Home Buying Timeline

The first step in home buying is deciding if you are ready to buy a home. Financial and emotional readiness both play a factor in this. Here is a general outline of what will happen when you have made the decision to buy.

1. Choose a REALTOR

Once you have decided that you are ready to buy a home, you will need to choose a REALTOR. The right realtor for you will know the area you prefer to buy in very well and will compliment your personality and style.

2. Contact a mortgage lender for a home mortgage pre approval

During the process of choosing a realtor, you will want to get a loan pre-approval from a mortgage lender. This will tell the owner of the home you put on offer on that you are serious about buying and that you have been pre-approved to buy in your price range.

3. Go house hunting/ Make an offer

Once you have bee pre-approved you will look at homes with your REALTOR until you find a home that you love and want to make an offer on. The homeowner will accept or counter your offer, a process that you will rely on the knowledge of your REALTOR to help you through.

4. Get your mortgage in place/ schedule a home inspection

After you and the seller have agreed on a sales price, you will meet with your lender to gather documentation required for the processing of the loan. You will also schedule a home inspection to ensure that you are aware of the condition of the property and any repairs that may be needed. Once you have secured your loan with the lender and the home inspection is complete, a closing will be scheduled. You will need to make sure that you have found a home insurance provider and will need to set up a policy for your new home effective on the date of closing.

5. Get the keys to the home!

Closing is the process of transferring the title of the home from the owner to the buyer. This is also when the bank you are borrowing from funds the loan for the home. Closing will most likely take place at a title company with you, anyone else who is named on the loan and your REALTOR. You will sign many pages of paperwork, and will need to bring your down payment and money for closing costs. Finally, after the paperwork is signed and the loan is funded, you will be the owner of a home!