HOME BUYING PROCESS

The homebuying process typically involves several key steps: preparing your finances, finding the right real estate agent and lender, searching for and making an offer on a home, securing financing, and finally, closing on the purchase. This process can be broken down into distinct phases, each with its own considerations and tasks.

PREPARATION
Assess your readiness: Evaluate your financial and emotional preparedness for homeownership.

• Set a budget: Determine how much you can realistically afford, considering your income, debts, and desired lifestyle.
• Save for a down payment and closing costs: Plan for the upfront expenses associated with buying a home.
• Check your credit score: A good credit score is crucial for securing favorable mortgage rates.
• Get pre-approved for a mortgage: This step helps you understand your borrowing power and shows sellers you’re a serious buyer.

FINDING & MAKING AN OFFER

• Find a real estate agent: A qualified agent can guide you through the process, help you find suitable properties, and negotiate on your behalf.
• House hunting: Begin searching for properties that meet your needs and preferences.
• Make an offer: Once you find a home you like, your agent will help you draft an offer, which may include contingencies like a home inspection.

SECURING FINANCING & CLOSING

• Apply for a mortgage: Work with your chosen lender to finalize your mortgage application.
• Schedule a home inspection: A professional inspection can identify potential issues with the property.
  Get a home appraisal: This ensures the property’s value aligns with the purchase price.
• Negotiate repairs or credits: Based on the inspection and appraisal, you may need to negotiate with the seller.
• Close on the home: This involves signing the final paperwork, paying closing costs, and receiving the keys to your new home.

FIRST-TIME HOMEBUYER?