Buying a home, especially your first home, can be a very exciting thing. For some it can be the first mark of independence; for others it may just be a step in the right direction. Taking this step, even though it’s exciting, can often be overwhelming, especially if you’re attempting to go through it alone. Before you do, take a moment and let Zing help you navigate your journey to homeownership with these eight simple home buying steps.
You can also dig deeper with our First-Time Home Buyer 101 post!
The first step to purchasing either your first home or a new home is to get preapproved. You may be asking, “What is a preapproval?” A preapproval is confirmation that you’re eligible for a mortgage, based on verbal information you provide, as well as your credit report.
Here at Quicken Loans, we follow a simple 2-2-2 rule, which means that we ask for the previous two years of W-2s, two recent pay stubs and two bank statements. Nowadays many real estate agents hesitate to deal with potential home buyers unless they know exactly what they’re preapproved for. Preapproval can be a simple and easy process, and it can make the rest of your journey a lot easier.
Create a List
Create a list with everything that you both want and need inside of your new home. This is rather easy and can be tremendously helpful in your search for your home. Understanding exactly what you’re looking for is the first step to being happy with your new home.
Find a Real Estate Agent
Now that you have a preapproval letter and an idea of your wants and needs, it’s time to start navigating the market. This can be rather tricky if you’re new to the market or just unsure of what you’re doing. Don’t be afraid to ask for help. Reach out to a real estate agent for help finding your home. This is their field of expertise, so take advantage of their services, especially if you’re attempting to move out of state.
The key here is finding someone you can feel comfortable with. But with so many agents and agencies, this can seem tricky. When it comes to finding someone you can rely on, recommendations can go a long way to help you find the realtor that is right for you.
It’s time to start looking for your house, and if you’ve been following this guide, you won’t have to do this alone. While your real estate agent will be searching for homes that meet your criteria, it’s always a good idea to keep your eye out for possible homes anyways. If you come across a house or property you would like to look at, make sure you talk to your real estate agent about it. They’ll help you schedule an appointment to view the home or property, and will be able to tell you if it’s still on the market or not.
Selecting a Home
Now it’s time to narrow down your options and make a selection for your future home. When searching for your home, you may find several that you like. But which one is really right for you? For example, if you’re looking for a home with a significant other, do they like the same one you do? Sitting down and ranking the homes you’ve viewed can help you narrow your focus and determine if you have found the home that is right for you.
Make an Offer
It may take a while to get to this point, but when you find the house that’s right for you, you’ll know. You may still have some questions or concerns when you find a home you like: How do I make an offer? Does my offer need to be at asking price? When will I get a response? Answering your questions and taking this issue head-on is what your real estate agent is there to do.
Get Your Mortgage
Once the seller accepts your offer, it’s time to start the process of getting your new mortgage. At Quicken Loans, we have a simple five-step loan process which is designed to make getting your home loan easy.
Congrats! You made it! After your closing, it’s time to start planning your move. Some will start planning the decor, some will make renovations and others will be planning the next items they’re going to buy. I suggest taking some time to enjoy your new home.
Have you started to look for a home, or have you recently purchased one? Have tips to help smooth the process for fellow buyers? Let us know in the comments section!