How To Buy Your First Home!

Buying your first home can be overwhelming. It’s a roller coaster of emotions from the start of the process, until you are holding the keys to your very first home. The goal of every real estate agent should be to make the buying process as easy and stress free as possible.

When you first start to consider buying, think months in advance, not the next day as the typical time from start to finish could be 2 months up to a year. Below, I break down the entire transaction from start to finish in as few steps as possible.

#Homebuying Steps:

Step 1: Get PreQualified for a loan

A PreQualification from a local lender to your area is recommended. They will run your credit (not a permanent hit to your credit score), take into account your debt to income ratio, and give you a letter that states what type of loan you can qualify for (Conventional, FHA, USDA etc.)

Step 2: Find A Local Real Estate Agent

Do you know someone who recently bought a home? Ask them how they liked their agent. A good agent can save you money depending on how the offer is wrote. Each agent has their own way of doing things so it is best to find one you are happy with and can trust.

Step 3: Start Looking at Homes

Look for homes in your price range. Ask your agent to schedule the showings and find a property you would be happy with.

Step 4: Get A Property Under Contract

Getting a property under contract means the seller accepted your offer and you now are working on getting the loan finalized. The process looks something like this.

Under Contract List of Items

Inspections

Reply to Inspections

Appraisal

Appraisal Results

Clear to Close From Lender

Closing Disclosure From Title Company

Settlement - Get Your Keys

Without going into too much detail about each item, the above list quickly summarizes what order you will expect to see things happening in. Buying a home is one of the most exciting adventures you will have in your life and your first home is one to be remembered. Enjoy every moment, both the highs and lows as you only get one first time.