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HOME > 14 Steps to Homeownership
14 steps to homeownership icon

14 Steps to Homeownership

1. FIND LOAN OFFICER

It’s critically important to find a good loan officer as early as possible. Try to find one through a good referral. If you decide to use an online lender, research the lender carefully.

2. GET CONDITIONALLY APPROVED

Mortgage Assessment / Prequalification.  Meeting with a lender to assess loan options for your specific situation on the front end can help put you in the best position to make an offer on a home.  A pre-qualification letter will also help you demonstrate your ability to obtain financing which puts you in a better position with the seller when you make the offer.

3. MEET YOUR AGENT

Once you know how much home you can afford, your agent can provide the most recent data on neighborhoods and sales trends, as well as help you find and screen homes for sale.

4. VIEW HOMES FOR SALE

Review neighborhoods carefully, pick the type of property you want – single family homes, townhouses, or condos – and screen for amenities such as beds, baths, and garages. Your agent can help you filter by area, value and quality of construction, price, and lot value to help you find the best options for your price point.

5. USE OUR CHECKLIST TO DETERMINE YOUR FAVORITE HOME

When you see the properties you like, make note of them and get more details on those homes. Be sure to schedule a tour of only 4-6 homes at a time. If you see more than that in your first session, they start blending together. Pick your favorites, and when you’re ready to move forward, use our checklist and comparison chart to help evaluate which homes have the best value for your money.

6. MAKE AN OFFER

Your agent should provide information on the neighborhood, give you a comparable analysis of recently sold homes, and help provide guidance on pricing.

7. BEGIN NEGOTIATIONS

Depending on whether it’s a seller’s or buyer’s market, adjust your negotiation style. In a seller’s market, the demand is larger than the supply so be very competitive and submit your best offer. In a buyer’s market, there are more homes for sale than shoppers, so look for deals. Your agent will be familiar with surrounding neighborhoods and can help negotiate accordingly.

8. FINALIZE TERMS OF SALE

Depending on the market, finalizing the sale terms and conditions of sale typically takes between 24 to 72 hours. Items include price, financing, amounts, inspection periods, closing dates, known repairs, and non-realty items. Expect your agent to guide you through the process and protect your interests.

9. PREPARE CONTRACT

The contract is a legal agreement which documents the terms of the sale. Both the buyer and seller have obligations, deadlines, and penalties for missing these obligations. This is why you need a great team between you and your real estate agent, loan officer, inspector, and title company

10. CONTRACT TIMELINE BEGINS

The real estate contract will typically contain lots of dates, which include the contract timeline. There may be deadlines set for inspections, earnest money deposits, applying for financing, appraisals, qualifying for your loan, and closing. While your agent will guide you through this process, you’re ultimately the one who’s responsible for meeting those deadlines.

11. HOME INSPECTIONS

It’s in your best interest to ensure that the property is structurally sound and in good general condition. Hire a professional home inspector to check the exterior, interior, structure, roofing, electric setup, heating, plumbing, and insulation of your new house. Special inspections such as stucco, foundation, moisture, and insects may be needed depending on the property you’re purchasing. Your agent an recommend vendors they work with frequently to help
you get a shortlist of qualified resources.

12. FINALIZE FINANCING

Items provided with the loan application are verified to prepare the loan for financing. Your lender will review all documentation submitted with your application, verify employment, analyze credit history, and consider any other conditions necessary to clear the loan for closing.

13. CLOSING

Usually, closing is held at a title company – the firm that guarantees you’re purchasing the home free and clear of any debt or encumbrance. The closing is often a one-hour process, where after confirming that all your funds have arrived and all conditions for closing and transfer of title have been met, you’re given the keys to your new home.

14. GET THE KEYS TO YOUR NEW HOME!

GET THE KEYS TO YOUR NEW HOME!

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  • PERSONAL
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      • Checking
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    • SERVICES
      • Online Account Opening
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    • LOANS
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      • Personal
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    • PRODUCTS
      • Checking
      • Money Market
      • Certificates of Deposit
      • Savings
      • Back
    • SERVICES
      • Online Account Opening
      • Online & Mobile Banking
      • eStatements
      • ATM Locator
      • Bill Payment
      • Card Valet
      • Check Orders
      • Credit Cards
      • Debit Card
      • Employee Retention Credit
      • Instant Issue
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      • Overdraft Transfer Service
      • Safe Deposit Box
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      • Treasury Services
      • Wire Transfer
      • Back
    • Loans
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      • Community Development Lending
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      • Farm
      • Land Acquisition and Development
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