Buying a home is fun and exciting, but there’s much more to the process. How does a buyer, especially a first-time buyer, make sure that they check all of the boxes needed to get into their new home?
We’re here to help! Here are ten steps you need to complete on your road to homeownership:
1. Verify your credit score.
If you have a high credit score, you’ll be eligible for the best interest rates. Before you visit a mortgage broker, make sure your credit score meets the minimum requirements for approval.
You should request your free annual credit report as soon as home-buying is in your future. If your score isn’t up to par, you’ll have plenty of time to dispute errors or get your credit in shape.
2. Select a real estate agent.
An experienced real estate agent will understand current market conditions, help you create an offer and negotiate fair home prices. Don’t sweat the cost: The sellers typically cover the buyer’s agent commission.
3. Get preapproved for a mortgage.
In addition to telling you how much money you can borrow for a home, a mortgage preapproval also shows that you are serious about your purchase. Fun fact: most sellers prefer to deal with buyers who hold a preapproval.
4. Search for your dream home and make your first offer.
We said “first offer” because buyers often put offers on multiple homes before a deal happens. The Zillow Group Report states that 59% of buyers make multiple offers before the process is over.
5. Complete your official mortgage application.
You’re already preapproved, but now it’s time to provide a little more info to the lender. You’ll need to complete your loan application and await the appraisal. If all goes well, you’re clear to close!
6. Close and take the keys!
You’ll have plenty of paperwork to sign at closing, and you’ll need to come prepared with your down payment and closing costs.
We hope you enjoyed this basic overview of the home-buying process! Connect with us today to learn more about what it takes to purchase a home.
Contact one of our loan consultants today to learn more!
