10 Steps Towards Home Ownership
Step #1: Save as much as you can for a down payment and closing costs.
Put yourself on a budget, do your research and most importantly, save as much as you can.
Step #2: Know your credit score and work on it.
Find out what your credit score is and work on getting it up as much as you can. Do your due diligence to pay it off on time every month, not using more than 30% of its limit, pay off as much of your debt as possible (student, car, personal loans etc).
Step #3: Work with a professional real estate agent
Contact a local Realtor in your area who you would be happy to work with and can most importantly trust. They will guide you through the buying process and be there along the way to help you. (P.S. most of the time, hiring a real estate agent is completely free to you as the buyer!!).
Step #4: Get pre approved for a mortgage
Get connected with a loan officer who will assist you in the pre approval process and be there to guide you with the financing part of the transaction along the way.
Step #5: Start looking for homes
Work with your real estate agent to set you up on a search that will allow you to stay on top of all the houses in your criteria that hit the market.
Step #6: Find your dream home, put in an offer and go into contract
Find a home you like, send your best offer, negotiate a bit and go into contract.
Step #7: Home inspection
Set up a home inspection and address any issues with the home to the seller. Might have to do some more negotiating here as well.
Step #8: Home appraisal
Your lender will send out an appraiser to make a decision on the price and ensure the property is worth the value you are willing to pay.
Step #9: Close the sale
Woo hoo! Celebration time! Once your loan is approved, you will schedule a closing day so you can sign the final paperwork and exchange keys.
Step #10: Move in!
Make sure you're packed up and move to your new home!!
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