1. Ask yourself: are you ready to buy?
   • Be realistic about your long-term financial and personal goals to see if buying makes sense for you.
   • Start researching early, and take your time.
   • Get a sense of housing trends in specific areas.
   • Check your credit report and score
2. Check your credit report and score
   • By law, you can get one free credit report annually. You can expect a good mortgage rate with a credit score at or above 720.
3. Start gathering for a down payment
   • Historically, 20% was the benchmark for most individuals, but currently, down payments as low as 3% are common.
   • Determine how much you can afford before you start your home search, and remember to consider how much your monthly payments will be.
   • Start shopping for a home
4. Find the right partners
   • Your real estate broker will be your lifeline. Take your time to find the right fit, and ask a lot of questions.
   • Finding the right lender is also important, so make sure to shop around before making your choice.
5. Get pre-approved by a lender
   • A mortgage pre-approval means that a lender has looked into your credit history, income stability, and current finances, and is tentatively prepared to loan you money for a house.
   • A mortgage pre-approval is usually good for up to 90 days.
6. Start shopping for a home
   • It’s important to not only be informed about new listings but to be able to see listings as soon as possible.
   • Our experienced brokers recommend seeing between three to five listings in one day.
   • If you see too many at once, specific properties may start to blend together.
7. Make the offer
   • Every property is different, and therefore, every offer is different. A trusted agent will help guide you in the right direction based on the present market.
   • When making the offer, it’s a good idea to include all signed disclosures and your pre-approval letter.
8. Get a home inspection and appraisal
   • A home inspection determines if there is any damage or issues with the home in need of fixing, while a home appraisal determines if the home is a good investment.
9. Close on your new home
   • At closing, you sign all of the paperwork required to complete the purchase, including your loan documents.
   • It’s important to have a good mortgage broker and attorney who can advise you on what you need to bring and how much your closing costs will be.
10. Move-in & consider various post-closing tasks
    • As you settle in, it’s helpful to think about tasks such as changing the locks, updating your address, and informing the necessary parties of your move.
    • Maintain an emergency savings fund to give yourself a comfortable cushion for any unexpected expenses.

Looking for a more in-depth guide? Click the button below for our First Time Homebuyer Guide!