Buying a House in New Orleans
Whether you’re a first-time homebuyer or repeat purchaser, our Realtors are here for you.
Satsuma Real Estate provides first-time homebuyers with excellent service. We apply extensive knowledge of the New Orleans market, negotiate effectively to get you the best deal possible, and work hard to ensure that you’re happy with your purchase.
The first step in buying a home is to speak with your Satsuma Realtor to gain an overview of the complete buying process. Your Satsuma Realtor will answer any questions you have and share their knowledge and understanding of the current real estate market.
Secondly, you should reach out to a mortgage lender to secure a pre-qualification letter. This is an assessment that indicates your buying power in the market. (You can get a rough idea of your buying power by visiting our mortgage calculator.) This is a very important piece of the puzzle as it is required to be presented alongside any offer you submit and helps you understand the full cost of purchasing a home. Our Realtors can streamline the search for a mortgage lender and match your desired loan with a specialized lender.
The third step is the exciting part, searching for your dream home. Your Satsuma Realtor will set up a custom search based on your needs and wants and provide access to your favorite homes from the list. Your Realtor will suggest homes to see as well. We don’t just open doors, but aim to match the right house to the right buyer. During the visit we will use our expertise to help assess the home as a fit for you. Once you’ve identified a home that meets your needs and fits your budget, your Satsuma Realtor will analyze the market and draft an offer to give you the best chance of securing the contract at the best price.
After you and the seller come to an agreement, the home is under contract. The next steps are to have the home inspected and then appraised. The inspection grants you an understanding of the condition of the home. The appraisal tells your lender whether the home is worth the amount you are paying and helps you secure the correct homeowners insurance policy.
The final step is closing with a title company when ownership is officially transferred to you.
Upcoming Open Houses in New Orleans
Financing Options for First-Time Homebuyers
When you apply for financing, you can apply for either a government-backed loan or a conventional loan.
Choose what’s best given your financial situation and the kind of property you want to buy. If you have less than perfect credit, a government-backed loan may be the way to go. Because these loans are backed by the government, the lending and down-payment requirements are much more lenient that those of conventional loans.
If you have good credit, look into a conventional loan. Although the requirements are stricter, you will probably benefit from lower interest rates. And you may use the loan to purchase practically any type of home.
