Buying a Home in Amelia Island

1. Start with a credit score and obtain a report and understanding your score from one of three agencies: Experian, Equifax or TransUnion.
2. Set your budget. Next, you need to determine how much house you can afford. For a more accurate figure, ask to be pre-approved by a lender, who will look at your income, debt and credit to determine a loan you can afford. Another general rule of thumb: All your monthly home payments should not exceed 36% of your gross monthly income. The size of your down payment will also determine how much you can afford.
3. Line up cash. You'll need to come up with cash for your down payment and closing costs. Lenders like to see 20% of the home's price as a down payment. If you can put down more than that, the lender may be willing to approve a larger loan. If you have less, you'll need to find loans that can accommodate you.
   • Once you've considered the down payment, make sure you've got enough to cover fees and closing costs. These may include the appraisal fee, loan fees, inspection fees, and the cost of a title search. They often run to 4-5% of the mortgage amount.
4. As your realtor : I can assist with presenting homes that for your priorities in your desired budget.
5. Search for a home. Your first step here is to figure out what city or neighborhood you want to live in. What are the top priorities are you looking for?
6. Make an offer. Once you find the house you want, move quickly to make your bid to include a good faith deposit. You also need to make a good-faith deposit -- usually 1% to 10% of the purchase price -- that should be deposited into an escrow account. The seller will receive this money after the deal has closed. If the deal falls through, you will get the money back only if you or the home failed any of the contingency clauses. Your realtor will draw up an offer to purchase that includes an estimated closing date (usually 45 to 60 days from acceptance of the offer).
7. As your real estate partner, I will outline timelines for : your obtaining a mortgage, a home inspection , appraisal and conduct a walk-through inspection 24 hours before closing.
8. Secure a loan. Now call your mortgage broker or lender and move quickly to agree on terms, if you have not already done so.
   • If you don't already have one, look into taking out a homeowner's insurance policy, too. Most lenders require that you have homeowners insurance in place before they'll approve your loan.
9. Get an inspection: Your realtor can assist with local professionals to conduct this task on your behalf. This inspection is a great tool to learn more about the home you are purchasing.
10. Before actual closing you will receive a final HUD Settlement Statement from your lender that lists all the charges you can expect to pay at closing. Review it carefully. It will include things like the cost of title insurance that protects you and the lender from any claims someone may make regarding ownership of your property. The cost of title insurance varies greatly from state to state but usually comes in at less than 1% of the home's price.