QandAs: Loans

What is the Process of Buying a Home, once I’ve found the one I want?

Answer:
So, you’ve found the house of your dreams and

you’re ready to make a purchase. The process of buying a home can be long and arduous. Even so, the results are well worth the effort.

Although a real estate agent isn’t required, it helps to have a knowledgeable expert by your side to answer questions and handle the transaction. Once you’ve chosen a property, it’s time to make an offer. The fun begins once the homeowner accepts your offer.

On average, it takes approximately 30 days to close on a home purchase. During this time, you’ll have to complete a home inspection, appraisal, and submit an earnest money deposit. For this reason, it is important to have disposable cash on-hand.

More importantly, you’ll have to secure a mortgage loan. Ideally, it is best for home buyers to obtain financing before beginning their home search. This way, you know how much you can afford to pay, and there are no surprises at the end.

Getting a mortgage pre-approval is easy, and most lenders respond within three days. A pre-approval speeds the buying process. With financing already in place, you can opt for a quick closing. Plus, some home sellers will only accept bids from pre-approved buyers.