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10 Steps to Home Ownership Series Step 5: Choose a Home

oklahoma-home-searchChoosing your first home is one of the biggest decisions you will ever make; therefore, selecting the right one is extremely important. Since you will be the buyer in this situation, our team of Oklahoma Mortgage experts has provided a simple breakdown of what happens during the home buying process and how to decide if the home is right for you.

What are the steps of the home buying process?

The seller makes the first offer by placing his or her home on the market for an established asking price and other terms. At this point, you (the buyer) have three options: reject it and not make an offer, suggest different terms and make a counter-offer or accept the offer and generate a contract. The bargaining between the seller and the buyer is probably the most complex step of the home buying process, but with the help of an experienced real estate agent a negotiation will more than likely be reached.

How can you tell if it’s THE house?

While a house is just a shelter, a home is much more. Your future home is where you live, unwind, entertain friends, visit with family and sometimes even work. It is where you spend much of your life, so choosing the right home is an extremely important decision.

How do you know if a house is the right one for you? Our mortgage team recommends viewing as many houses as possible. This will allow you to be certain when deciding if a home is truly the one.

Do you want to go inside the house?

When you first pull up the house with your realtor, do you immediately feel a rush of excitement and want to bust the front door down to see the rest? Or does the house to the right of it seem more appealing? If you find yourself more attracted to the other houses, it is probably a sign that this particular house is not the right home for you.

Does the house embrace you the moment you enter?

Your initial impression of the home sets the tone for the rest of the viewing. If you are not impressed
within the first three seconds of being in the home, the chances that you will enjoy the rest of the tour are slim.

Do you begin to envision how you will arrange your furniture?

If you walk into the living room and immediately see your TV mounted on a particular wall or you walk into the kitchen and imagine entertaining family and friends, you may be hooked. One of the best signs of finding the right home is when you start to imagine the layout of your furniture. When you see yourself making a life there, a simple house becomes a home.

Are you ready to stop looking at houses?

If the houses on your list no longer appeal to you, you may have found the right home. Also, if you find yourself re-rating homes a two that were once an eight in your book, you are more than likely ready to throw your towel in and purchase your new home.

Is everything in your mind telling you to buy that house?

When you have come across the right home, you will know. Everything in your mind will be telling
you that this is THE house.

Can you afford the home?

This is where our step two of the home ownership process, or the pre-approval step, kicks in. If you get pre-approved for a mortgage, you have a fairly accurate idea about how much you can borrow from the lending company and how much you can afford each month for the mortgage. A pre-approval also gives you a heads up on what mortgage programs you qualify for and which ones will work best for your current situation.

While a pre-approval is not a loan guarantee or commitment, it does provide lenders with the opportunity to check such items as your latest credit reports and appraisals. Other than fluctuating interest rates, a mortgage pre-approval does provide a logical, careful analysis of what you can afford.

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