Research says buyers typically start looking online about six months before contacting an agent or going to open houses. Use that time to figure out what type of property you want, the towns or neighborhoods you'd like to live in, and the amenities that matter to you. There's a lot that goes into purchasing a home — here's the process, start to finish.
Give us a call to schedule a consultation. This orientation meeting is designed to give you the knowledge and confidence to tackle buying comfortably with no surprises. Together we'll identify your goals, and the buying process will be thoroughly explained.
Pre-approval is obtained through a mortgage lender and involves an application. If you aren't already working with a lender, your agent can provide a list of lenders who can help. Lenders base your loan amount on your income, credit rating, debt load, and down payment. Once pre-approved, you'll receive a pre-approval letter that tells sellers you're a qualified buyer.
Based on the criteria and goals identified during your consultation, you and your agent will set out to find the ideal property and present an offer to the seller. Offers are typically based on a comparative market analysis of similar homes in the area.
When you submit an offer, you also submit an earnest money deposit. As you move from contract to closing, be prepared to cover a home inspection, an appraisal, your down payment, and closing costs. These vary with the purchase price of the home.
Once your offer is accepted, have the property inspected by a professional. The inspector provides a detailed report on the condition of the property. Further negotiation may be needed after the inspection and appraisal.
Your agent, lender, and title company coordinate the remaining documents. During this time you'll arrange title insurance, homeowners insurance, and any home warranty, and schedule electricity, gas, phone, internet, and cable to be turned on.
Closing is typically held at the title company and takes less than an hour. Bring an official ID and the necessary funds; the title company walks you through the settlement statement and documents. Once all funds are received and processed, the home is yours.
Whether you're a first-time homebuyer or a seasoned real estate investor, buying a home is an exciting process. There's a lot to consider — before you begin your search, ask yourself these three questions.
Financing & Pre-QualificationFrom single-family and multi-family homes to condos and vacation homes, there are many options, and it's important to choose the type that fits your needs. The town or neighborhood matters just as much — factors like proximity to highways and schools shape the whole home-owning experience. List and prioritize your needs (big backyard, great school system) before you begin.
The rule of thumb: no more than 28% of your gross monthly income should go toward housing expenses, including your mortgage payment. An alternate rule says that once you add monthly payments on other debt, the total shouldn't exceed 36% of gross income. A lender can give you a tailored number.
A few months before you start searching, review your credit history and make sure it's in good standing. Get copies of your credit report, confirm it's accurate, and fix any issues. Get pre-approved for a loan — it puts you in a much stronger position to make a serious offer when you find the right property.
Buying, selling, or leasing — start with a conversation. No pressure, no surprises.