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?

  1. Schedule a time to meet a Realtor©. Interview them and decide you trust them or find another Realtor©.
  2. Apply for a mortgage or simply talk with a mortgage lender.
  3. Explore your town, city or area of interest either in-person or virtually.
  4. Schedule an in-person showing with your Realtor© of your favorite neighborhood or areas.
  5. Sign some paperwork with an offer to buy your favorite home.
  6. 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.
  7. Pay the earnest money, or good-faith money, to demonstrate both your interest and ability to buy.
  8. Work through the home buying process, including the mortgage qualification, home inspection and title transfer processes.
  9. 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.
  10. 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.