Any major purchase requires research, careful analysis, consideration, and thought. Home buying isn't any different! Determining the right location, the number of bedrooms or bathrooms needed, and outdoor space is the easier things. However, there are many other factors to think about in your home search.
Below are the 10 steps to buying a home this summer:
Step #1 - Save Your Down Payment
Many people believe you need 20% down payment to buy a home. There are loans available that allow buyers to put down as little as 3% or 0% with a VA or USDA loan.
Step #2 - Know Your Credit Score
Your credit score is a numeric representation of your history and ability to pay back debts in the past. Different home loans have different credit requirements.
Step #3 - Find A Real Estate Agent
Once you have a handle on your credit score and down payment savings, contact a local agent who can guide you through a process of buying your first home.
Step #4 - Get Pre-Approved
Your agent will have a list of lenders that you can work with to get pre-approved for your mortgage. This will help keep you on budget during the next step.
Step #5 - Go Home Shopping
Make a list of what you want vs what you need in your new home. Your agent will use this list to find homes for you to tour.
Step #6 - Make An Offer
Your agent will help you determine the best price to offer for the home. In a competitive market, you may not be the only one bidding and will want to stand out.
Step #7 - Get a Home Inspection
Once your offer is accepted, you will want to do a home inspection to ensure there are not any hidden issues with the home.
Step #8 - Get a Home Appraisal
Your lender will arrange for a home appraisal to ensure that the property is worth the price that you have agreed to pay for it. The bank will only issue a loan for the appraised value.
Step #9 - Close the Sale
Once your loan is approved, your lender will schedule a closing date. This is the day you sign all your paperwork to complete the purchase and get the keys to your new home!
Step #10 - Move In!
Congratulations! You're a homeowner.
Start searching for your next home today using our Interactive Map Search.
Curious about what’s happening in your neighborhood? You can create a custom market report to see what’s active, under contract, and sold in your neighborhood!
Contact us today to find out how we can be of assistance to you!