Knowledge and experience are the keys to successful real estate transactions. One of the keys to making the homebuying process easier and more understandable is planning. In doing so, you’ll be able to anticipate requests from lenders, lawyers and a host of other professionals. Ask yourself, Do you know what you want in terms of real estate? Do you have the money to buy? Is your financial house in order?

REALTORS® routinely suggest that consumers start the mortgage process well before bidding on a home. By meeting with lenders — either online or face to face — and looking at loan options, you will find which programs best meet your needs and how much you can afford. Most sellers will not allow a potential buyer to tour their home without being pre-approved by a lender.

Each of us is different and so it’s important to list the features and benefits you want in a home. Consider such things as pricing, location, size, amenities and design (one floor or two, colonial or modern, etc.). Consider your priorities. If you can’t get a home at your price with all the features you want, then what features are most important?

Those great loans with little or nothing down are not available to everyone: You need good credit. For at least one year prior to purchasing a home, you should assure that every credit card bill, rent check, car payment and other debt is paid in full and on time.

Often the cost of real estate financing is routinely greater than the original purchase price of a home (after including interest and closing costs). Because financing is so important, buyers should have as much information as possible regarding mortgage options and costs. Melody can give you. a list of lenders who will help guide you through the loan process.

REALTOR® groups, working with legal counsel, have developed forms that are appropriate for realty transactions. Such documents include numerous sale conditions and their wording should be carefully reviewed to assure that they reflect the terms you want to offer. REALTORS® can explain the general contracting process in as well as his or her role.

There are various forms of insurance associated with home ownership, including these major types: Title insurance, Homeowners’ insurance provides fire, and Flood insurance. Insurance policies and warranties have limitations and individual programs have different levels of coverage, deductibles and costs. For details, speak with your Realtor®, insurance brokers and home builders.

Closings bring together a variety of parties who are part of the “transaction” process. Settlement is a brief process where all of the necessary paperwork needed to complete the transaction is signed. Closing is typically held in an office setting, sometimes with both buyer and seller at the same table, sometimes with each party completing their papers separately. The result is that title to the property is transferred from seller to buyer. The buyer receives the keys and the seller receives payment for the home.

You’ve done it. You’ve looked at properties, made an offer, obtained financing and gone to closing. The home is yours. Is there any more to the homebuying process? Whether you’re a first-time buyer or a repeat buyer, there are several more steps you’ll want to take…