April 27th, 2018 7:16 AM by Jackie A. Graves
How long does
it take to buy a home? There are a lot of variables to consider, including how
quickly you want to buy a home, so the timeline is different for every buyer.
We've outlined the main steps involved in the process to help get you started —
and we'll cover each topic more in–depth throughout this spring homebuying
very familiar with your finances — your credit score, income, debts, savings,
and monthly expenditures — to assess how much you may be able to afford. When
looking at your savings, remember to account for the down payment and closing
housing counselor, real estate agent, and lender will be critical in guiding
you through the homebuying process. To learn about what each person does, read
last week's post in our Spring Homebuying series, “Who Does What?”
Pre–approved. A pre–approval letter
from your lender will tell you how much home you can afford and the maximum
amount you are qualified to borrow. Having a pre–approval letter in hand while
shopping for homes can help you move faster and with greater confidence in
About Your Down Payment Options. You have choices when it
comes to making the down payment on your home purchase. Options range from 3 to
20% down and you'll want to talk with your lender about what makes best sense
for you. Also, be sure to check out your eligibility for down payment assistance programs that can
help you reach your goal of homeownership.
Your Loan. There are two main types of mortgages — fixed–rate and adjustable–rate — that have their own set
of features and benefits that need to be carefully considered. Selecting the
right mortgage may make a big difference in your monthly payments and the
overall cost of your loan.
a home is a big deal, so finding the right one that fits your needs is
especially important and can have long–term impacts on both your wallet and
your quality of life. This infographic outlines some of the factors
you should consider like home type, location, city taxes, etc.
real estate agent will help you determine an offer price that is fair, based on
experience and looking at comparable homes in the neighborhood. Your agent will
submit an offer letter to the seller's agent that will include a deadline for
them to respond, typically one to two days.
you've negotiated the offer and completed a successful home appraisal and
inspection with the help of your agent, it's time to close. Closing is the
final step to homeownership that involves all parties signing final documents
and legally transferring the property, and keys, to you.
Visit My Home by Freddie Mac® to learn all you need to know about
the homebuying process and be sure to follow our Spring Homebuying blog series.
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