STEP 1

Begin planning to buy a home. This is a time to determine your homeownership goals. Ideally you start this steps months in advance to better position yourself for the later steps.

STEP 2

Choose a mortgage lender. A mortgage lender can help you decide which loan type is right for you. They’ll also help you consider down payment options and strategize to improve your credit score if necessary.

 

STEP 3

Get a pre-approval from your lender. A mortgage pre-approval shows you how much home you qualify for. The best time to get a pre-approval is right before you start house hunting. Know that pre-approval letters don’t guarantee interest rates or your mortgage and they often expire after 90 days.

STEP 4

Hire a realtor. Buyer’s agents help you find homes, communicate with the seller, and negotiate the home sale. An experienced real estate agent knows the neighborhoods and provides insights into the local housing market.

 
 

STEP 5

Shop for your new home. House hunting is an exciting time to explore properties until you find your dream home. Start by looking at various different styles of layout and neighborhoods, once you have a preference, start to narrow down your search.

STEP 6

Make an offer. Once you’ve found the house you love, your realtor can help you write an offer. Make sure you understand the purchase agreement and ask questions about what each clauses mean to you and the seller.

 

STEP 7

Writing an offer (again). Although you might get the first house you’ve written an offer for, plan to write several offers for different houses. Depending on the real estate market, it may be common to get into a multiple offer situation, or you might be the only one and have the upper hand when negotiating.

STEP 8

Home inspection. During the inspection contingency, you’ll have the chance to walk through the home again and ask detailed questions from your inspector. Now is also a great time to reflect on what projects you’re comfortable taking on yourself vs. asking the sellers to address prior to closing.

 
 

STEP 9

Loan processing and underwriting. Loan processors comb through your mortgage application and ensure they have everything needed for full mortgage approval. This is the phase of time when your house appraisal and title search etc. happen.

STEP 10

Closing on your new home! When the closing reports are complete, you’ll receive a closing disclosure to review and finalize your loan. This specifies the terms and costs for your loan with exact figures. Also be sure to perform a final walk-through and inspect the home to ensure everything is in good condition for move-in.