Step-by-Step Guide to Buying a Home
Your Roadmap to a Smooth Home Purchase
Buying your first home is an exciting milestone, but it can also feel overwhelming. This step-by-step guide will help you navigate the process with confidence.
Determine Your Budget
- Review your finances, including income, savings, and expenses.
- Check your credit score – a higher score can help you secure better loan terms.
- Use a mortgage calculator to estimate what you can afford.
Get Pre-Approved for a Mortgage
Contact a lender to discuss loan options and get pre-approved.
- They will check things like income, savings and credit score to help you determine the type and how much of a loan you can afford
Pre-approval shows sellers you're a serious buyer and gives you a clear price
range.
- Most of the time you need a pre approval to submit an offer so you don’t want to start looking until you are ready!
Find a Real Estate Agent
- Choose an experienced agent who understands your needs and the local market.
- They will help you find homes, negotiate offers, and guide you through the process.
Start House Hunting
- Make a list of must-haves and nice-to-haves for your new home.
- Schedule private showings with your agent.
Make an Offer
- Once you find the right home, work with your agent to submit an offer.
- The seller may accept, reject, or counter your offer – be prepared to negotiate.
Get a Home Inspection
- Hire a professional inspector to check for any potential issues.
- If serious problems arise, you may negotiate repairs or reconsider the purchase.
- There are many other inspection options if you so choose such as water, termite, and mold testing
Secure Your Mortgage
- Finalize your loan application with your lender.
- Provide any necessary documents and complete the underwriting process.
Get a Home Appraisal
- The lender will require an appraisal to confirm the home's value. (unless you are paying cash)
- If the appraisal is lower than the offer price, renegotiation may be needed.
Final Walkthrough & Closing
- Do a final walkthrough to ensure the home is in the agreed-upon condition.
- Sign the necessary paperwork, pay closing costs, and receive the keys!
