Home Buying Guide

Buying a new home is an exciting adventure! But with so many choices to make and so much at stake, it's essential that you prepare. Whether it's your first time in the real estate market or you're an experienced homeowner who wants to brush up on your skills, this home buying guide will help you understand the process – from steps you should take at the beginning through closing on your new home.

DEFINE YOUR GOALS

Before beginning your home search, make sure to have clearly set goals: desired neighborhoods, type of home, must-have amenities, etc. As you get into the market, you may need to be flexible on some of these requirements, but starting with a best-case list will be helpful.

EXAMINE YOUR FINANCES

Before buying a home, it’s important to make sure you have your finances under control – make a detailed budget and ensure that you have savings and reserves in place to support your home purchasing goals.

GET PRE-APPROVED

Finding the right mortgage lender is important. You should consider several mortgage lenders because they all differ in rates, fees, and customer service. Check reviews as well to make sure you’re choosing someone with a track record of satisfied borrowers.

You should definitely get pre-approved at this stage – you’ll have more power as you submit offers and negotiate with sellers if you are already approved for a mortgage. Use estimated closing costs to validate you have enough money set aside for this process.

HIRE A REALTOR

At this point, you have a good grasp of the type of property you’re looking for and the price you can afford. Interview several agents to find someone who regularly sells homes similar to what you're looking for. Look for social proof and check out reviews. If you’re shopping with a spouse, make sure both of you agree on the agent. Home-buying can be a storm and you want a good captain that you’ll both trust!

SEARCH FOR HOMES

Work with your agent to search for homes that meet your goals and criteria. Make sure you view homes in person – pictures are great, but can sometimes be misleading! Don’t get frustrated if you don’t find a home immediately – each showing gives you a chance to learn more about what you can get in your area at your price point. You’ll find a place to call home.

MAKE AN OFFER AND NEGOTIATE

Once you’ve found the home you’d like to buy, it’s time to make an offer. Shepherding you through offer and closing is where great agents shine! Sellers can counter your offer, inspections can reveal possible repairs, and you can suddenly find your budget at risk and maybe even question if this is the right home for you. Above all, stay calm and continue to communicate with everyone involved. 

SECURE YOUR FINANCING

You’re almost there – remember, your lender wants to ensure that this is a good move for everyone, so they may ask for more information about income, the condition of the house, or your credit history. Providing accurate and timely responses keeps the process moving and gets you to your desired outcome the fastest.

CLOSE THE DEAL

Timing for closing can vary, but the average is 45 days. Typically, within 48 hours prior to closing, you’ll do a final walk-through to check that all agreed-to repairs are completed and that the home is in the expected condition. You can expect to meet with your lender and agent to finalize the paperwork. There may also be attorneys present, the seller’s agent, a representative from the title company, and the designated closing agent. During the closing all paperwork will be finalized, including: the deed, title, financial/funding, closing statements, insurance, contract, etc. At this point, you’re done with everything and you will be ready to move into your new home!