Buying a Home?
The home buying process is complicated and can feel overwhelming at times. Home Buyers Round Table wants to help. By providing access to information, education and additional resources, we can help to make your road to home ownership smooth and free of costly wrong turns and potholes.
Home Buyers Checklist
How do you go about purchasing your first home? What do you do first? This checklist will help you get things in order.
1. Get educated!
Participating in a home buying class or online study is a valuable first step in home ownership. Most training offers a Certificate of Completion which is required for some loan programs and downpayment assistance.
2. Get pre-approved for a mortgage loan!
Determine a realistic budget for yourself before you buy. Meet with your lender for a free consultation to determine how much home you can afford, review your credit, and discuss loan options. Obtain a pre-approval certificate to submit with your offer.
3. Find a real estate agent!
If you are a first-time buyer, having a real estate agent’s help is beneficial. A good agent can represent your interests in the home buying process, help narrow your property search, and guide you through the paperwork necessary to complete the sale.
4. Go house hunting!
Determine your wants versus needs, and find a home that fits your budget.
5. Make an offer!
An offer-to-purchase is a legal and binding contract. Be sure you understand all of the terms and conditions.
6. Obtain a loan commitment!!
It's time to make the final decision on a loan program and lock your
rate. Your lender will order an appraisal to confirm the value of the
home. Also, if you are eligible for down payment assistance, your
lender will obtain these approvals on your behalf. The commitment
letter will remove the financing contingency in your offer to purchase.
7. Home inspection!
This critical step assures that the home you are buying is safe and sound, and all the mechanicals are in good working order. It will help you avoid costly, unforeseen repairs in the future.
8. Prepare for closing!
It’s time to review your final loan commitment, line up some homeowner’s insurance, and start packing.
9. Move in!
Finally, you get to enjoy your new home, and relax. Congratulations!