1. Get Your Finances In Order
The first time you think about becoming a homeowner is the moment you should start financial planning.
2. Crunch Your Cash Numbers
To start the home-buying process, you need to figure out where you will get the cash you need to move from renter to owner.
3. Check Your Credit (and Repair if Needed)
Lenders will carefully check your credit and will rarely approve a loan for someone with seriously bad credit.
4. Know Your Purchasing Power With a Pre-Approval
When you’re armed with the knowledge of what you can afford, it allows you to make a move when you find a home you love. Read more »
5. Understand Your Monthly Mortgage Payment
Unless you are paying cash for your home, you will have a mortgage payment. There are typically four parts to this monthly mortgage payment.
6. Learn About Your Loan Options
A smart home purchase begins with knowing the types of loans available and how they fit with your particular financial plan.
7. Make a Fair Offer
Your purchase offer will become a binding sales contract. The offer should contain every element needed to serve as a blueprint for the final sale.
8. Secure a Home Loan
Between signing a contract and finally getting your keys, follow through to make sure the loan process flows smoothly.
9. Get Insured
You never know when you’ll need it, but you must have it. Find out more about your home insurance options.
10. Enter Escrow
Before you’re handed the keys to your new home, you’ll close on the property. The more you understand about the closing process, the easier it will be.
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