How Home Buying Works

 

❶ PARTNER WITH AN AGENT

  • Absorb their local insight

  • Get to know neighborhood inventory levels

  • See what’s about to hit the market Gain access to off-market properties

  • Review market averages

  • Complete needs assessment

❷ GET PRE-APPROVED FOR A LOAN

  • Understand what you can afford

  • Determine your monthly mortgage payment

  • Understand your debt ratio

  • Prepare for escrow

  • Obtain a pre-approval letter

❸ FIND YOUR NEW HOME

  • Compare home and neighborhood averages, then narrow down the neighborhoods you want to live in

  • Favorite homes and save them to collections

  • Nix homes that don’t meet the mark

  • Schedule home tours and plan an itinerary with your agent

  • Decide on your dream home

❹ MAKE YOUR OFFER & NEGOTIATE THE TERMS

  • Review contract terms and time limit for offer

  • Negotiate purchase price

  • Choose a title company

  • Shop home insurance options

  • Prepare for the down payment, earnest money

  • Choose a target closing date

  • Sign the offer

  • Deliver escrow check

  • Stay in close contact with your agent

❺ UNDER CONTRACT

  • Secure a home loan

  • Acquire home insurance and send proof to your lender

  • Request a list of what conveys with the property

  • Schedule home inspection and negotiate repairs

  • Acquire a property disclosure from the seller

 

  • Order an appraisal

  • Neutralize any contingencies. Input any contingencies that may be specific to your area

  • Conduct a title search

  • Choose your title company

  • Schedule your closing

  • Solidify both contract effective and allowable move-in dates

  • Certify funds for closing

  • Stay in close contact with your agent, lender, and title company

❻ BEFORE YOU CLOSE

  • Transfer funds for closing

  • Reserve a moving company and set a moving date

  • Change your address through USPS, your bank, and other instances

  • Set up your utilities to be activated or transferred

  • Confirm that all contingencies are resolved

  • Schedule the final property walk-through

  • Designate a safe, dedicated space to save your final paperwork

  • Stay in close contact with your agent, lender, and title company

❼ CLOSING DAY: WHAT TO BRING

Connect with your lender to wire down payment funds. You’ll need to cover the cost of closing and the down payment. Bring a printed confirmation of your wire transfer

  • Government-issued Photo ID(s)

  • Social Security numbers

  • Home addresses from the las  t 10 years

  • Proof of homeowner’s insurance

  • Your copy of the contract

  • Your checkbook

❽ CLOSING DAY

  • Sign closing disclosure, promissory note, and all other documentation

  • Title transfer

  • Deed delivery

  • Save your paperwork in your pre-designated spot

  • Get your keys - congrats, it’s all yours!