Buying a home doesn’t have to be overwhelming. We’ve broken down the process to make it manageable and predictable, and to reduce the obstacles to purchasing a home. Complete each of the steps below and you’ll be well on your way to homeownership!
Get your finances ready
Getting your personal finances in order is a crucial part of a smooth home buying process. Now’s the time to figure out what price range is affordable for you, how large a down payment you can make and whether you’ll need to work on building your credit score. Research these questions early on and you’ll be starting your homebuying journey on the right foot.
Adjustable-rate (ARM) or fixed-rate? Government-backed or conventional? Before you decidewhich type of mortgageto pursue, it’s important to learn the advantages and drawbacks of each one. Choosing the right type of mortgage can boost your chances of approval or save you thousands in the long run. Next, you can get a clearer picture of your financial commitment by estimating your monthly mortgage payment, including interest and additional costs.
Choosing a mortgage is a long-term commitment, so it’s worth your time to shop around for the best mortgage lender. Be sure to ask which fees you’ll be responsible for paying at closing, as the answer varies by lender. Keep an eye on current mortgage ratesand compare multiple lendersso you can be confident that you’re getting the best deal.
Working with a lender toget preapproved for a mortgageis an important step in accurately determining your budget. A preapproval letter shows sellers and real estate agents that you’re a serious buyer and can give you a crucial edge over competing home shoppers. Keep in mind that a preapproval letter is typically valid for only 60 to 90 days, after which it will need to be updated.
Pick your property
Now for the fun part: shopping for your home. Is a good school district important to you? Access to public transportation? Can’t live without a big yard? Figuring out whichhome featuresyou can and can’t live without is as important as choosing a great neighborhood. Working with the rightreal estate agentcan help you navigate these questions and get you ready tomake an offer.
[ ] Find the rightreal estate agent
[ ] Choose the
[ ] Decide whichfeaturesmatter to you (number of bedrooms, yard size)
[ ] Details on long-term debts like car or student loans
[ ] ID and Social Security number
Close on your home
This is the home stretch! Getting familiar with the standardclosing documentsahead of time canmake the process less daunting. By this point, you should alsoknow what you’ll owe when you sit down to closeso you won’t be caught off guard by closing costs — some of which may be negotiable.
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
According to the latest Aspiring Home Buyers Profile by the&
"Working with eXp Realty was a pleasure. When we started, we had no idea what we wanted, but our buyer agent helps us figure out the pros and cons of all our options. Our agent went the extra mile willing to put in the extra effort to answer our questions, to make sure we were happy with our decisions, and educated about the market and local area."