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5-Step Home Buying Process

Updated: Apr 30, 2020

1. Doing research

Buying a home is a complex process that takes time and research. Home buyers need to understand exactly what they are looking for in a home. For instance, the buyers should know the locations they are looking for, amount they can afford, and how long they plan on living in this home. Thankfully, there are loads of resources all over the internet that can help guide you through the research process.

2. Understand how much you can afford

Once you have done some baseline research, you will need to understand how much you can afford. Find your credit score, understand your debt, add up your savings, and figure out how much you will need to borrow. There is a plethora of mortgage and loan calculators that can help you add up the cost. Once you understand what you will need, you can get pre-qualified for the specific loan amount.

3. Get Pre-qualified

Getting pre-qualified is a simple process where the home-buyer understand exactly how much they can afford through a specific mortgage bank. As a future home owner, you may apply for pre-qualification at several banks and lending institutions. It is important to have options that you can compare and contrast. For example, Once you have decided the lending institution you will go through, you can start the process of finding a realtor.

4. Find Realtor, Find Your Home

Finding a realtor can be a pain-staking process at times. However, with the right resources, you can find a great realtor that will make your life a breeze. Essentially, the best realtor is the one that listens to your needs, above their own. Often, realtors can try to force you into buying a home outside of your price point. Finding a realtor that agrees with your requirements and works tirelessly for you, is the best fit. To find a good realtor, look at local listings, ask friends in the area, or talk to your lender. All in all, there is no formula to finding a realtor, however, there are great resources online to guide you to the best fit.

5. Make an offer

When you have found the right home and have the money to make an offer, don't be timid. Often, the right home for you, is also the right home for ten other buyers. When making an official offer, your realtor can help you with the ins and outs. With that said, it is vital to understand the basics behind making a legitimate offer. For example, understanding negotiation tips, contingencies, and even how to withdraw an offer is great information to understand when purchasing a home. Understanding this complex information will give you a huge advantage over other buyers.

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