perhaps you would like to live close to a school, workplace or place of worship. Consider how much space you will require, both now and in the future, and ensure that the home you choose will serve your family’s changing needs.
Find out how much you can afford to pay for your home
How much cash can you raise for a down payment on your new home? What size monthly payment can you afford? And, for what loan amount do you qualify? Once you have estimated these with the help of a Loan Consultant or online home loan calculator, you will have an idea of how much you can afford. A good rule of thumb is that your annual loan payments, taxes and homeowner’s insurance should not exceed 28% of your gross income.
Know what offer to make
You know how much the seller wants for the home…but how do you determine your offer? You need to take a number of factors into consideration including but not limited to: the price that similar homes in the area sold for, the condition of the house and features that may be unique to it, how long it has been available on the market for sale, the seller’s situation (is seller motivated/force to sell because of a job loss or transfer or under no pressure to sell), financing terms, etc. Consult your real estate agent for additional factors you should consider. Taking all these factors into account, along with the advice of your real estate agent, will help you settle on an offer that you think is fair. Be sure to consult with an attorney and/or your real estate agent before submitting your offer in writing.
Closing the deal
Congratulations! You’ve applied for a home loan and been approved. The lender will set a closing date—the date your loan is funded and the home becomes yours--and explain the closing process to you. You will incur closing costs, so remember to set money aside for that day. Your lender or escrow agent will help you to determine the exact amount needed. Ensure that any problems you initially found with the house are corrected before closing if fixing them is the seller’s responsibility per the sales contract. Once you’ve closed, the home of your dreams is yours!
Make the most of having a home loan with Countrywide
At Countrywide’s Full Spectrum Lending, we offer a range of home loan options to suit nearly all financial needs and our rapid funding means that upon qualification, you can own your home in less time that you may think.