OBTAIN MORTGAGE PRE-APPROVAL
Choosing a mortgage is a crucial step as it impacts your down payment as well as
monthly payments. Work with your lenders to get the best deal. Before you
search for a home, you need to know what you can afford.
FIND YOUR DREAM HOME
Many home-buyers rely on real estate agents to help with this part of the process.
Research the neighborhoods in which you want to live, including area schools, jobs,
stores, and insurance rates. Agents, online sources, and print ads help you make an
informed decision on your potential new home.
MAKE AN OFFER
An offer consists of price and terms. Usually, buyers complete an offer sheet that
is then presented to the seller who, in turn, will accept or reject the offer.
SIGN THE CONTRACT
Once your offer sheet is accepted, you will sign the contract with all details of
the sale. An attorney comes in handy here for reviewing purposes.
CLOSE ON YOUR NEW HOME!
After selecting the best loan option for you and your budget, you must "express
your intent to proceed" to your lender. You're almost ready to close.
Lenders typically require a year of premiums up front for property or homeowner's
insurance. Remember to purchase an owner's title insurance policy.
INVEST IN INSURANCE