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8 steps to buying a home

STEP ONE: Get pre-qualified to buy from a loan officer

Once you’ve decided that you are ready to buy a new home, contact your preferred lender. Your loan officer will tell you what documents he or she needs in order to get you started for a pre-qualification. When you know what your budget is, you can start the search with better ease and confidence.

STEP TWO: Find a Real Estate professional with whom you respect and trust.

Steps one and two are interchangeable. Your Real Estate agent should have a ready list of professional and reliable resources for your real estate needs. For more information about how to select an agent and FAQs, click HERE.

STEP THREE: Make a list of all your wants and needs.

Consider the most important features of this new home including location, size, distance to work or school, etc. Click here for a complete checklist of items you should definitely consider on your wants and needs list.

STEP FOUR: Shop for a home and make an offer!

Every buyer has different needs and tastes. Your real estate agent will help find your satisfactory home and inform you about how to make an offer. Of course, it’s your call how much you want to offer. Be prepared for a seller counter offer.

STEP FIVE: Get a home inspection.

Once your offer has been accepted, your agent should have included an inspection contingency. The home inspection would be reserved by a professional immediately following the acceptance of your offer. Professional home inspectors  usually charge between $250-$400 per inspection. Make sure your home inspector provides you with a report on the condition of the house, and walks you through the inspection. If this is your first time buying a home, talk to your agent for reliable and experienced referrals to know more information.

STEP SIX: Apply for your home mortgage. 

Once the inspection contingency has been removed, your loan officer will need the fully executed purchase agreement. It is crucial to get this step done as soon as possible. The loan will undergo a series of steps and will require many documents from you, the buyer. This process can take anywhere from 30-45 days.

STEP SEVEN: Shop for your homeowner’s insurance.

Not only is getting a home insurance policy (or commitment) required by most lenders before closing, it can protect you from unexpected damages to the property such as a fire, vandalism, or flood. Shop around for the best quotes or ask your agent for resources. 

STEP EIGHT: CLOSE! Collect the keys to your new home and start a whole new process: MOVING IN. Click here for a Moving Checklist!