Home-Buying Process

For many, buying a home is the biggest purchase of their lifetime. The home-buying process can be overwhelming but having all the information will help you avoid unnecessary headaches and expenses. This section gives an overview of that process, including the key steps: 1) Determining your financial readiness, 2) Shopping for your mortgage loan, 3) Selecting your home, and 4) Closing on your house. Not everyone will follow the steps in this order, but most buyers will complete these basic steps when they purchase a home. The information presented here will help you become familiar with the process and allow you to feel more capable and comfortable with buying a home.

• Financial Readiness
  • What Creditors Look For
  • Finding Mortgage Money
  • Types of Financial Institutions
  • Mortgage Options
  • Down Payment and Closing Costs
  • Pre-Qualification or Pre-Approval

• Factors to Consider in Housing Selection
  • Personal Needs and Wants
  • Location
  • Type and Style of House
  • Type of Construction
  • Interior and Exterior Space
  • Special Needs
  • Building as an Option

• Locating a House
  • Finding the House
  • Using Real Estate Professionals
  • Buying Direct From Owner

• The Sales Contract
  • Components
  • Acceptance

• Home Inspections
  • Reasons for Home Inspections
  • Locating an Inspector
  • What Inspections Include
  • Limits of Liability

• The Mortgage Process
  • Loan Application Process
  • Loan Approval Process
  • The Mortgage Payment

• Purchasing Homeowners Insurance
  • Before You Start Looking for a Home
  • Stability of the Insurance Company
  • Costs and Coverage
  • Customer Service

• Warranties
• The Closing
  • Preparation for Closing
  • Final Walk Through
  • Closing Day Procedures

• Conclusion