VIVA NOLA APRIL MAY 2023
Bilingual variety magazine - Connecting the Latino community to New Orleans, Louisiana, and beyond. Learn about the unique culture of New Orleans and relevant topics.
Bilingual variety magazine - Connecting the Latino community to New Orleans, Louisiana, and beyond. Learn about the unique culture of New Orleans and relevant topics.
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ECONOMIC Development<br />
9 Steps for Buying<br />
Your First Property<br />
By Carolina Loreto<br />
Realtor®<br />
Buying a home is an exciting process, but it can also be overwhelming. If you want to buy your first property, here are<br />
some steps to consider. In future issues, we will talk more in depth about each step.<br />
1. Decide what neighborhood you want to live in.<br />
Familiarize yourself with housing costs in the areas<br />
that interest you.<br />
2. Get your finances in order. Consider your<br />
income, debt, and savings. Check your credit score.<br />
A high credit score can help you get a low interest<br />
rate.<br />
3. Decide what type of loan is right for you.<br />
Different types of loans have advantages and<br />
disadvantages. They include conventional loans,<br />
FHA, VA, Jumbo, and others, which we will explain<br />
in upcoming issues. Talk to your mortgage lender<br />
for guidance in deciding which is best for you.<br />
4. Get pre-qualified and pre-approved for<br />
your mortgage. The ideal time to obtain these<br />
documents is when you’re ready to begin your<br />
search. Your lender will consider your income,<br />
expenses, assets, debts, and price range. A preapproval<br />
letter shows sellers and real estate agents<br />
that you are a serious buyer who can obtain<br />
financing.<br />
5. Get a Realtor® or Real Estate Agent to work<br />
with you. It is essential to find a trustworthy agent<br />
who will provide information on the neighborhoods<br />
that interest you and is knowledgeable about the<br />
buying process and negotiations.<br />
6. Make an offer. If you have found a house that<br />
meets your criteria, it’s time to make an offer.<br />
During these negotiations, your real estate agent is<br />
your best ally.<br />
7. Inspection. The inspector will check the home<br />
for any defects that need repair. The inspection is<br />
essential because it allows you to renegotiate the<br />
terms or withdraw your offer if the report reveals<br />
significant problems.<br />
8. Valuation of the house. The lender arranges for<br />
the home’s appraisal, which may affect the granting<br />
of the loan. An appraisal estimates a home’s worth<br />
based on a property’s condition, comparable sales<br />
in the area, and public records.<br />
9. Closing the sale. Your lender must provide the<br />
closing disclosure at least three days before the<br />
closing.<br />
After all the necessary documents are signed, you<br />
are ready to move into your new home!<br />
I’m ready to take you through these steps and help<br />
you buy your next home. Please call or text me at<br />
(504)232-0555.<br />
4 ~ <strong>VIVA</strong> <strong>NOLA</strong> April / May <strong>2023</strong>
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