STEP 1
Buyer's Guide
Everything you need to know about the process of buying a new home.
Everything you need to know about the process of buying a new home.
STEP 1
Before you begin the home buying process, you want to make sure you’re actually in a position to take on all that buying a house entails. That’s why the first step is to do your research, check your credit score, and review your finances.
STEP 2
Before you speak with a mortgage lender, it’s useful to calculate how much house you can afford on your own. A lender will tell you how much money you qualify for, but you want to make sure you won’t be overextending yourself.
STEP 3
The next step is finding a mortgage lender and getting preapproved for a mortgage loan.
STEP 4
As you may have noticed, there are many steps to buying a house. Although there are some home buyers who decide they want to do it on their own, having a trusty and reliable real estate agent can make things a lot simpler.
STEP 5
This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range.
STEP 6
Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market (Comparative Market Analysis).
STEP 7
In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer.
STEP 8
A home appraisal provides an estimate of how much a home is actually worth based on comparable sales in the area. Keep in mind the lender will only provide funds to cover the appraised value of the house, so if the appraisal comes in below the purchasing price, you’ll work with your attorney to renegotiate the offer.
STEP 9
Also in your best interest is homeowners’ insurance, which works as a safety net to protect your home and finances.
STEP 10
One last walkthrough of the property can help you determine if something needs to be fixed by the seller before purchasing the home. Final walkthroughs typically take place a day or two before closing after the seller has moved out, allowing you to ensure all agreed-upon repairs have been completed.
STEP 11
Congratulations! You’ve made it to the final step of the process. When the time comes, make sure you review your Closing Disclosure, which will outline the terms, final closing costs, and any outstanding charges or fees included in your loan. Your lender will send the disclosure to you at least 3 days before closing.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
