Home Buying Checklist

Step 1: Prepare Financially

• Check Your Credit Score: Request a free credit report and address any issues.

• Set a Budget: Determine how much you can afford for a down payment, monthly mortgage, and other expenses.

• Save for a Down Payment and Closing Costs: Aim for 3-20% of the home price for the down payment, plus 2-5% for closing costs.

• Get Pre-Approved for a Mortgage: Obtain a pre-approval letter to show sellers you’re a qualified buyer.

Step 2: Define Your Priorities

• Decide on Must-Haves vs. Nice-to-Haves: Make a list of essentials (e.g., number of bedrooms, location) and features that would be nice but aren't deal-breakers.

• Research Neighborhoods: Explore schools, safety, amenities, and commute times to find areas that fit your lifestyle.

Step 3: Start Your Home Search

• Work with a Real Estate Agent: Find a local agent who understands your needs and can guide you through the process.

• Attend Open Houses: Visit homes to get a feel for what's available within your budget.

• Use Online Home Search Tools: Keep track of homes you’re interested in and note key details.

Step 4: Make an Offer

• Choose the Right Home: After finding a home you love, review recent sales of similar properties with your agent to determine a fair offer price.

• Negotiate: Submit an offer with your agent’s help and negotiate terms, if needed.

• Pay Earnest Money: This deposit shows your commitment and will go toward your down payment if the deal closes.

Step 5: Conduct Due Diligence

• Get a Home Inspection: Hire a professional to inspect the property for structural and mechanical issues.

• Schedule an Appraisal: Your lender will arrange for an appraisal to confirm the home’s value.

• Review Disclosures and Documents: Ensure you’re aware of any issues with the home before proceeding.

Step 6: Secure Your Financing

• Finalize Your Mortgage Application: Submit any final documents your lender requires.

• Lock in Your Interest Rate: Decide on your interest rate to avoid any changes in the market.

• Purchase Homeowners Insurance: Shop around for homeowners insurance and select a policy before closing.

Step 7: Prepare for Closing

• Review the Closing Disclosure: Review all terms, closing costs, and loan details provided by your lender.

• Do a Final Walkthrough: Confirm that the home’s condition hasn’t changed and any agreed-upon repairs were completed.

• Gather Required Documents: Bring your ID, cashier’s check for closing costs, and any other documents requested by your lender.

Step 8: Close on Your New Home

• Sign Closing Documents: This includes your mortgage agreement, deed, and other paperwork.

• Pay Closing Costs and Down Payment: These can typically be paid via cashier’s check or wire transfer.

• Get Your Keys! Congratulations – you’re officially a homeowner!

Step 9: Move In and Settle

• Change Your Address: Notify the postal service, update your driver’s license, and inform banks and utilities.

• Set Up Utilities and Services: Arrange for water, electricity, gas, internet, and trash services.

• Meet Your Neighbors and Explore Your Community: Settle into your new neighborhood and make it feel like home.