What to expect:
the HOME-BUYING process
Buying a home can feel like an intimidating process; we have built a step-by-step guide to help you learn more about what actually happens, in order.
assess your budget
1
Beyond the cost of a home, you want to consider property taxes, insurance, utilities, and maintenance. It may help to consider your budget in the frame of a comfortable monthly payment, rather than a specific home value amount.
Start Touring Homes
2
Explore different buildings and discover what is available in areas you like. Think of it as a moment to gather information: it is a good time to look at all elements of the offer, from the space of the available unit to the character of the neighborhood it is in.
Make an Offer
3
Once you find the right home, you submit a written offer. This offer will include price, timeline, and any contingencies. You may or may not place a deposit (1-3% of the purchase price), which will later be applied toward your purchase at closing.
Get a Home Inspection
4
You can choose to work with a licensed inspector, to get an expert opinion on the specific features of the home you are interested in, including electrical, plumbing, and structural elements.
How long does it take?
From offer acceptance to closing typically takes 30 to 45 days; this number may vary depending on how many units you may wish to see, your conversation with the lenders and the sellers, and other factors.
Get a Home Appraisal
5
Your lender orders an independent appraisal to confirm the home is actually worth what you're paying. This protects both you and the lender from overpaying.
Your Loan Goes Through Underwriting
6
Your lender's underwriting team verifies your financial documents and finalizes your loan approval. This is the paperwork-heavy stretch, where you will be asked to supply documents such as updated pay stubs, bank statements.
Do a Final Walkthrough
7
A day or two before closing, you'll walk through the home one last time to confirm it's in the conditions you agreed upon.
close
8
At the closing appointment, you sign your loan documents, pay your down payment and closing costs, and the property is legally transferred to you. Then the keys are yours!