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Jul 5, 2022 · Here are the 10 most important steps to take when buying a house. Step 1: Check your credit score. Before you permit a lender to check your credit score, you’ll want to do a thorough review of your own credit report. What is a credit report? A credit report pulls data from three major credit reporting agencies: TransUnion, Equifax and Experian.
10 Steps to Buy a House. 1. Check your credit report. The first step in researching how to buy a house is to check your credit report. Your credit score is important as it influences whether you qualify for a loan, the type of loan, and what interest rate you’ll receive.
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- Make sure you're ready. Sure, there's being financially ready to buy a house (see Step 2 for that). But are you emotionally ready? Even if it's just going to be your starter home, you're making a big financial commitment and putting down some roots.
- Get your finances in order. Buying a house may be the biggest financial decision you'll ever make, so before you take the plunge you want to be sure your finances are solid.
- Make a plan for the down payment. When you've determined what you can afford, you can figure out how much you want to save for a down payment. Though 20% down payments used to be the norm, many homeowners opt to put down less.
- Create a wish list. See, told you there'd be some fun steps! And coming up with a list of must-haves and nice-to-haves for your house is definitely one of them.
- Start saving a down payment. One of the most important steps to buying a house for the first time? Figure out your finances. Buying a new home (particularly for the first time) requires a mortgage, where a lender fronts you the money and you pay it back over time.
- Check your credit score. Did you forget to pay off a couple of credit cards? Unfortunately, it’ll affect your credit score. In addition to having a down payment, a first-time home buyer will need a decent credit score.
- Get pre-approved for a mortgage. Another one of the most important first-time home buyer steps? Seeking pre-approval from a lender for a home loan.
- Find a real estate agent. Want a trusty home-buying guide by your side? Most first-timers will want a great real estate agent—specifically a buyer’s agent, who will help them find the right houses, negotiate a great real estate deal, and explain all of the nuances of home buying along the way.
Mar 24, 2022 · Step No. 1: Choose an agent. The first step in the home-buying process is to find an agent you feel comfortable working with on what will likely be the largest financial decision of your life. Ask ...
- Step No. 1: Chose An AgentThe first step in the home-buying process is to find an agent you feel comfortable working with on what will likely be the largest financial decisi...
- Step No. 2: Find A LenderOnce you've chosen a real estate agent you trust to be your advocate, ask him or her to recommend lenders, either an organization or a person who w...
- Step No. 3: Clean Up Your CreditNow that you have a great lender, you can ask for guidance on any credit score issues you may be facing. Whether it’s a small or large problem, the...
- Step No. 4: Apply For Mortgage Pre-ApprovalA lender will help you determine exactly what you can afford and, therefore, which houses you should be considering. To arrive at a purchase price,...
- Step No. 5: Create A Home Wish ListOnce you know what your purchasing power is, talk with your real estate agent about your ideal home. Come up with a few “musts,” as well as "wants"...
- Step No. 6: Search The ListingsNow comes the fun part: searching for homes that meet your parameters. When you begin touring homes that are on your short list, take along a notep...
- Step No. 7: Make An OfferYour real estate agent will walk you through the steps required to make an offer on a home in your area."Your offer will likely include earnest mon...
- Step No. 8: Get Final Mortgage ApprovalOnce your offer to purchase is accepted, you'll work with your lender to get final approval for your home purchase by the date specified for the cl...
- Step No. 9: Do Your Due DiligenceThe due diligence process usually includes getting a home inspection to make sure you haven't missed any hidden problems on your walk-throughs. If...
- Step No. 10: Attend The ClosingOnce all of the above steps are completed, you’ll be on your way to the closing table. This is when the deed to the home is transferred from the se...
Thinking of buying a home for the first time? Start the journey with confidence by knowing what to expect every step of the way. Get the inside scoop on homebuying. Make your dream of homeownership a reality. How much does it cost to buy a house? Which loans are best for first-time homebuyers?
