BUYER’S GUIDE
EVERYTHING YOU NEED TO KNOW
Get Finances Ready
• Check your credit score: Aim for 700+ for better rates, but FHA loans allow lower.
• Pay down debts and avoid new credit inquiries.
• Save for your down payment: Typically 3–20% of the purchase price.
• Set aside closing costs: Usually 2–5% of the loan amount.
• Build an emergency fund: Lenders and advisors like to see you have reserves after purchase.
2. Get Pre-Approved
• Contact lenders or a mortgage broker to get pre-approved (not just pre-qualified).
• This shows sellers you’re serious and helps you know your maximum loan amount and interest rate.
• Compare offers — even a small rate difference can save thousands.
• Choose an experienced local agent who knows the neighborhoods, schools, and market trends.
• A good agent helps with offers, negotiations, inspections, and closing — and the commission is usually paid by the seller.
3. Find An Agent
4. Find Your Home & Make an Offer
• Make a list of must-haves vs nice-to-haves.
• Research neighborhoods (commute, schools, amenities).
• Attend open houses and private showings.
• Don’t rush — compare several homes before deciding.
• Your agent helps draft a purchase offer based on market value and recent comparable sales.
• Expect negotiation on price, repairs, or closing costs.
• Once accepted, you’ll open escrow and put down an earnest money deposit (1–3% of the purchase price).
• Your agent helps draft a purchase offer based on market value and recent comparable sales.
• Expect negotiation on price, repairs, or closing costs.
• Once accepted, you’ll open escrow and put down an earnest money deposit (1–3% of the purchase price).
• Hire a home inspector to check the property’s condition.
• Your lender will order an appraisal to confirm the home’s value matches the loan amount.
• You can renegotiate or walk away if major issues are found (depending on contingencies).
5. Make an Offer / Schedule Inspections and Appraisal
7. Finalize Loan / Close the Deal
• Provide all required documents (pay stubs, tax returns, bank statements).
• Lock in your interest rate.
• The lender completes underwriting and issues a final loan approval.
• Review your Closing Disclosure (lists all loan details and costs).
• Do a final walkthrough to ensure the home’s condition hasn’t changed.
• Sign the closing documents, pay your down payment and closing costs.
• Once the funds are transferred and deed is recorded — the house is officially yours!
Change locks, set up utilities, and forward your mail. Keep up with routine maintenance and property taxes. Consider making extra payments or refinancing later if rates drop.