The Home Purchase Process: A Brief Synopsis

Financial Preparation

Check your credit score and report
Save for down payment and closing costs
Determine your budget and affordability
Gather financial documents (tax returns, pay stubs, bank statements)

Get Pre-Approved for a Mortgage

Shop multiple lenders for best rates
Complete pre-approval application
Receive pre-approval letter with loan amount
Understand loan options and terms

Find a Real Estate Agent

Research and interview potential agents
Select an agent with local expertise
Discuss your needs, preferences, and budget
Sign buyer's representation agreement

House Hunting

Create must-have and nice-to-have lists
View properties that match your criteria
Attend open houses and schedule private showings
Research neighborhoods, schools, and amenities

Make an Offer

Determine offering price with agent's guidance
Decide on contingencies (inspection, financing, appraisal)
Submit offer through your agent
Negotiate terms if seller counters

Under Contract

Pay earnest money deposit
Schedule home inspection
Negotiate repairs if needed
Complete mortgage application
Order appraisal (typically arranged by lender)

Final Mortgage Approval

Provide any additional documentation requested
Receive loan commitment letter
Avoid major purchases or new credit accounts
Lock in interest rate if not done earlier

Pre-Closing Steps

Conduct final walk-through
Review Closing Disclosure (sent at least 3 days before closing)
Arrange for closing funds transfer
Schedule utilities and services for your new home

Closing Day

Bring identification and any required documents
Sign mortgage and closing documents
Pay closing costs
Receive keys to your new home

Post-Purchase

Change locks
Set up utilities and services
Update address with relevant entities
File for homestead exemption if applicable