Buyer's Tips & Info
Nearly all home buyers feel confused about the home buying process. Even if you have bought a house before, you may need to brush up on the steps.
Nine steps to buying a home
- Figure out how much you can afford
What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. Visit a lender to find out. - Know your rights
This may be the largest and most important loan you get during your lifetime. You should be aware of certain rights before you enter into any loan agreement. - Shop for a loan
Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan. - Learn about home buying programs
Owning a home is a big part of the American Dream. FHA loan programs offer lower downpayments and are a good option for first-time homebuyers. - Shop for a home
If you choose a home in a neighborhood with a Home Owners Association (HOA), be sure to request a copy of the HOA packet, so you can review before closing. - Make an offer
Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale. - Get a home inspection
Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs. - Shop for homeowners insurance
Lenders require that you have homeowners insurance. Be sure to shop around. - Sign papers
You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!