BUYER’S GUIDE
MEET YOUR AGENT Hey there! My name is Tameca Reid. Since 15 I have been in customer service. That’s 25 years of serving others and solving problems! For 10 of these years, I served as manager of a few locations. With the skills I’ve acquired over the years, I finally feel as though I have found my calling. Real estate is not only interesting due to its everchanging nature, but also is very tricky for the very same reason. Assisting people with confusing transactions is my specialty. I have been trained in research and analysis not only through my real estate career but also through earning my paralegal associate degree. Contractual law is an area I am very familiar with, and I plan to utilize this in every way for my clients.
Let 's Connect @TReidMeybohmRealEstateAgent
706-434-9799
I have worked with several agents, contractors, and home builders through every phase of home building. With this comes a deeper understanding of the industry and the processes expected. Every aspect of life has prepared me to achieve my dream of being placed in an industry where I may be of the best service to my community. From understanding the expectations, preparing for preapproval or listing, and searching for and securing the home of your dreams, I am ready to help you accomplish your goals!
PREPARING TO BUY CHECK YOUR CREDIT
Once you decide to buy a home, the first thing you’ll need to do is check your credit. This involves getting your credit report from each of the three bureaus (Experian, TransUnion, and Equifax), and pulling your credit score. Your credit determines whether you’re eligible for a mortgage, and it influences your mortgage rate. The higher your score, the lower your rate.
FIGURE OUT DEBIT TO INCOME RATIO Your debt-to-income (DTI) ratio is the percent of your monthly gross income that goes toward debt repayment. Mortgage lenders use this percentage to gauge affordability. To improve your DTI ratio, pay off as much debt as possible before applying for a mortgage. This includes credit cards, auto loans, student loans, and other loans.
SAVE MONEY Your debt-to-income (DTI) ratio is the percent of your monthly gross income that goes toward debt repayment. Mortgage lenders use this percentage to gauge affordability.
DETERMINE YOUR BUDGET Before meeting with a mortgage lender, use an online mortgage calculator to estimate affordability. Once you know what you’re likely to afford, you can then estimate how much to save for your down payment and closing costs.
LET’S GET PRE-APPROVED! If you’re ready to make your dream of owning a home a reality, you’ve probably already heard that you should consider getting prequalified. It’s time to understand exactly what each of those terms means and how they might help you. And when you’re working toward a goal this big, you want every advantage.
PRE-QUALIFIED Prequalification is an early step in your homebuying journey. When you prequalify for a home loan, you’re getting an estimate of what you might be able to borrow, based on information you provide about your finances, as well as a credit check. Prequalification is also an opportunity to learn about different mortgage options and work with your lender to identify the right fit for your needs and goals.
PRE-APPROVED Preapproval is as close as you can get to confirming your creditworthiness without having a purchase contract in place. You will complete a mortgage application and the lender will verify the information you provide. They’ll also perform a credit check. If you’re preapproved, you’ll receive a preapproval letter, which is an offer (but not a commitment) to lend you a specific amount, good for 90 days.
QUESTIONS TO ASK Interviewing lenders is an important step in determining what type of home loan is best for you. Not all lenders are the same, and the type of loans available, interest rates, and fees can vary. Here are some questions to consider when interviewing lenders:
• What Types of Home Loans Do You Offer? • Which Type of Mortgage is Best for Me? • What Will My Interest and Annual Percentgage Rate Be? • What is the Loan Estimate? • Do You Handle Underwriting In-House? • What is Your Average Loan Processing Time?
HOUSE HUNTING TIPS INVESTIGATE THE AREA
Drive around neighborhoods that interest you to get a fell of the area, how the homes are cared for, what traffic is like, etc.
KEEP AN OPEN MIND
Finding your dream home isn’t always an easy task! Have a priorities list, but keep an open mind when viewing homes.
TAKE PICTURES & NOTES
When you visit mulitple houses it gets difficult to remember specific details about each one. Take photos and notes while touring houses so that you can reference them later when comparing the properties that you’ve seen.
BE READY TO MAKE AN OFFER
When you find a home you want to buy, keep in mind there may be others interested in it as well. Be ready to make a solid offer quickly in order to have the best chance at getting that home.
HOME BUYING PROCESS Meet With Me Our journey begins with meetings to establish rapport, wants/needs, and counseling about the buying process. Our collective goal at Meybohm is to serve you throughout the buyer’s journey. Mortgage Pre-Approval When you get a mortgage pre-approval, you have more negotiation power during the buying process and you will learn the price range to focus your home search upon. Vist Homes Most buyers, 90% of them according to national statistics, use the internet as a resource to look for homes. We have several tools, including mobile options, to help you look for homes. Identify “The One” At some point, through a process of elimination, you will find a home which closely matches the wants and needs you have come to identify in your home search. We are here to help guide you through the process of buying real estate.
Write Offer Writing an offer is your official response to the seller of the home that you are interested in becoming the next owner. Negotiations Not all buyers and sellers are thinking exactly the same when it comes to transferring legal ownership of a home. In the end, negotiations are a NORMAL part of the buyer’s journey. Counteroffer As the buyer, you make the first step with your initial offer to purchase at the price you determine and other conditions you may want. It is FAIR and REASONABLE for the seller to make a counter offer back to you. Accepted Contract At some point in the offer/negotiation/counter offer er process the buyer and seller agree with each other. This is when the contract is accepted.
Inspections There may be issues found in the inspection that are hidden from normal observation. These issues may be minor or they may be major enough for you to cancel your outstanding offer to purchase and begin looking for another home. Repair Requests (If Any) It is FAIR and REASONABLE for you, the buyer, to ask that repairs be made after the home is inspected. Most sellers will do repairs. Title Work Banks, mortgage companies, and cash buyers want to know that the legal property they think they are purchasing is correctly identified and clear of all legal liens. Appraisal Banks, mortgage companies, and cash buyers often require an independent review of the value of the home or property being purchased. This is a NORMAL part of the buyer’s journey.
Schedule Closing Once the financing and inspection phase is complete, a closing date is set for the parties involved to sign the official legal paperwork and transfer of money between parties. Final Walk-Through As a buyer, you want to have a final walk-through before you sign the papers. Closing This is where you meet to sign the legal papers to transfer ownership and write checks for any monies due at closing. This is where you get to move forward towards the life you want for yourself and your family members. Take Possession This is where you take the keys you got at closing and walk into your new home or property as the new legal owner. CONGRATULATIONS... this is the American dream.
WHAT NOT TO DO It’s extremely important not to do any of the following until after the home buying process is complete:
• BUY OR LEASE A CAR • CHANGE JOBS • MISS A BILL PAYMENT • OPEN A LINE OF CREDIT • MOVE MONEY AROUND • MAKE A MAJOR PURCHASE
Any of these types of changes could jeopardize your loan approval. It’s standard procedure for lenders to also do a final credit check before closing.
CLOSING DAY On the day of closing you’ll be going over and signing the final paperwork, and submitting a cashier’s check (or previously arranged wire transfer(s) to pay the remaining down payment and closing costs. ITEMS TO BRING TO CLOSING:
• GOVERNMENT ISSUED PHOTO ID • HOMEOWNER’S INSURANCE CERTIFICATE • CERTIFIED FUNDS OR CASHIER’S CHECK • FINAL PURCHASE AGREEMENT
Enjoy your new home
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