What are the steps to buy a home? How much can I afford?
First-time home buyers have lots of questions, and the process is very different from other types of purchases. Here are the basics.
What are the Steps to BUY A HOME?
- Schedule a time to meet a Realtor©. Interview them and decide you trust them or find another Realtor©.
- Apply for a mortgage or simply talk with a mortgage lender.
- Explore your town, city or area of interest either in-person or virtually.
- Schedule an in-person showing with your Realtor© of your favorite neighborhood or areas.
- Sign some paperwork with an offer to buy your favorite home.
- An owner may agree to the offer, creating a contract to sell exclusively to you. They could change the offer terms or deny the offer.
- Pay the earnest money, or good-faith money, to demonstrate both your interest and ability to buy.
- Work through the home buying process, including the mortgage qualification, home inspection and title transfer processes.
- Complete all the necessary steps in advance of the closing date, where final paperwork is signed, money is then transferred and keys to the house are handed over.
- Move in and enjoy the best part; owning a home.
How Much Can I Afford?
Using the simple calculator below, you may enter the amount of a home purchase along with the number of years (typically 30 years, sometimes 15 years) and the interest rate for the loan.