Thinking of Buying a House? 10 Steps to Home Ownership

Home ownership has long been part of the American Dream and one of the best investments that most people will make in their lifetime. Whether you are new to the home buying process or someone who has bought and sold many times before, the road to home ownership requires planning and attention to detail. The following 10 steps to owning a home will give you a guided path that will help make your new home purchase go smoothly. 1. Understand Your Budget – Before you delve into all of the listings of beautiful homes that could be yours, it is important to start with a realistic look at your finances, so that you understand how large of a down payment you can make and what type of monthly payments you can afford.



2. Get a Realtor – Your Realtor will be the best source of information on the current housing market in your area, as well as real estate laws, negotiation techniques, and the different trades and companies who you will need to work with before the home becomes your very own.

3. Loan Pre-Approval – Speaking with a mortgage broker or your banks loan officer will help you understand your pre-approval limits, financing range, and probable interest rates. This is just the first step of the mortgage process, but these numbers combined with the budget numbers from the beginning will give you a solid idea of what home prices you can work within as you search for your new home.

4. Home Search – Now that you have the necessary numbers, it`s time to go take a look at the homes in your price range. Research the neighborhoods and school systems, as well as the proximity to important places like work and shopping. This is where your Realtor will really prove their value and help make sure that you find a home that meets all of your needs.

5. Full Loan Approval – After you have been pre-approved and found a mortgage broker who you would like to work on your loan, it is vital to gather all of the important paperwork and submit the loan application. Once your application has gone through underwriting and you have received full approval for getting a loan, you will be able to lock your interest rate and assure the home seller that your offer to purchase can be financed.

6. Make an Offer – When you have found that perfect home in your price range, you are ready to make an offer to purchase and put a home under contract. Here again your Realtor will be tremendously helpful as they make sure t