You’ve decided you’re ready to purchase a home. Now what? This process may seem overwhelming or one may wonder, where do you even begin? Here are some steps needed to take in order to make your purchase easier on you.
Buying a house can be an exciting and complex process. Here are the general steps involved in buying a house:
- Determine your budget: Assess your financial situation, including your income, savings, and credit score. Determine how much you can afford to spend on a house, considering your down payment, monthly mortgage payments, and other associated costs like property taxes and insurance.
- Get pre-approved for a mortgage: Contact lenders and get pre-approved for a mortgage loan. This will give you a clear idea of the amount you can borrow and help you narrow down your house search.
- Create a list of requirements: Make a list of your preferences and requirements for the house you want to buy. Consider factors such as location, size, number of bedrooms, amenities, and proximity to schools, workplaces, and other important places.
- Start house hunting: Begin searching for houses that meet your criteria. You can work with a real estate agent who can assist you in finding suitable properties, or you can search online real estate listings and attend open houses.
- Make an offer: Once you find a house you like, work with your real estate agent to prepare an offer. The offer will typically include the proposed purchase price, contingencies, and other terms and conditions. The seller can accept, reject, or negotiate the offer.
- Conduct inspections and appraisal: If your offer is accepted, schedule a home inspection to assess the condition of the property. You may also need to arrange for a professional appraisal to determine the fair market value of the house.
- Finalize the mortgage: Contact your chosen lender to proceed with the mortgage application. Provide the necessary documentation, such as financial statements, employment verification, and any additional information required.
- Get homeowner’s insurance: Obtain homeowner’s insurance to protect your property against potential damages and liabilities. Your lender will require proof of insurance before closing the deal.
- Closing the deal: Work with your real estate agent, lender, and attorney (if necessary) to finalize the paperwork and schedule a closing date. At the closing, you will review and sign various documents, including the mortgage agreement and transfer of ownership. You will also pay the closing costs, which may include fees for the loan origination, title search, title insurance, and attorney’s fees.
- Move-in and post-purchase tasks: Once the deal is closed, you will receive the keys to your new house. Coordinate with moving companies, set up utilities and services, and notify relevant parties of your change in address.
Remember, the process may vary depending on your location and specific circumstances. Working with professionals like real estate agents, lenders, and attorneys can provide guidance and support throughout the home buying journey.
We are full-time, experienced Realtors working in Queen Creek and the surrounding areas. With decades of East Valley real estate experience under our belts, we are here to answer any questions you may have. Please do not hesitate to reach out to April Anderson at 480.272.1977.
We’re looking forward to hearing from you soon!
21408 S Ellsworth Rd, Queen Creek, AZ 85142