Buying a Home

The homebuying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!

Nine 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, downpayment and the interest rate. It is best to visit a lender to find out for sure.

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. Consider getting pre-approved for a loan.

Step 4: Learn about homebuying programs

FHA loan programs offer lower downpayments and are a good option for first-time homebuyers.

Step 5: Shop for a home

If you choose a home in a neighborhood with a Home Owners Association (HOA), be sure to request a copy of the HOA packet, so you can review before closing.

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.

-   For Your Protection Get a Home Inspection
-   10 Questions to ask a home inspector

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!