Get Pre-Approved

Determine your budget, how much you can afford. There’s many web-based mortgage resources that will tell you how you can afford based upon your income, debt level, mortgage rate and available cash for a down payment. In today’s market, buyers with a large down payment and a strong credit rating are more likely to obtain a mortgage. Getting a pre-approval letter is a quick process that will tell sellers that you are a serious buyer who can afford their home.

Calculate Your Mortgage

Enter Home Value: Your Monthly Payments: Percent Down: Principal & Interest: Loan Amount: Tax: Interest Rate: Insurance: Years: Estimated Annual Tax: Total Monthly Payment: Estimated Annual Insurance:

Contact the Owner Directly

Phone or email the seller and ask for a convenient time to tour the home. See how the home’s asking price compares to other recently sold homes in the neighborhood. Now, that you’ve seen the home firsthand, maybe you’re ready to present the seller with an offer. We can help you with the necessary forms or you can visit our Forms section for all the state-specific paperwork you’ll need.

Once you and the seller agree to your offer, you’ll want to lock in a mortgage rate. Bankrate.com has a great mortgage comparison tool that will give you current rates at major lending institutions. Your should also visit local banks and contact mortgage brokers for price comparison. A 30 day or 60 day “lock in” period is most common.

Hire a Home Inspector

The next step is hiring a home inspector who will see what condition the home is in. A home inspector will cost $300-$600 and the inspection will take around 2 hours. You’ll get an inspection report outlining any mechanical or structural problems that the home might have. Depending on the results on the inspection report, you might want to re-negotiate the purchase price. Negotiate with the seller to lower the price to compensate for any expense.

Closing is Simple

Contact an escrow company who will handle most of the details of the closing, they will advise you on any special paperwork that needs to be completed between you and the seller. Coordinate with your mortgage lender to distribute the funds to the seller, taxes, insurance, etc. At closing the seller will sign over the deed and you’re the new homeowner!

For qualified escrow, title, home inspection companies and other help with real estate, please see our Resources page.