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First
Time Buyer
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What
is the first step in the home-buying process?
Get pre-approved with a lender. This means you
will submit a loan application and most of the
necessary paperwork to obtain a mortgage. Your
credit will be checked, and your mortgage will
be approved. All you'll need to do then is find
your new home.
This is a basic overview of what happens when
you buy a house. The whole process really isn't
so intimidating if you know what's going on.
- The
first thing you should do when thinking of
buying a home is get pre-approved with a lender.
This way you'll know exactly how much house
you can afford.
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Next, you should sit down and determine exactly
what you are looking for in a home. Write
down the number of bedrooms and baths you
need, and any other details you can think
of (garage, yard size, proximity to schools,
public transportation, etc.)
-
Once you know what you want in a home, I can
help you find all the homes on the market
that fit your needs. We'll set up appointments
and view the homes. You may want to take notes
on each property to compare them after seeing
everything.
-
As soon as we find the right house for you,
I can help you write up an offer and I'll
present it to the seller. Hopefully, your
offer will be accepted right away. If not,
you can negotiate with the seller until you
reach an agreement that suits everyone's needs.
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After the offer is accepted, you will probably
want to have a home inspection, to make sure
there aren't any problems with the property.
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The next step in the process is the Purchase
and Sale Agreement. This is a document very
similar to the original Offer to Purchase,
but much more detailed. You'll want to give
your lender a copy of this document as quickly
as possible so they can have an appraisal
done and verify the rest of the paperwork
for your mortgage.
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Once your lender has all the information and
documentation they need to close the loan,
they will give you a commitment on your mortgage.
As soon as this is done, the closing attorney
will schedule a closing.
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At the closing, you and the seller will sign
some documents and you will then be given
the keys to your new home.
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