Your all in one guide to the home buying process. Everything you need to know the get started. 

Step 1. Get your finances in order including: save for downpayment and know your credit score. 

Step 2: Find a Realtor who is professional and someone you can trust to help you through this process. 

Step 3. Speak to a lender, your local agent can provide you a list of preferred lenders whom they work with and trust. 

Step 4. Get Pre-Approved with a lender, or gather proof funds documentation. The lender will provide you with an pre-approval letter (this is different than a pre-qualification), and this letter or proof of funds, your realtor will need to submit with offers on properties. 

Step 5. Your realtor will set up a home search in their MLS boards for you based on the criteria you discuss. 

Step 6. Find homes and start going to look a properties you may want to submit offers on. 

Step 7. Make an offer. Your Realtor will take care of the contracts and give you all of the details of what goes into an offer. But you need to decide what you can offer to purchase this home for based on your personal situation and abilities.

Step 8. If your offer is accepted, your realtor will help you through these next steps. You will provide earnest money (good faith money) within a certain time frame that is laid out in your offer. Then you will have a certain number of days to schedule a home inspection. This is to address any concerns or let you know of any defects or potential hazards in the home! You usually get an inspection in your due diligence period after your offer is accepted by the seller. During your due diligence period, you have the option to back out of the contract without any penalties if maybe something pops up on the inspection that you don’t like.

Step 9. Get an home appraisal. Your lender will order this for you. An appraisal is what your home is valued at, and gives you the amount the bank will loan you. For example, if you are purchasing a home for $400,000, but the appraisal comes back at $375,000, your lender will not loan you more than what the home is worth. You will either need to come out of pocket that difference, or renegotiate with the seller. If the home appraises for more than what you are purchasing the home for you just made instant equity in your home. 

Step 10. Close on your property. Your lender will have been taking your loan all the way through underwriting. Once all of the above mentioned contingencies are met, then you will get the words “Clear to Close” from your lender! Or if you are purchasing cash, once the title work comes back from the closing attorney you are clear to close. Your Realtor will be taking care of the behind the scenes paperwork. And they will all schedule the closing day with you! On closing day, you will sign a lot of papers promising to repay your mortgage, promising that you are going to own the home, and then you will get your keys. 

Step 11. Congrats! You are now a homeowner.