If you’re thinking about buying your first home, you probably want to know more about how the process works! After all, buying a home can be a complex transaction. Here are Howard Hanna, we want to make your homebuying experience a pleasant one, so we put together this guide to help you explore the steps of purchasing your first home.
1. Meet with a sales associate.
Working with a Realtor to purchase a home is critical for first-time buyers. A real estate agent can help you understand the market, help you navigate the world of open houses and showings, and has resources to help you find the home of your dreams.
2. Get pre-approved for a mortgage.
Mortgage pre-approval is key for buying a home! It helps show that you’re serious about buying, and lets you know exactly how much house you can afford to buy.
3. Search for your first home.
Now it’s time for the best part! Touring homes helps you understand what you’d like your first home to be like. Look through listings online, go to open houses, and ask your real estate agent to schedule showings for homes you really love.
Real Estate Glossaries:
4. Find your home and make an offer.
Okay, we lied, this is the actual best part! When your offer is accepted, you’ll be well on your way to owning your first home!
5. Sign the Contract of Sale – Escrow.
6. Due diligence.
Next up, you’ll perform required and desired inspections – your real estate agent and mortgage professional will advise you on required due diligence you must do.
Inspections: Home, Wood Infestation, Roof, Pool, etc.
Reports: Seller Disclosure, Title Commitment, CCRs, HOA Disclosures, etc.
7. Choose a loan and apply.
8. Secure homeowner’s insurance.
Homeowner’s insurance is protection against the many property and liability risks you can face as an owner.
9. Pay any additional closing costs.
Make sure you plan in advance for closing costs! Talk to your mortgage professional about what closing costs you can expect.
No closing costs with My First Home Program! Learn more about the My First Home Program.
10. Transfer utilities and get ready to move.
Moving can be exciting, stressful, and exhilarating. Get ready to move into your new home with these tips.
Get the keys to your first home! Congratulations, homeowner!
Howard Hanna Mortgage Services is licensed by: The Pennsylvania Department of Banking and Securities. The Ohio Department of Commerce – Division of Financial Institutions – License # MB802719.000 and SM 501117.000. The MI Department of Licensing and Regulatory Affairs, Office of Financial and Insurance Regulation. NMLS # PA – 101561 and OH/MI – 203917