ALWAYS A GREAT TIME TO BUY
FINANCING- There are many financing options available. No down payment programs as VA (Veterans). FHA with as low as 3.5% down payment for single family or own up to a 4 apartment building. Most "Conventional finance programs require at least 5% down payment. Low down payment as well as NHHFA first time home buyer financing and RD no down payment programs are available.. For more information contact Bill Arnott using the using the contact form on the “Contact Bill” page with your inquiry.
6 Basic Steps to a Successful Purchase
Step #1- Pre-Qualification-Today it is important to pre-approved by a lending institution. This process means a buyer has at minimum given the lending institution (1) permission to do a credit report, (2) proof of employment and income, and (3) a list of all debts. This information will enable the lending institution to pre-qualify you-the buyer. This basically determines the amount of money you may use per month for your housing– Mortgage, Taxes, and Insurance. Qualifying also includes the amount of money needed by a buyer to purchase a home. This will depend upon the mortgage program you choose.
Step #2 Determine Representations- Under New Hampshire Law before a buyer is shown properties the buyer must choose to (1) use the “Traditional Method” of being a customer or (2) purchase a home using “Buyer Representation”. New Century Real Estate will provide complete explanation of both, and the buyer chooses which will best serve their interest.
Step #3 Property Search- A buyer is able to search for a property through the use of New Century Real Estate's automatic system which provides a buyer with properties as they come on the market. As a result, a buyer is not too late to see the property.
Step #4 Making an Offer- This is the moment when a buyer offers to purchase property at a price and terms acceptable to the buyer & seller. A good faith deposit usually accompanies the Offer. Usually, the amount is between $500 and $5000 but is negotiable between buyer & seller.
Step #5 Mortgage Application- The buyer will formally select a Lending Institution which in all likely hood will be the institution having given the pre-qualification. There usually is an initial fee depending upon the Lendor. This initial fee is usually collected at application. During the process of being approved, the buyer usually completes all home inspections.
Step #6 Approval & Closing- In most cases approval of financing occurs within 4-5 weeks after application. Transferring of the property to the buyer occurring within 3 weeks following financing approval. Usually from application to transferring of the property to buyer takes 6-8 weeks.
