Buy a Home

8 Steps to Buying a Home

Here are the major steps of the home buying process. The more work you do in preparation with your finances and reviewing your budget with a loan officer, the more confident you will be shopping for a home.

  • A mortgage down payment can be as low as 10%, 5%, or even 0% for certain types of mortgages (e.g., VA loans or a USDA loan) This is a great time to consult with a loan officer to make sure you know exactly what you need to qualify for the loan you want.

  • A Loan Officer will review your financial background. That will include Credit Score, Debt to income ratio, employment, and cover details on down payment funds for home purchase. This process will give you the budget range of what you can afford, and confidence your will be approved when the time comes.

  • Buyers will want an experienced Realtor to find the right houses, negotiate the contract, and explain all of the details along the way.

  • Make a list of your wants and needs to get started, Share what you are looking for with your Realtor. Realtors will help you view options virtually and in person.

  • You’ve found a house you want, time to make an offer. This is where experience and expertise payoff.

    Being Pre-approved with your lender, fast closing, are all advantages your Realtor can use to win a bid if there are multiple offers on a house.

  • After the home seller negotiates and accepts an offer, you will get a sales contract and your loan will be submitted to the lender. Underwriters will review the information submitted on the loan application, and ask for additional documents. Home appraisal and home inspection are part of this proccess.

  • After you provide all the documents to underwriters, the loan is cleared to close and the final version of the loan contracts are drawn up to sign in person. A few hours after documents are signed, you get keys to your new home from the home seller’s Real estate Agent.

  • You have the keys, it’s time to move in and enjoy your new space!