The Main Steps Of Buying A House

Posted on: 11 July 2018

Buying a house is not as easy as going to a store and making a purchase. In fact, buying a house requires a lot of steps and takes a lot of time. If you are ready to begin this process, here are some of the main steps you should take as you prepare to choose a house to buy.

Determine if you are ready to buy a house

The first step you should take is evaluating your financial and credit situation to determine if buying a house is a good move for you at this time. To do this, take a good look at your budget and your savings account. Also, look up your credit. If you have great credit, money in the bank, and a steady job, now might be a good time to buy a house.

Get preapproved for a loan

Secondly, you will need to find out for sure if you can get a loan. To do this, visit a mortgage lender and ask to get preapproved for a loan. The lender will ask you to fill out an application and submit documentation to prove certain things. The lender will then analyze this information and will let you know if you qualify for a loan. If you do, you will receive a letter of preapproval, and you will need this to continue on with the next steps. There are a variety of different types of loans you may qualify for, including USDA loans.

Hire a real estate agent

Once you get preapproved, it is time to hire a real estate agent for help looking at homes for sale. Choosing an agent is important in this process, as your agent will be the person helping you through the rest of the steps. Find an agent you like and trust, and look for one with a lot of experience in your area.

Choose a house

One of the main things you agent will do is find homes that you might be interested in, and the agent will do this by asking you a lot of questions about your needs. Once the agent has a list of homes you might like, he or she will share them with you and schedule showings for any that you might be interested in.

Work towards closing

After choosing a house and getting the seller to accept your offer, you will move forward towards closing on the house. Closing is when you will gain possession of the house, but it will take three or four weeks to close from the time the seller accepts your offer.

Buying a house will require these steps and more, and you can learn more about this process by contacting a real estate agency in your city. You can also find out more about loans by talking to a mortgage lender.