The home buying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!
Step 1: Figure out how much you can afford
What you can afford depends on your income, credit rating, current monthly expenses, down-payment and the interest rate. The calculators on the right of this page can help, but it is best to visit a lender to find out for sure.
– Home Economics – brochure
Need help with your down-payment and/or closing costs?
– Homebuying programs in your state
A housing counselor can help you figure out how to manage and pay off your debt, and start saving for that down-payment!
– Find a housing counselor near you
Step 6: 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.
Step 7: 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.
– 10 Questions to ask a home inspector
Step 9: Sign papers
You’re finally ready to go to “settlement” or “closing.” Be sure to read everything before you sign!