So you are wanting to buy a house but you wonder how the process works? Here are the 10 steps to the home buying process. Don’t forget to watch the video below as well and subscribe to my YouTube Channel.
Step 1- Save for your down Payment
Create a budget and start saving. There are loan programs available starting at 3% down. However to avoid paying additional Mortgage Insurance you want to save at least 20% down plus your closing cost.
Step 2- Know and understand your credit score
Your credit score is a representation of your history and ability to pay back debts in the past. Learn what your score is and clean up outstanding loans and credit cards and any potential derogatory Items on your report.
Step 3- Find a Real Estate Agent
Contact a local agent who can guide you through the process of buying your home.
Step 4- Get Pre-Approved for a Mortgage
Differentiate yourself as a serious buyer and have a better sense of what you can afford.
Step 5- Go House Shopping
Make a list of what you want vs. what you need. Work with your agent to find a home within your budget that meets your criteria.
Step 6- Make an Offer
Your agent will help you determine the best price to offer for the home and negotiate the contract.
Step 7- Get A Home Inspection
Once your offer is accepted, do a home inspection to ensure that there aren’t any hidden issues with the property.
Step 8- Get a home appraisal
A home appraisal ensures that the property is worth the price that you have agreed to pay for it.
Step 9- Close the Sale
Schedule a closing a date once the loan is approved so you can sign all of your paperwork. This will complete the purchase and you’ll get the keys to your new home!
Step 10- Move In
Congratulations you are a homeowner! Now go enjoy your home.