Financial Preparation

• • Check Your Credit Score: Obtain a free copy of your credit report and review it for errors. Aim for a score of 620 or higher for better loan terms.
  • Save for a Down Payment: Determine how much you need to save for a down payment, typically 3-20% of the home’s purchase price.
  • Get Pre-Approved: Obtain a pre-approval letter from a lender to understand your budget and show sellers you’re a serious buyer.

 

House Hunting

• • Define Your Criteria: Make a list of must-haves (e.g., number of bedrooms, location) and nice-to-haves (e.g., extra amenities).
  • Research Neighborhoods: Consider factors like schools, commute times, and community amenities.
  • Attend Open Houses: Visit open houses and schedule private showings to get a feel for different properties.

 

Making an Offer

• • Work with Your Agent: Collaborate with your real estate agent to make a competitive offer based on market conditions and comparable sales.
  • Include Contingencies: Protect yourself by including contingencies for financing, inspections, and appraisals in your offer.

 

Due Diligence

• • Schedule Inspections: Hire a professional inspector to assess the home’s condition and identify any issues.
  • Appraisal: Ensure the home’s value matches the loan amount by ordering an appraisal.
  • Review Property History: Check for any liens, zoning issues, or property disputes.

 

Closing

• • Review Closing Disclosure: Carefully review the closing disclosure to understand the final loan terms and closing costs.
  • Sign Documents: Sign the necessary documents, including the mortgage agreement and deed.
  • Transfer Funds: Pay the down payment and closing costs, either through a wire transfer or cashier’s check.
  • Get the Keys: Once the transaction is complete, you’ll receive the keys to your new home.