Steps in Buying a House

The process of buying a house doesn't have to be stressful. Whether you're a first-time homebuyer or you've purchased a home before, with PrimeLending you can relax. We make the home-buying process simple and easy to understand.

We'll work with you every step of the way to make sure you get a mortgage that matches your financial situation, will fit your budget, and fulfills goals you have for you and your family.

When you plan on buying, here’s a rundown of what you can expect:

Get Qualified*

Getting qualified is a simple way to help make the home loan process even smoother. You’ll speak with a lender and provide information on your credit, income, assets and debts, and in return, you’ll get an estimate of the size of a loan you can afford (this is where bringing an aforementioned list can come in handy)

Some lenders may charge a small fee, but there’s never a charge to get qualified with PrimeLending. When you’re qualified:

  • You’ll save time by only looking at houses within your price range.
  • You can make an offer on the same day you find the perfect home.
  • The seller can expect fewer delays with your offer, making your offer more attractive.
  • Sellers are likely to prefer your offer over a buyer who is not qualified, giving you negotiating power.
  • A real estate agent will move quicker knowing you’re qualified and ready to buy.

Find a House You Love

The next step is the fun part: finding your dream home. You can work with a real estate agent to help you with this step in the process. You’ll want to make sure that your agent and lender are acquainted. They may need to communicate about the house you’re interested in, where you are in the loan process, and homebuying deadlines.

Make an Offer and Get an Inspection

After you make an offer and the seller accepts, it’s a good idea to get a professional home inspection. The inspector you hire will take a look at the house and let you know of any possible damage that you may have overlooked, such as electrical wiring issues. If he or she finds any major problems, you can share this information with the seller. If the seller doesn’t want to pay for the repairs, you can try to negotiate a lower price for the house.

Apply for a Loan

When the seller accepts your final offer, you’ll apply for a loan. This means you’ll need to have several required documents, like copies of your W-2s, bank account statements and more. Having these documents organized and ready to go will help speed up the process. We recommend with a home loan expert, like a PrimeLending loan officer, who can assess your needs, recommend your best mortgage plan and guide you through the process.

Processing and Final Approval

During this part of the process, your new house will be appraised, and the title and tax certificate will be ordered. From there, your loan will be underwritten. After everything is approved, the title company you’re working with will get closing documents.

Final Inspection, Closing and Funding

Usually a day or two before closing on your new home, you’ll return to the property for a final walkthrough to make sure everything is still in good condition and that the seller has fixed anything that was agreed to in the sales contract. On closing day, you’ll bring your ID and funds for closing to the title company you’re working with.

Once those funds go through, the title company will give you your keys, and you can move in!

Questions to Ask Yourself Before Buying

When you're ready to begin the home buying process, ask yourself these questions:

Is the Home Buying Process Right for Me at This Time?

It's important to realistically examine your current and future financial situation when starting the homebuying process. Think about:

  • Savings. Do you have enough money to make a down payment? Do you have enough set aside to cover mortgage payments for a few months or more in case you lose your job, or to pay for emergency home repairs?
  • Spending. Are you disciplined enough to make all your home payments on time? Do you live within your means and have a household budget? Will you be able to prioritize monthly mortgage payments over other non-essential purchases?
  • Employment. How stable is your current income? Are you expecting a raise in the future? Is your employment situation stable, uncertain, or unpredictable?
  • Willingness to commit. Are you ready to make one of the most significant investments of your life? Are you ready for the responsibility of owning a home, and will you have the time to devote yourself to home maintenance and repair?

When you're ready to start the process of buying a house, a PrimeLending mortgage expert will help you answer these and all your other questions.

What Type of Home Is Best for Me?

You'll save time and energy during the home buying process if you decide what you want, and need, before you begin house hunting. Things to consider include:

  • Home style and size: What floor plan, square footage, number of rooms, and how much garage space do you need?
  • Location: Is the home close to schools, shopping, entertainment, parks, and your job
  • Yard size and landscaping: Do you enjoy doing yard work, hosting outdoor parties, or do you need to have a pool?
  • Remodeling: Do you want your home to be move-in ready, or are you open to buying a fixer-upper?
  • Neighborhoods: Are the other area homes well-maintained? How's the traffic, and congestion?