1. Down Payment
A down payment is a percentage of the purchase price of a home that is paid upfront. The larger the down payment, the less you will have to borrow and the lower your monthly mortgage payments will be.
2. Credit Score
A credit score is a number that represents your creditworthiness. A good credit score can help you qualify for a mortgage with a lower interest rate.
3. Real Estate Agent
A real estate agent is a licensed professional who can help you find a home that meets your needs and guide you through the buying process.
4. Pre-Approval
Pre-approval is the process of getting approved for a mortgage before you start looking for a home. This will give you an idea of how much you can afford to spend on a home.
5. Finding a Home
You can find a home by searching online, driving around neighborhoods, or working with a real estate agent.
6. Making an Offer
Once you find a home you like, you will make an offer to the seller. The offer will include the purchase price and any contingencies, such as a home inspection.
7. Home Inspection
A home inspection is a thorough examination of the home to ensure that it is in good condition.
8. Appraisal
An appraisal is an assessment of the value of a home. The lender will use the appraisal to determine if the home is worth the purchase price.
9. Closing the Sale
Once the lender has approved the loan and the home passes inspection and appraisal, you will close on the sale. This is the final step in the buying process.
10. Move in
After closing, you will receive the keys to your new home and can move in!