The Home Buying Process
Step 1: Get pre-approved for a mortgage loan
Prior to this step you will want to be saving money, getting your credit in order by avoiding any
major purchases, and gathering your assets and liabilities for the bank.
See the Financing page for links to local mortgage lenders that can help you.
Step 2: Find a real estate agent
You can do this before step 1, but you will have to be pre-approved before submitting any
Using a Realtor does not cost you any money and will help you tremendously in finding your dream home. They will assist you through the entire process.
Step 3: Determine your needs/wants
The first thing to determine (with help from your lender) is what your price range is. You may also want to think about other things that you need, or would like in a home, such as: neighborhood, school district, number of bedrooms, etc.
Step 4: House hunting
We offer a great search tool to aide you in your home search. A Quick Search box can be found along the right hand side of each page. You can also do a more detailed search by clicking on the “Property Search” tab above.
As you find homes you are interested in, your Realtor will schedule showings for you. Showings allow you to tour the homes and help you determine if they fully meet your criteria.
Step 5: Make an offer
When you decide on a home your Realtor will help you look at comparable sales, present your offer to the seller, and help you negotiate.
Step 6: Loan application process
Once your offer has been accepted you will take a copy of the signed contract to your lender, along with other documents required by your lender (usually your most recent pay stub, bank bank statements, tax returns for last 2 years, and monthly obligations).
Step 7: Inspections/Appraisal/Title Search
If you decide to have a home inspection, termite inspection, and/or radon test, your Realtor can assist you in choosing qualified professionals to perform these. Your lender will order and choose the appraiser.
Step 8: Closing
Your Realtor will be present with you at closing to help explain the closing documents. The closing will take place at either the bank or title company. You will sign all the required papers and turn over a check for any amount owed towards the purchase of your home (down payment, closing fees, etc.).
Step 9: Move in
Possession is typically given immediately following the closing. You will be given the keys to your new home and can move in as soon after as you would like.