A Step-by-Step Guide for Smart Homebuying

 

This Homebuyer Guide provides a step-by-step review of the homebuying process, designed to help homebuyers understand the process and get tips for saving money, find the best mortgage loans available, identify the top real estate agents in their area and buy with confidence.

We have organized this guide into 23 articles.  You can jump directly to the topic that concerns you the most by clicking on the link below.  However, we do recommend that you go through the guide sequentially — especially if you are a first-time homebuyer.

1. Overview of Homebuying. Introduction to the HomeBuyer Guide.
2. Who’s Who in the Homebuying Process. A review of the primary agents and service providers that you will probably meet while buying a home.
3. Homebuying Considerations. Pros, cons and questions to consider before you begin shopping.
4. Prequalify Yourself. A quick review of mortgage loan qualification elements for which you must prepare.
5. Funds Required for Purchase. A discussion, with worksheet, of how much funds you must prepare for the purchase.
6. Down Payment Requirements. A review of the various down payment requirements of different loan programs.
7. Affordability Considerations. A simple analysis of how large of a mortgage loan and what type you can afford.
8. Prepare Homebuyer Documents. A listing of the personal documents you must prepare for the mortgage approval.
9. Preapprove Your Mortgage. A discussion of the mechanics and importance of the mortgage loan preapproval.
10. Shopping For Properties. Recommendations and overview of important tips to remember as you shop for a property.
11. Shop With A Real Estate Agent. A discussion of the real estate agent’s role in the home-buying process.
12. Working With A Real Estate Attorney. A review of the role that your real estate attorney will perform in the home-buying process.
13. Negotiating Your Purchase. Overview of how home-purchase negotiations usually proceed.
14. Property Inspection. A discussion of the important services provided by the property inspector.
15. Loan Processing. A review of the mortgage lender’s actions throughout the home-buying process.
16. Closing The Purchase. A review of the closing procedures that will conclude the purchase transaction.
17. Post Closing and Move In. Recommendations for your anticipated move.
18. Monthly Payments. An appendix discussion of the monthly payments to anticipate and how to lower them.
19. Insurance Review. An appendix review of the different insurance requirements you will probably encounter.
20. Escrow Accounts. An appendix discussion of the escrow impound account normally required.
21. Down Payment Options. An appendix discussion of different down payment options available.
22. Deductions Available. An appendix  discussion of some of the tax deductions available to homeowners.
23. Creating A Budget. An appendix containing worksheets and instructions for developing an effective budget.

 

Go to next HomeBuyer Guide chapter: Overview of Homebuying