I am always reading about finance (which is hardly news to anyone that knows me). I have found the ULTIMATE HOME-BUYING GUIDE. I am in love!
When I say this article breaks down the entire process, I am not over exaggerating. I admittedly wanted to write an article on my experience with the home-buying process, but I was not going to go this in depth. As a millennial, I navigated the process myself and learned quite a few "tough lessons" along the way. If I had found this article ahead of time, I would have been better equipped to go through the process. Here are my key takeaways from the article:
Understand the "Order of Operations"
I did not know how everything was supposed to go, but I did have an excellent real estate agent (Terri Burton) that walked me through and educated me as we progressed. I can not stress number 2 on the list enough! You have to have an excellent team behind you when making such a massive purchase. Your agent, loan specialist and the lawyer need to have the heart of a teacher, not a salesperson. This is a brief overview of how it goes (according to the article):
Choosing Your Loan
There are so many types of home loans! Choosing the right one for your situation could be a daunting task, but this article helps you to understand the basics. My loan specialist (Luke Steltzer) educated me on the types that were available for my situation, but as a financial planner, it helps that I learn about other classes of loans and this article nailed it!
Shopping around was probably the hardest part of the process for me. Every time I found a great house on sites like Zillow and Trulia, it would already be sold (or under contract)! As they stated in the article, these are useful tools to use while "pre-shopping" but once you get into the process use the MLS database that your agent has access to. The MLS database is more accurate than those readily available sites.
Closing on the House
Closing on the house was the most tedious part. I had to sign my full name so many times it was annoying! I mean who signs their middle name on a regular basis anyway?! After the finger cramps and drudgery of signing the mountains of paperwork, it was the most satisfying feeling getting those keys placed in my hand. It was exhilarating! I wish I would have read this article first and taken the day off, but I left work, signed, then returned feeling exhausted.
I highly recommend "The Comprehensive Home Buying Guide for Millennials" written by Joe Savoia found on the Home at 30 website. It's good stuff! Have you gone through the home-buying process? Do you have any tips for potential home buyers who may be reading this?