Buying Your First Home

1) What is the first step in the home buying process? 

Contact a local bank or mortgage broker and get pre-qualified for a loan. They will help you determine the correct price range for a house that you can afford, and what type of loan product will be best for you. 

2) Should I find an agent to represent me when buying a home? 

When you select a Realtor to help you find a home, this Realtor is called a buyer’s agent. The agent will be working on your half, despite the fact that their commission is paid by the seller. This Realtor will guide you throughout the entire process all the way to closing 

3) Where should I search for homes? 

Your Realtor can get you set up with an automatic search from the multiple listing service (MLS). You will then be emailed new listings that match your search criteria as soon as they hit the market, unlike other real estate websites that can be delayed and take a day or more to update. 

4) When I find a home I want to buy, what happens then? 

Your Realtor can help you determine the market value of the home and guide you through the paperwork involved in submitting an offer to purchase. Make sure that your offer includes the right to conduct a home inspection on the house, and a contingency for obtaining your mortgage (if applicable). 

5) When do I get the keys? 

After you have completed inspections and obtained a mortgage commitment letter from your bank, you will conduct a final walkthrough. Once complete, all closing paperwork can be signed at your attorney’s office. After providing the remaining down payment and signing the paperwork outlined by your attorney, the house is yours!