Since buying a house involves many things, we want to make it easier for you to understand the process of buying a house from the beginning. Therefore, here is
a quick summary for you to refer to as you complete each step:
Find out how many houses you can afford. Your family payment should not exceed 25% of your take-home salary.
- Step 1: Save 10-20% down payment. In addition, in addition to the down payment, don’t forget to consider transaction costs and moving costs.
- Step 2: Identify your favorite community. Rather than travel all over the city, limit your home search to a few areas.
- Step 3: Obtained pre-approval for a traditional 15-year fixed-rate loan. If you live a debt-free life and don’t have a credit score, please ask our friends at Mortgage for information about manual underwriting.
- Step 4: Find a professional real estate agent. You need a trusted agent, an agent who truly cares about your financial goals and guides you through every step of the home buying process.
- Step 5: Meet with the agent and go over their list of must-haves. Being consistent with your agent will help you find the type of home you really want and can afford.
- Step 6: Go hunting. Most buyers search for 10 weeks and see about 9 houses before finding the one they are buying.
- Step 7: Make an offer on the house. Once you find an affordable house that you like, I believe your real estate agent will help you provide a competitive offer and negotiate the best price with the seller.
- Step 8: Pay the deposit and start the mortgage process. After your offer is accepted, you will pay a security deposit called a margin. You can then inform your lender of the exact amount of processing your mortgage.
- Step 9: Conduct house inspection and evaluation. Your home inspection will prevent you from buying a home with an unreasonable structure, and your appraisal will prevent you from paying too much for the home.
- Step 10: Please wait patiently for your lender to finalize your loan documents. Obtaining a mortgage requires a lot of paperwork. On average, it takes 44 days to complete the loan.
- Step 11: Finally, complete your house! Check all your transaction fees, sign a large number of papers, and make the final payment. Closing day is the day you officially become the new owner!
Well, now you are ready to dive into every step.
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