Progression of the Home Buying Process: Step-by-Step | Peoples Bank

There’s nothing quite like the feeling of buying a new home, and after months of careful planning, you’re ready to take the first step. But the process of purchasing a home can seem a little intimidating at times, especially if you’re a first-time buyer.

Related Blog: Check out “What Not To Do Before Buying a House”

That’s why having a clear understanding of the process can help ease your concerns from the start. Here’s a look at the steps to buying a home and what you can expect along the way.

The Steps to Buying a Home and What to Expect

1. Check your credit report

Make sure you check your credit report and know your credit score before getting a mortgage. Be sure to check your report for errors. The better your credit, the better the loan you’ll qualify for.

2. Figure out what you can afford

There are many online calculators that can help you determine how much of a monthly mortgage you can afford. Be sure to factor in the money you’ll need for a down payment, closing costs, inspection and appraisal costs, and more.

3. Find the right lender

Find the right mortgage lender for you. They should be able to explain the home buying process clearly, what steps you need to take, but also be people who feel like neighbors you already know and make you feel at ease. Once that’s done, you can begin the process of getting pre-approved for a home loan. Pre-approval will give you a clearer picture of how big of a loan you qualify for. Get to know Renessa, Cody, and Lacie, our experienced team of lenders, of our Home Loan Center here.

4. Find the right real estate agent

Trust and knowledge are two traits, among many, that you should look for in a real estate agent. Ask friends and families about agents they might know and what kind of experiences they had with them. Find one who listens to your questions and concerns, and who keeps the line of communication always open.

5. Start searching for homes

Chances are you may have already begun looking for homes at this point, and it’s certainly one of the most fun steps to buying a home. It’s helpful to list exactly what it is you’re looking for in a home, including size, neighborhood, schools, features, etc. Also, be sure to consider the rate of home appreciation in each area.

6. Make an offer

Once you’ve found a home that’s right for you, the next item on your list of steps to buying a home is to make an offer on it. There are some things to keep in mind during this part of the process, including the fact that many sellers price their homes a bit high while knowing that there will be some negotiation involved. Ask your real estate agent to get a list of what comparable homes in the area have sold for.

7. Get the house inspected

Once you’ve agreed on a price, hire a home inspector to go through the house. You don’t want surprises after you take possession. If problems are discovered, you can negotiate the price accordingly, or walk away from the sale if there are serious issues with the home.

8. Closing

Last, but not least, among the steps to buying a home is the closing. This is when the title is transferred to you, and you can work out final details as to when you can take possession of the home.

Our Home Loan Center team of Renessa, Lacie and Cody will guide you through the home buying process. They are “People You Know” in the West Texas area. Get in touch with us today to be pre-approved for a loan that fits your needs.