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First Time Buyer
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.
- 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.
- 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.
- 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.
- 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.
- At the closing, you and the seller will sign some documents and you will then be given the keys to your new home.