Home Buying 101

Your overview for how the home buying
process works.

I Want to Buy A Home. Where Do I Start?

Buying a home can seem overwhelming. But don’t worry! Below, we’ve broken the process down into three phases and a few steps along the way to give you a good grasp on what the proces looks like from start to finish.

And while this is a nice guide, feel free to reach out to us with any questions you may have!

One - Find Your Financing

See How Much You Can Afford and Get Prequalified

Determine how much house you can afford

Your income and debt are the two most important factors when deciding how much house you can afford. ¹
Take into consideration your monthly and yearly expenses associated with a house like utilities, taxes and insurance²

Save for a down payment and/or closing costs³

Decide if you want to make a down payment or not
Third party closing costs such as appraisal, survey (if necessary), title company fees
Moving expenses – everything from paying movers to new appliances

Get a pre-qualification letter⁴

A pre-approval letter will give you approval for the amount you need to purchase a home in your price range
Check out our extensive list of loan programs that may fit your current situation or take a look at our loan process
Get this started by reaching out to us here

Two - Find Your Home

Finalize Your House Wish List, Hire Help and Hunt for Your Home

Develop a ‘wish list’

What features are you looking for in your new home? What style of house? Have a kind of neighborhood in mind? Consider all of these and write them down before the house hunting begins

Work with a real estate agent ⁵

Having a good realtor (a buyer’s agent) on your side can help you in price negotiations and the paperwork required
Select a home inspector before you get started on house hunting – your realtor can help you make this selection. This will take the pressure off and allow you to pick someone who can do

Hunt for that House!

Find the ideal house for you. Consider location, age of the home and other elements on your wish list

Make an offer

Your real estate agent will negotiate on your behalf with the ‘seller’s agent’
Offers are typically contingent on a home inspection. It’s advised that you work with your real estate agent on this.

Three - Close the Deal

Get Your Loan Funded, Sign the Paperwork and Get the Keys

Processing and underwriting⁶

The lender (that’s us) will review income, asset and credit documentation as well as information about the property.
We will also order certain verifications, an appraisal and ‘title work’

Closing and funding⁷

We’ll arrange a meeting with a title company (the seller typically selects) where the legal paperwork is signed by all parties so that proper title of the home can be transferred and funds exchanged.
When the final paperwork is signed and the funds are transferred to the seller, you’re given the keys and are ready to move into your home!