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Cima Homes

Buying Your Next Home

Buying a home is one of the most important decisions you will make, and our local experts at CIMA Homes are here to make the process as easy as possible.

Introduction

Buying a home is a big decision – particularly your first home – but it is one of the best choices anyone can make. It’s a place that is entirely your own. Something you can paint, renovate, and live a full life in. Secondly,the reality is that homes are an incredible way to accumulate generational wealth. Because home isn’t only where your heart is, it’s where your money is, too. There are few places you will treasure more than your home and no place that will add more to your personal treasury. ”While the prospect of home ownership is exciting, it can also be filled with complexities as you embark on the journey for the very first time. Below you’ll find part one of a complete guide to first-time home buying.
Buying your first home is a great decision. It's a place where you can live a full life, and it's also an excellent way to accumulate generational wealth. However, the process can be complex. To help you navigate this journey, we've put together a complete guide to first-time home buying.

Part One: Your First-Time Homebuyer’s Guide
​Deciding to Buy

First-time homebuyer fears can range from “I can’t afford to buy a home” to “I can’t buy a home because my credit score is too bad.” While it can be natural to have these thoughts, it’s important to face fears with facts. “Until you do the math, you don’t know what you can or can’t afford. If you are currently paying rent, generally you can afford to buy. From a financial point of view, in the United States, the tax savings on mortgage interest alone usually make up most of the difference between rent and a mortgage payment – the tax write-offs you get at the end of year will generally help you save a significant amount of money. ”Whenever a fear comes to mind, explore with curiosity and get set on finding the facts.
First-time homebuyer fears can be overcome by facing them with facts. If you´re currently paying rent, you can typically afford to buy a home in the United States. Tax savings on mortgage interest will help you save money. Explore your options with curiosity and find the facts. Homeownership is within reach!

Finding Your Agent

The legal, financing, and regulatory aspects of real estate transactions are very involved. To provide as much protection as possible for you, it’s wise to find a licensed real estate agent. They will serve as an advocate for you and your interests throughout the entirety of the home buying process. Their job is about much more than simply finding you the right home; it’s about listening to your needs, anticipating problems, and maintaining standards.The main duties of your real estate agent include: Educating you about your market. Analyzing your wants and needs. Guiding you to homes that fit your criteria. Coordinating the work of other needed professionals. Negotiating on your behalf. Checking and double-checking paperwork and deadlines. Solving any problems that may arise.Here are a couple of questions to ask as you look for a real estate agent: Why did you become a real estate agent? Why should I work with you? What process will you use to help me find the right home for my wants and needs? Because ome isn’t only where your heart is, it’s where your money is, too. There are few places you will treasure more than your home and no place that will add more to your personal treasury.
Real estate transactions are complex and require expert knowledge.
Working with a licensed real estate agent is recommended to ensure
maximum protection. Your agent will act as your advocate throughout the homebuying process, guiding you to homes that meet your needs,negotiating on your behalf, and solving any problems that may arise. When looking for an agent, ask why they became an agent and what process they will use to help you find the right property. Your home is where your heart and money are, so choose your agent carefully.

Securing Financing

Although virtually everyone finds the thought of owning their first home exciting, taking out a mortgage can be a daunting prospect. In general,you’ll probably discover that mortgage loans are less confusing than you might think. The differences between each type of mortgage loan boil down to four basic factors:
Down payment
Down payment - The initial payment you make toward your home. It’s calculated as a percentage of the entire cost of the house. Historically, homebuyers have been asked to put 20% down, and it has its advantages as it frees you up from private mortgage insurance or “PMI.” But, it’s not necessary. In fact, you can put as little as 5% down (or less) to still own a home! And, you can leverage down payment assistance programs, too.

● A down payment is an initial payment made towards the total cost of your home. It´s calculated as a percentage of the house´s entire value. While traditionally homebuyers are asked to put down 20%, it´s not mandatory. You can own a home by puttingdown as little as 5% or less. Also, down payment assistance programs are available.
Interest rate
An interest rate is a fee or amount charged by a lender and is usually a percentage of the loan amount. Interest rates are implemented when we use credit for a purchase. And, like credit card rates, home loan interest rates are variable – they change with the market. In general, people want the lowest interest rate possible because that means they’re paying less money in interest over the life of the loan. In addition to saving you thousands in the long term, a lower rate will also reduce the amount you pay each month. Interest rate is a fee charged by the lender, usually a percentage of the loan amount. It affects the cost of credit for purchases like credit cards or home loans and changes with the market. Securing a lower interest rate is important as it reduces the amount paid in interest charges over the loan´s lifetime and monthly payments.
Term
A mortgage loan’s term will determine how much interest you pay over the life of the loan and how quickly you build equity by paying it down. Different mortgages come with different schedules around repayment. In the case of fixed-rate mortgages, loans are scheduled for repayment over larger swaths of time, like 15, 20, or 30 years. Shorter-term loans are good for people who want to build equity quickly and who can afford a higher monthly payment. The term of a mortgage loan is important when choosing a mortgage. It determines the interest paid over time and how quickly equity is built. Different mortgages have varying repayment schedules. For example, fixed-rate mortgages are scheduled for longer periods (15, 20, or 30 years). Shorter-term loans are best for those who want to build equity quickly and can afford higher monthly payments.

Part Two: Your First-Time Homebuyer’s Guide Identifying Your Criteria

In the homebuying process, an initial consultation with your agent is your way to make sure you are prepared. You may think you already have a pretty good idea of what your first home might look like, and you’re probably right. However, you want to be sure you haven’t missed something. That’s why it’s important to sit down, talk through things with your agent. Your agent will help you get to the heart of what you want, why you want it and establish search criteria around what you truly need.
Recognize the right home will meet all your needs and as many of your “wants” as possible.
An initial consultation with your agent is crucial when buying a home. Discuss your vision with your agent to ensure you haven't missed anything. Your agent will help establish search criteria. The perfect home should meet all your needs and as many wants as possible.
As you and your agent work to establish your criteria, some questions you should ask yourself may include:

● What do I want my home to be close to?

● What do I want my neighborhood to be like?

● How much space do I need?

● Would I be interested in a fixer-upper?

● What features do I need?

● What amenities do I want?

● What does my home have to have now?

● Of all my wants and needs, which are the most important


No matter how long it takes or how many stops there are on your journey, finding the right home to make an offer on is essentially a four-step process:
Determine what houses you want to see. Your agent, as a real estate professional, will have access to the local MLS (Multiple Listing Service). This service acts as an aggregator of available properties, and it isn’t readily available to the public. The MLS will detail a property’s features, its current status (such as whether it’s just listed or under contract) as well as its market history. Using your criteria, your agent can automate search results so that you’ll be alerted when property matches arrive on the market, and they’ll be added to a collection in your home search app.
A real estate agent has access to the Multiple Listing Service (MLS), which provides detailed information about properties. Your agent can automate search results based on your preferences, so you´ll be promptly notified when properties that match your criteria become available. These properties will be added to a collection in your home search app.
If you see something that you’d like to check out, contact your agent and let them know. Even though your agent is diligently watching the market for you, don’t take your eyes off the literal and digital roads! By driving around neighborhoods where you want to live, you may be able to catch for sale or coming soon signs in front of properties that haven’t hit the MLS yet or simply make your heart go pitter-patter.
Inform your agent if you find a property you like. Keep an eye out for upcoming properties in your desired neighborhood by driving around. You may find properties that have not been listed on the MLS yet.
Check out homes that match your criteria.As you and your agent move into the home-viewing phase of your homebuying journey, don’t be afraid to ask to look at any house that you think could be a match for your criteria. However, don’t forget that you created your criteria for a reason: to help you get what you want. Your agent will be able to guide you on a well- curated search so that the homes you view are closer to your wants and you may not need to tour as many properties.
When searching for a home, create a list of criteria. Ask to see any property you believe could be a match but remember your criteria.
Your agent will guide your search, so you may not need to tour as many properties.
As you navigate your home search, be on the lookout for the BIG stuff first -structural damage. Structural damage refers to concerns about the home’s main systems (plumbing, electrical and more). Some signs of structuraldamage may include major cracks in the foundation, water stains on the ceiling, floors or walls or jagged or diagonal cracks inside the house(especially over windows or doors.)
When house hunting, check for structural damage first - it affects the main systems (plumbing, electrical, etc.). Look for major cracks in the foundation, water stains on walls/ceilings/floors, and rough/diagonal cracks over windows/doors. As you continue, you’ll learn more as you go and can begin noting other details, such as:
How you like the neighborhood at different times of day
● Traffic patterns
● The way noise carried
● Floor plan preferences
● Storage requirements
Create a rating system. After a day or two of looking at properties, it can become hard to remember which homes were appealing, which were appalling, and why. In fact, after viewing numerous homes in a few hours, they can become one big blur. One of the best things you can do is create a system to help you rate, evaluate, and remember each home as you go.
Create a rating system to help you remember and evaluate each home you visit while house-hunting. This will make the process more manageable and efficient, especially when you view multiple properties within a short period.