Happy National Homeownership Month! Throughout June, we’ll have classes and blog posts all about the homebuying process. This week, we’re learning about the eight essential steps everyone should know about when buying their first house, courtesy of our partners at Carrollton Bank:
The following steps are essential in purchasing your first home:
- Select your lender – A knowledgeable lender is a crucial part of your success in becoming a homeowner.
- Get pre-qualified – Your loan officer will review your credit, income, and assets and provide a pre-qualification letter. This step will determine your buying power.
- Select your realtor – Work with a trusted realtor to find the home that fits your needs and wants.
- Accepted sale contract – You are now under contract! Typically, your closing date is 30 -45 days away.
- Get a home inspection – Buyer beware. Once you are under contract, get a home inspection from a reputable company to determine the condition of the home.
- Submit updated documentation – Your lender will request updated income and asset documentation for the underwriter to make their final decision.
- Order an appraisal – Your lender will order an appraisal to obtain value of a property.
- Closing day – You will sign your closing documents and accept the conditions of the loan.
The home buying process can be very exciting and enjoyable, if you are well informed and well prepared.
Terrence Rogers is Senior Vice President – Home Lending at Carrollton Bank. If you have more questions about the homebuying process, join Prosperity Connection for a Homebuying Panel Q+A on Thursday, June 10th at 6pm with local bank representatives.