Buying a home in Orlando
If you are looking to buy a home in Orlando to live or invest in real estate, you have come to the right place!
Buying a house in Orlando or in any city in the world takes time. And no house, not even the most beautiful, is worth entering before you are ready to buy a house.
Do you know what is more important than buying a home? How to buy that house.
When you start dreaming about buying your first home, it is very easy to get carried away by your emotions. Suddenly you will be seeing houses in different applications, and letting yourself be carried away by your imagination to remodel it to your liking. When you do not follow the proper process to buy a home, it is very easy to get a home that you will not be able to pay, and that mistake can long affect your financial situation and the quality of life of your family.
At Orlando Homes Sales we have a team of real estate agents with extensive experience representing investors and home buyers, and knowledge of the different communities in Orlando and throughout Central Florida. Let us advise you throughout the process of buying your home without any cost, remember that the buyer does NOT pay commission.
Process to buy a house in Orlando
Buying a house in Orlando is a dream for everyone. When we consider being ready to make that dream come true, we must follow a series of steps that ensure that we really make the right investment with the fewest contingencies. The home buying process could be complicated even for someone who has previously purchased a home. The following guide will facilitate you through different steps, the process of buying your home in Orlando.
Frequently Asked Questions
Should I buy a house or continue renting?
Renting a house is a good option when you move to a city, have debts, or a very low Credit Score. However, when you rent a house you are losing money, since with less money you could pay your mortgage. There are many advantages of buying a home:
The value of your house will increase over time, which represents a capital gain. When you buy your house you will have the freedom to make the structural changes you want and remodel as you wish. Buying a house will make you feel proud having achieved your dream, also giving you a lot of security.
If you plan to buy a house in the near future, it is important that you know the process to buy a house in Orlando. Once you make the decision to start, contact us and we will advise you at no cost.
How much do I need for the Down Payment?
The initial payment or ‘down payment” is the initial amount you must pay when buying a home. This varies depending on the type of mortgage. If the mortgage type is FHA, the minimum down payment is 3.5%. If it is a conventional mortgage, the initial minimum would be 5%. It is important to consult beforehand with a real estate agent and a lender to select the best option.
There are veterans loans, which is an excellent option for those who are currently or have served in the military. The main advantage of this type of mortgage is that it does not require a down payment to buy a home.
Another type of loan that does not require a down payment is the USDA, known as “rural loans.” This type of loan applies to people who live in an area where the population is less than 35,000. Contact us for any questions about the types of mortgage.
Is there a first-time buyer mortgage program?
Not just one, there are several First Time Home Buyers mortgage programs. There are some federal and other state programs, as well as some programs for people with particular professions. When selecting a lender, he will be able to advise you on the different types of programs that exist.
We recommend that you read the Orlando home buying process at the beginning, before speaking with a lender, or Contact us to advise you on your purchase process. Remember that it has no cost.
How much should I pay in closing costs?
Before deciding to buy a house it is important that you save an amount of money that is enough for the closing costs. On the closing day there are certain costs that are borne by the buyer and others by whom sells the house .
The closing costs that correspond to you range between 2% and 5% of the purchase value of the house. Now, there are special cases. For example, when buying a new home in Orlando, either to live in or invest in real estate in Orlando through vacation homes , most of the builders assume part of closing costs, saving you extra money.
For more information on how to save money on closing costs, contact us to advise you throughout the purchase process. Remember that it has no cost.
How long does it take to close a house?
In most cases, the closing of a house takes between 30 and 60 days. Now in some cases it may take a little less and in others it may take a little longer.
Working with an experienced Realtor guarantees to close in the shortest possible time and with the least number of contingencies.
Is it mandatory to do a home inspection?
It really is not mandatory. If you want to buy a house in cash and don’t want to do an inspection, no one will force you. Even so, it is always recommended to do it to identify any type of problem that exists in the house.
Now, when the house is going to be bought through a mortgage loan, it is practically obligatory. The lender will require it to determine the value of the home and consider the viability of the loan.
What is the minimum credit score I need to be approved for a loan?
Most mortgage lenders prefer to see credit scores of 600 or higher. Now, nothing is written in relation to this, but it is suggested to have this score as high as possible.
Contact us to advise you and help you increase your credit score.
I will buy a house and move to Orlando, do you know of any company to carry out the entire move-in process?
Many of our clients who come to Orlando or move to other countries have asked the same question. Therefore, we have partnered with Orlando International Moving , a highly recognized company in Orlando. You can contact them and inform them that you are our client, or if you wish we can help you with this management.