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Buying your First Home on Maui

Buying a home is one of the biggest and most important financial commitments you’ll make in your lifetime. We know it’s especially critical for first-time buyers to make informed decisions about this investment.

Step 1. Get your Finances in Order

Check your Credit Reports. You must know exactly what your credit reports say about your financial history before you apply for a mortgage, because the reports play an important role in the mortgage approval process and in determining the interest rate and other loan terms that lender offers you.
Save up. You’ll need to have cash on hand for a down payment and closing costs.

Step 2. Get Pre-Approved for a Mortgage

Use an online mortgage calculator to calculate your loan possibilities or call a local mortgage company.

Step 3. Determine Your Wants and Needs

Buying a home isn’t as difficult as you might think, even if you’re short on funds, but the process will go a lot smoother if you get familiar with your real estate market and narrow down your wants and needs before you start looking at houses.

Step 4. Learn to Work with Real Estate Agents

Real estate agents represents buyers, sellers and or both. Its essential to know how Coldwell Banker agents works for you.

They will analyze your financial situation to help you determine how much you can afford.
They are familiar with the process of buying a home and can explain things to you.
They can easily access information on all properties listed for sale by Realtors in your area.
They can set up appointments for you to see homes that interest you.
They will help you complete all the necessary paperwork when it comes time to make an offer.
They will help you arrange financing.
They will be there at closing to answer your questions and make sure everything runs smooth.

Step 5. Be an Informed Buyer

Some neighborhoods have deed restrictions such as exterior maintenance, lawn care or fencing.

Step 6. Insist on a Home Inspection

Attend all property inspections, be aware of any environmental concerns and don’t be shy to ask questions. A small investment of time and money will save you lot of headaches down the road.

Step 7. Look for a Property with a Home Warranty

A comprehensive insured Home Warranty benefits and protects both homebuyers and sellers by decreasing the likelihood of a sale falling through due to unexpected surprises.

Step 8. Closing

Take your time to read your closing paperwork before you sign. Don’t hesitate to ask questions.

The details involved in buying a home, especially those related to financing and the legal contracts, can be challenging. Your Coldwell Banker Island Properties agent is trained to guide you through the process and make the experience much easier. And remember, as a buyer, the agent’s services are free.

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