The home buying process can seem
complicated, but if you take things step-by-step and you know how to choose the
right home loan, you will soon be holding the keys to your own home!
Ten steps to buying a 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 can help, but it is best to visit a
lender to find out for sure. A housing counselor can help you figure out how to
manage and pay off your debt, and start saving for that down payment!
Step 2: Know your rights
Step 3: Shop for a loan. Save money by doing your homework. Talk to
several lenders, compare costs and interest rates, and negotiate to get a
better deal. Consider getting pre-approved for a loan.
Step 4: Learn about home buying programs
Step 5: Shop for a home. Choose a Real Estate Agent, Wish list -
what features do you want, Home-shopping checklist - take this list with you when
comparing homes.
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.
Step 8: Shop for homeowners insurance Lenders require that you have
homeowners insurance. Be sure to shop around.
Step 9: Sign papers. You're finally ready to go to
"settlement" or "closing." Be sure to read everything
before you sign!
Step 10: The House is yours now. Have Puja or hawan.
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