{"id":2260,"date":"2022-02-11T20:05:49","date_gmt":"2022-02-11T20:05:49","guid":{"rendered":"https:\/\/www.realty.com\/blog\/?p=2260"},"modified":"2022-02-11T20:05:49","modified_gmt":"2022-02-11T20:05:49","slug":"a-step-by-step-guide-to-the-home-buying-process-from-viewing-to-mortgage-to-inspection-to-keys","status":"publish","type":"post","link":"https:\/\/www.realty.com\/blog\/home-buying\/a-step-by-step-guide-to-the-home-buying-process-from-viewing-to-mortgage-to-inspection-to-keys\/","title":{"rendered":"A Step by Step Guide to the Home Buying Process: From Viewing to Mortgage to Inspection to Keys"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Searching for and purchasing a new home can be a lengthy and exhaustive process. Often, this can be very overwhelming if you are buying a house for the first time. To help you, we decided to make a short but comprehensive step-by-step guide on the home buying journey. Keep reading to learn more.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">1. Analyze Your Finances<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The first step to buying your new house is to do an audit of your finances. Having emergency savings and a good credit line will mean that mortgage lenders are more likely to grant your loan application.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">2. Get a Preapproved Mortgage<\/span><\/h2>\n<p><span style=\"font-weight: 400\">You need to shop for lenders to find the best mortgage loan for you. Ask for different loan estimates that outline the loan terms, project payments, and the closing costs of your mortgage.<\/span><\/p>\n<p><span style=\"font-weight: 400\">A preapproved mortgage does not guarantee you a loan. However, as long as your finances do not change from getting the preapproval until you purchase a home, you will be able to obtain a loan from your lender.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">2. Search for Your New Home<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Have your real estate agent search for a home, delve online to look for real estate listings, drive through neighborhoods, and ask your friends and family. You can make a list of <\/span><a href=\"https:\/\/www.ericstewartgroup.com\/blog\/home-buying-how-to-determine-your-search-criteria\"><span style=\"font-weight: 400\">criteria for home buying<\/span><\/a><span style=\"font-weight: 400\"> and relay it to your real estate agent so they can help you with the process.<\/span><\/p>\n<p><span style=\"font-weight: 400\">After you\u2019ve procured a checklist for your potential homes, visit the properties that interest you. While viewing, you need to look out for:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Sagging or dipping on floors<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Cracks in the wall<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Fresh paint<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The condition of windows<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Water in the basement<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Layers of roofing<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Electrical and plumbing issues<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400\">3. Make an Offer on a House<\/span><\/h2>\n<p><span style=\"font-weight: 400\">If you find a home you love, the next step is to send an offer in the form of writing to the seller. The details in the letter will include your name, address, and the price you\u2019re willing to pay, among many others.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This offer also includes an earnest deposit which is around 1-2% of the purchase price.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This offer can be written by your real estate agent or yourself and will then be sent to the seller where they will decide to accept, reject, or give a counteroffer.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">4. Inspecting a House<\/span><\/h2>\n<p><span style=\"font-weight: 400\">You will typically hire a home inspector who will then check if the real estate has problems that you or the seller need to fix.<\/span><\/p>\n<p><span style=\"font-weight: 400\">An offer typically has a home inspection contingency which means that you can still back out of a purchase or renegotiate the price if you identify major issues in the home.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">5. Closing on Your Home<\/span><\/h2>\n<p><span style=\"font-weight: 400\">If both parties agree on the offer,\u00a0 you can close on your new home. This involves having a Closing Disclosure with your lender, having your home appraised for mortgage purposes, and doing a title search to make sure that only the seller has claims on the property.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Closing costs include credit report charges, taxes, surveys, loan origination fees, and title insurance.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Get Your Keys, New Homeowner!<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Unless it\u2019s a Friday and you are finished signing all the necessary paperwork, you should be able to get your keys on the very same day. Also, remember to conduct a <\/span><a href=\"https:\/\/www.homelight.com\/blog\/buyer-final-walkthrough-problems\/\"><span style=\"font-weight: 400\">final walkthrough<\/span><\/a><span style=\"font-weight: 400\"> before you sign all your closing documents to make sure that everything is set and perfect according to your expectations.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If everything looks good to you, then sign those papers, get your keys, and congratulations, new homeowner!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Searching for and purchasing a new home can be a lengthy and exhaustive process. Often, this can be very overwhelming if you are buying a house for the first time. To help you, we decided to make a short but comprehensive step-by-step guide on the home buying journey. Keep reading to learn more. 1. Analyze &hellip;<\/p>\n","protected":false},"author":15,"featured_media":2261,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,39,178],"tags":[],"class_list":["post-2260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-consumer-guides","category-expert-advice","category-home-buying"],"_links":{"self":[{"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/posts\/2260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/comments?post=2260"}],"version-history":[{"count":1,"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/posts\/2260\/revisions"}],"predecessor-version":[{"id":2262,"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/posts\/2260\/revisions\/2262"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/media\/2261"}],"wp:attachment":[{"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/media?parent=2260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/categories?post=2260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/tags?post=2260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}