Home-Buying 101
Buying a home is a huge financial decision and the process can often feel overwhelming, especially for first-time buyers. Whether you're dreaming of a cozy cottage or a modern townhouse, understanding the essentials of home-buying is key to making informed decisions and finding a space that fits your lifestyle and budget. In this guide, we'll break down the basics, from getting pre-approved for a mortgage to navigating the closing process, so you can confidently embark on your journey to homeownership. Let's get started!
Step 1
Check Your Credit Report and Score
The higher the score, the better loan you’ll qualify for. But don’t worry, there are mortgages available for almost every credit level.
Step 2
Visit a Loan Officer and Get Pre-Approved
To prequalify for a mortgage, you’ll need to provide your lender with pay stubs for two months, savings information and your last two tax returns.
Step 3
Find the Right Real Estate Professional
Finding the right real estate professional can make all the difference in the home buying process. An experienced agent not only helps you navigate the complexities of the market, but also provides valuable insights, negotiates on your behalf, and ensures that every step—from securing financing to closing the deal—is as smooth and stress-free as possible. With their expertise, you’ll have a trusted partner guiding you to the perfect home that fits both your needs and budget.
Step 4
Identify the Neighborhood
There’s so much information about communities and neighborhoods online today. You can read reviews on schools, get walkability scores and tour local coffee houses so you can know the area before you buy.
Step 5
Search for the Right Home
You’ll see a lot of houses and it can be very overwhelming. Make a list of your ‘must-haves’ versus those things that would be nice to have. This will help you and your agent zero-in on the right homes.
Step 6
Make an Offer on Your Favorite Home
An experienced real estate professional will know the market in your area and be able to confidently guide you on the right amount to offer a seller once you’ve found a house.
Step 7
Counter or Accept the Offer
Be ready as you may be presented with a counteroffer. Again, you’ll want to work your real estate professional to accept the counter or negotiate further.
Step 8
Congratulations! You’re in Escrow!
Once the offer is accepted, you’ll be in escrow. Escrow opens when a signed agreement is delivered to an escrow officer, who helps to ensure that all conditions of the contract are satisfied.
Step 9
Complete All Necessary Inspections
This is a crucial step. You’ll want to know about any pre-existing conditions of the house and the cost to fix them. Keep in mind that a good inspector will list everything that may be of concern. Again, it’s up to you and your agent to determine what is reasonable for the seller to fix.
Step 10
Clear All Necessary Contingencies
Make sure all closing costs and inspections are complete. You’re almost there!
Step 11
Head to the Closing Table
Your real estate professional will help you understand the closing process which can be complicated and a little overwhelming. Get your hand ready to sign a lot of paperwork.
Step 12
Get the Keys to Your New Home!
Congratulations! You’re now ready to begin the next chapter of your life.
Need assistance with the mortgage process? Reach out to our friends at EPIQ Lending!
Looking for a knowledgeable Real Estate expert to guide you in your home-buyign journey? We can help!