The Home Buying Process for First Time Homebuyers?

As a first time homebuyer, the buying process can seem intimidating and overwhelming. However, with the right guidance and knowledge of the steps involved, you can make this experience an exciting one!

Pre-Approval
The first step in purchasing your home is to get pre-approved for a loan by a lender. This will give you an idea of what size loan and interest rate you qualify for. Once you have your loan approved, next it’s time to start shopping for homes that fit within your budget in the area you prefer to live in.

Hire An Agent

You should hire a real estate agent who will help guide and advise through each step of the process from start to finish.

Look At Properties

When visiting homes be sure to pay attention to any flaws or repairs needed so that once it’s time to make an offer on your desired house, those costs are accounted for up front. After finding one that meets all of your needs and wants as well as being within budget range.

Submitting An offer

It’s time to submit an offer which includes earnest money deposit (a good faith amount) along with contingencies such as inspection period or appraisal contingency which protect buyers if certain issues arise after making purchase offer on property.

Closing

Once seller accepts offer then both parties sign final documents at closing where buyer pays balance due at closing which is based off appraisal value (if higher than purchase price) or agreed upon purchase price between buyer and seller). At this point title company records property transfer from seller over into buyers name after all monies are paid out between buyer/seller plus title fees etc…

Overall, understanding what steps are involved in purchasing a home makes things much less stressful when going through buying process especially for first time buyers knowing they have knowledgeable people helping them every step along way!