Steps To Buying Your First Home

Follow these steps to buying your first home:

  • Choose a REALTOR®
    • A licensed real estate agent will help you determine your house needs, show you homes, help you negotiate an offer and educate you through the entire process.  It’s best to choose just one REALTOR® to work with. They will understand your situation more fully and be able to work better on your behalf.
  • Get Financing
    • Choosing a lender is an important step prior to looking at houses. A lender will evaluate your finances and inform you of the price range in which you are qualified to purchase.  Be sure to discuss your Down Payment and Closing Costs with your lender and fully understand the types of loan programs available to you.
  • Find Your Home
    • Once you have determined your price range, a real estate agent will help locate suitable choices for you to consider.  Here’s a few tips for viewing houses:
        • Arrive on time
        • You may be asked to remove your shoes before walking through the house
        • Consider a babysitter for little ones
        • Be candid and honest about features you like and dislike about each home
        • Bring along influential family or friends
  • Writing An Offer
    • Once you have selected the home you wish to purchase, your agent will assist you in writing an offer.  Bring your checkbook for Earnest Money.
    •  Assuming you reach a deal with the seller, you will have an inspection period.  Inspections will be done at your expense.  Your agent will guide you through this process.  Next, you lender will order an appraisal, title search and verify your income and employment.
  • Close and Move In
    • Process typically takes 30-45 days.  A day or two before closing, your HUD Settlement Statement will be prepared outlining your loan costs.  You will be informed of the dollar amount you need to bring into closing.  This will need to be in the form of a cashiers’ check.
    •  At the closing you will sign documents and receive the keys to your new home.  Possession typically takes place after the closing.