Steps to Buy Your First Home

Buying a first home can sometimes be overwhelming.

Purchasing a home can be a very emotional time for buyers, especially if it is their first time. The home buying process is complicated and lengthy. Knowing what to expect can help to make it less stressful.

Mortgage Pre-qualification

Getting pre-qualified for a mortgage should always be the first step for a buyer. This process is relatively simple, and most borrowers will obtain pre-qualification through their own bank. Real estate agents can also provide referrals to mortgage brokers and bankers with whom they have had success in the past. A mortgage pre-approval letter will be required in the offer process.

Home Shopping

Shopping for a home should come second in process. Looking for a home involves the buyer hiring a real estate agent to show properties and help to educate the buyer on a smart investment purchase in the first home.

Making Offers

Once the buyer has narrowed down to three or four properties, submit offers on the homes that they liked the best. From there, the real estate agent representing the buyer will work on negotiating the best terms and the property can be transitioned to closing. This can take anywhere from 30 to 60 days.

References

• USA Today: 5 Key Steps to Buying Your First Home
• Arming Your Farming: How to Buy a Home in 2010