Buying a home
Make sure you've covered the basics below!
Buying a home
Make sure you've covered the basics below!
Buying a home
Make sure you've covered the basics below!
1
Get a baseline- assess your finances
Check your credit score: Higher scores improve your chances for better mortgage rates.
1
Get a baseline- assess your finances
Check your credit score: Higher scores improve your chances for better mortgage rates.
1
Get a baseline- assess your finances
Check your credit score: Higher scores improve your chances for better mortgage rates.
2
Evaluate your debt-to-income ratio (DTI)
Lenders usually prefer a DTI under 43%. Use an online calculator to estimate your DTI.
Call to action
Call to action
2
Evaluate your debt-to-income ratio (DTI)
Lenders usually prefer a DTI under 43%. Use an online calculator to estimate your DTI.
Call to action
Call to action
2
Evaluate your debt-to-income ratio (DTI)
Lenders usually prefer a DTI under 43%. Use an online calculator to estimate your DTI.
Call to action
Call to action
3
Save for a down payment
Aim for 20% or more to avoid private mortgage insurance (PMI). However, some loans, like First Time Homebuyer, allow less.
3
Save for a down payment
Aim for 20% or more to avoid private mortgage insurance (PMI). However, some loans, like First Time Homebuyer, allow less.
3
Save for a down payment
Aim for 20% or more to avoid private mortgage insurance (PMI). However, some loans, like First Time Homebuyer, allow less.
4
Account for closing costs
Typically, 2-5% of the home’s purchase price.
4
Account for closing costs
Typically, 2-5% of the home’s purchase price.
4
Account for closing costs
Typically, 2-5% of the home’s purchase price.
5
Get Pre-approved for a Mortgage
Shop around for lenders to get the best interest rates and terms.
5
Get Pre-approved for a Mortgage
Shop around for lenders to get the best interest rates and terms.
5
Get Pre-approved for a Mortgage
Shop around for lenders to get the best interest rates and terms.
6
Find the Right Real Estate Agent
Work with an agent who knows the local market well.
6
Find the Right Real Estate Agent
Work with an agent who knows the local market well.
6
Find the Right Real Estate Agent
Work with an agent who knows the local market well.
7
Research Neighborhoods
Consider factors such as schools, commute, crime rates, amenities, and future development.
7
Research Neighborhoods
Consider factors such as schools, commute, crime rates, amenities, and future development.
7
Research Neighborhoods
Consider factors such as schools, commute, crime rates, amenities, and future development.
8
Visit the home in person!
Make sure to complete a walkthrough, but also explore the neighorhood.
8
Visit the home in person!
Make sure to complete a walkthrough, but also explore the neighorhood.
8
Visit the home in person!
Make sure to complete a walkthrough, but also explore the neighorhood.
9
Make an Offer
Review market comparables (comps) to ensure your offer is competitive (you can do this via Zillow, see what other homes are selling for)
9
Make an Offer
Review market comparables (comps) to ensure your offer is competitive (you can do this via Zillow, see what other homes are selling for)
9
Make an Offer
Review market comparables (comps) to ensure your offer is competitive (you can do this via Zillow, see what other homes are selling for)
10
Home Inspection
Hire a licensed home inspector to uncover potential issues. - If problems are found, you can renegotiate or ask the seller for repairs
10
Home Inspection
Hire a licensed home inspector to uncover potential issues. - If problems are found, you can renegotiate or ask the seller for repairs
10
Home Inspection
Hire a licensed home inspector to uncover potential issues. - If problems are found, you can renegotiate or ask the seller for repairs
11
Secure Financing
Finalize your mortgage, locking in the interest rate and terms.
11
Secure Financing
Finalize your mortgage, locking in the interest rate and terms.
11
Secure Financing
Finalize your mortgage, locking in the interest rate and terms.
12
Close the Deal
Review all closing documents carefully, including the loan agreement and title insurance.
12
Close the Deal
Review all closing documents carefully, including the loan agreement and title insurance.
12
Close the Deal
Review all closing documents carefully, including the loan agreement and title insurance.