Buying your first home is an undertaking, but having a clear path forward will simplify the process and help keep all the moving pieces in order.
Here at Homebuyer, we like to break the home buying process into nine easy-to-follow steps. Each one brings you a little bit closer to owning that dream home and sets you up for a successful, low-stress first-home purchase.
Let鈥檚 walk through the steps.
Step 1: Pre-House Hunting Education
This is where you learn a bit about credit and how to improve yours, if necessary. You鈥檒l also do some budgeting and learn about the members of your home buying team.
Step 2: Calculating What You Can Afford
Here you鈥檒l determine how much home you can qualify for, as well as what down payment you鈥檒l need to buy your house.
You鈥檒l learn about the other costs of homeownership – things like maintenance, property taxes, HOA dues, and more – and finish by calculating what you want to afford. In many cases, this number is different from the maximum amount you can qualify for.
Step 3: Get Pre-Approved
You won鈥檛 just get pre-approved but will also learn what to do with your pre-approval letter and why you鈥檒l need to refresh your pre-approval every 90 days.
Step 4: Shopping for Your New Home
This is the fun part.
You鈥檒l work with your agent to browse listings, tour properties, and zero in on homes and neighborhoods that work for your needs. You鈥檒l also learn a bit about homeowner鈥檚 insurance.
Step 5: Making an Offer
You鈥檒l learn about what a purchase offer entails and also about closing costs.
Once you fall in love with a home, you鈥檒l submit an offer (with the help of your agent) and include your pre-approval letter. You鈥檒l also learn what to do whether your offer is accepted or declined.
Step 6: Shop for Your Mortgage Loan
Conventional, FHA, VA, USDA, fixed-rate, adjustable-rate, 15-year, 30-year鈥� there are many options!
Your mortgage expert will help you navigate the waters, decide which option is best for you, and jump-start the mortgage process.
Step 7: Get a Professional Home Inspection
That鈥檚 it. A home inspection is so important that we gave it its own step in the process.
Step 8: The Mortgage Process
You already jump-started this back in step six, but now it鈥檚 time for your home appraisal, completing your mortgage checklist, possibly re-negotiating your purchase agreement based on the inspection and appraisal, and moving everything toward final loan approval.
Step 9: Closing
The last step is the most exciting one.
You鈥檒l do a final walkthrough of the house, attend your closing and settlement, sign the paperwork, and get your keys.
We understand鈥� it sounds like a lot, but you鈥檙e not alone. We鈥檙e here for you every step of the way.
You鈥檝e got this!
