Home Buying Checklist
1. Understand your finances
While you're searching, get an idea of what you can afford.
2. Get pre-approved with a lender
Lenders help you determine what you can afford when you're buying a home. A mortgage pre-approval is a lender's commitment to helping you finance a home up to a certain amount.
3. Research market conditions
Understanding the cost of homes near you will help you determine how much to offer on a home.
4. Understand what happens when you're ready to make an offer
Once you've found a house you like, you'll work with your agent to make an offer. Familiarize yourself with the process so you know what to expect.
Made an Offer
1. Get quotes for inspection services
Home inspectors help identify any underlying issues your home may have—such as problems with the foundation or electrical system. Getting an inspection before closing can help you decide if the home is for you, or whether you want to try to negotiate a better price.
Understand what happens when you're ready to go under contract
When your offer has been accepted, you'll go under contract.
Under Contract
1. Get your home inspected
A home appraisal helps determine how much your home is worth. The appraiser is typically chosen by your lender.
2. Get your home appraised
Inspections are highly recommended to help find any underlying issues that may affect the value of your home and how much work it needs.
3. Get quotes and purchase title insurance
- Required to Purchase
- Included in Closing Cost
Title insurance is required by law and helps protect buyers and lenders against problems that may arise when the title of the home is transferred from one buyer to another.
4. Get quotes and purchase home insurance
- Required to Purchase
- Included in Closing Cost
You are required by law to get home insurance when you purchase a home. Shop around to find the best deals.
5. Get quotes and purchase home warranty
Home warranties help protect you if large ticket items—like appliances—fail after you have bought the home. If you purchase a home warranty plan before closing, it will be included in your closing costs. Sometimes, the seller will purchase a home warranty plan for the buyer.
Closing
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