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Buying

The purchase of a home is an exciting process, but there are essential steps that are required for the transaction. We have prepared a list below for you to follow so that you can be best prepared.

Step 1: Research

Start your preliminary research of areas that you are most interested in. Make notes of the properties and price points that are currently in the market. This will give you an idea of what neighborhoods may be best for you to consider.

Step 2: Determine Your Budget

Assess your budget, debt and amount of money that you have available for a down payment. A lender will still have to qualify you for a home loan, but you should make this determination based on your own level of comfort.

Step 3: Get Prequalified

Before you begin your search, you will need to explore how much you can comfortably afford. The best way to go about this is to get prequalified for a mortgage. You will need to contact a reputable mortgage broker and provide some of your personal information and details. This lender will then inform you of how much you will be approved for which will dictate what price range of homes you can begin looking for.

Step 4: Search for Homes and Make an Offer

Once you begin looking at homes in your price range, be sure to take notes as you may see many houses. When you visit homes in different locations, consider things like convenience to local services, your place of employment and other things that address your lifestyle. Once you locate the home of interest, submit your offer with your prequalification letter.

Step 5: Home Inspection

A home inspection is a pivotal event as it can check for signs of structural damage or items that may need repair. Offers are typically made contingent of a satisfactory home inspection to protect the buyer. Any negotiated items that shall be addressed by the seller can be verified before the closing at the walk-through.

Step 6: Home Appraisal

Your lender will schedule the home to have an appraisal. The appraiser will be from a 3rd party company that is not connected so there is not a conflict of interest. The appraisal will affirm that the price you are paying is a fair price for the property.

Step 7: Complete the Necessary Paperwork

Your lender will have a title company review documents and ensure that the seller is the rightful owner of the house. In addition, you will need to finalize your loan package by providing your lender with all necessary documents that prove your employment and financial status.

Step 8: The Closing

After your final walk-through of the property, you will proceed to the closing. Here, you will sign all of the legal documents to complete the purchase including your loan paperwork. Once complete and the funds are delivered to the seller, you are ready to move into your new home.

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