Your guide to Home Ownership

Here are 20 key steps to buying a house:

1. Assess Your Finances: Review your income, savings, and credit score to determine how much house you can afford.
2. Create a Budget: Investigate mortgage payments, property taxes, maintenance, and insurance to create a realistic budget.
3. Get Pre-Approved for a Mortgage: Apply for pre-approval to understand your loan options and strengthen your offer.
4. Determine Your Home Needs: Identify the must-haves in your future home, such as size, location, and amenities.
5. Research Neighborhoods: Investigate areas that match your lifestyle, including schools, safety, and proximity to work.
6. Hire a Real Estate Agent: Work with a professional who can guide you through the home-buying process and negotiate on your behalf.
7. Start House Hunting: Begin touring homes that fit your criteria. Take notes and photos for future reference.
8. Compare Homes: Weigh the pros and cons of each house, considering location, price, and condition.
9. Make an Offer: Submit a competitive offer based on market value and advice from your agent.
10. Negotiate Terms: Be prepared for counteroffers and work with your agent to finalize terms, including price, closing date, and contingencies.
11. Hire a Home Inspector: Schedule an inspection to uncover any potential issues or repairs needed in the home.
12. Review the Inspection Report: If major repairs are needed, negotiate with the seller for repairs or credits.
13. Secure Financing: Finalize your mortgage application and lock in an interest rate with your lender.
14. Get a Home Appraisal: Your lender will order an appraisal to verify the home’s value.
15. Purchase Homeowners Insurance: Protect your new investment by purchasing homeowners insurance.
16. Review Closing Documents: Carefully read all legal documents before closing, including the purchase agreement, title, and loan details.
17. Do a Final Walkthrough: Ensure the home is in the agreed-upon condition before closing.
18. Prepare for Closing Costs: Be ready to pay fees such as loan origination, appraisal, and title insurance at closing.
19. Sign the Closing Documents: At the closing meeting, sign all required documents to transfer ownership.
20. Get the Keys: Once the transaction is complete, you will receive the keys to your new home and officially become a homeowner.

These steps will guide you through the home-buying process, ensuring you make informed decisions along the way​(

Fannie Mae)

MORTGAGE CALCULATOR

http://terratex.cc/mortgage-calculator