{"id":5884,"date":"2021-04-01T09:00:16","date_gmt":"2021-04-01T13:00:16","guid":{"rendered":"http:\/\/migonline.com\/blog\/?p=5884"},"modified":"2021-03-30T05:25:57","modified_gmt":"2021-03-30T09:25:57","slug":"the-steps-to-buying-your-first-home-follow-this-path-to-homeownership","status":"publish","type":"post","link":"https:\/\/migonline.com\/blog\/2021\/04\/01\/the-steps-to-buying-your-first-home-follow-this-path-to-homeownership\/","title":{"rendered":"The Steps to Buying Your First Home: Follow This Path to Homeownership"},"content":{"rendered":"

First time homebuyers may think they are ready to purchase, but\u00a0it pays to know what you’re getting into. Not preparing in advance can set you up for some nasty surprises. Here are the key steps<\/a> you should understand to ensure you’re ready to walk the path to homeownership.<\/p>\n

Step 1: Connect With A\u00a0Loan Officer<\/strong><\/p>\n

A knowledgeable, experienced loan officer\u00a0is essential in\u00a0making your homeownership dreams a reality. Find one who makes you feel comfortable asking questions, and who is accessible\u00a0to walk you through the process.<\/p>\n

\"\"<\/p>\n

Step 2: Obtain a Pre-Approval Letter<\/strong><\/p>\n

A pre-approval letter <\/a>shows the seller\u00a0you’re\u00a0serious about buying a home. It\u00a0gives\u00a0you an\u00a0edge on other buyers who didn’t have the forethought to secure one. Knowing you already qualified for a mortgage loan may give you additional bargaining power if other buyers are vying for the same house.<\/p>\n

Step 3: Select a Real Estate Agent<\/strong><\/p>\n

Some buyers go it on their own, and this is a mistake. Real estate agents can navigate the process and be by your side to make sure you make the right moves. Find one you like and who understands what you’re looking for.<\/p>\n

Step 4: Find Your Dream Home<\/strong><\/p>\n

Look in the neighborhoods you like for homes within your budget. This takes knowing which features you must have \u2013 and which you can live without. Make a list and narrow down your must-haves so you can be specific with your real estate agent.<\/p>\n

Step 5: Make an Offer<\/strong><\/p>\n

If you’ve decided on a home, offer what you think it’s worth, along with your earnest money. Be prepared to bid against other offers and to counteroffer if the buyer doesn’t accept your first one. This process can take several days.<\/p>\n

Step 6: Get an Appraisal and a Home Inspection<\/strong><\/p>\n

The seller has accepted your offer. Things are moving along well, but you’re not to the finish line yet. Wait for the appraisal and home inspection before you get too excited about living in the house, since both have a bearing on qualifying for your mortgage.<\/p>\n

\"\"<\/p>\n

Step 7: Request Repairs<\/strong><\/p>\n

You might need to go back to the seller to address repair issues found in the home inspection. This may cause another round of negotiations.<\/p>\n

Step 8: Get Final Loan Approval<\/strong><\/p>\n

The loan officer can finalize your loan once they have all your information and the appraisal in their possession.<\/p>\n

Step 9: Purchase Homeowner’s Insurance<\/strong><\/p>\n

Talk to a couple of insurance companies to get the best quote on insuring your new home. Some give discounts on a house\/auto combo.<\/p>\n

Step 10: Receive Closing Documents<\/strong><\/p>\n

These are sent three days prior to your closing date. Review them carefully and ask questions on anything you don’t understand.<\/p>\n

Closing time is here! <\/strong>Get the keys to your new home! It’s time to take ownership of your new place. Congratulations on being a new homeowner!<\/p>\n","protected":false},"excerpt":{"rendered":"

First time homebuyers may think they are ready to purchase, but\u00a0it pays to know what you’re getting into. Not preparing in advance can set you up for some nasty surprises. Here are the key steps you should understand to ensure you’re ready to walk the path to homeownership. Step 1: Connect With A\u00a0Loan Officer A … Continue reading The Steps to Buying Your First Home: Follow This Path to Homeownership<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":5885,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71],"tags":[],"class_list":["post-5884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-first-time-homebuyers"],"yoast_head":"\nThe Steps to Buying Your First Home: Follow This Path to Homeownership - Mortgage Investors Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/migonline.com\/blog\/2021\/04\/01\/the-steps-to-buying-your-first-home-follow-this-path-to-homeownership\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Steps to Buying Your First Home: Follow This Path to Homeownership - Mortgage Investors Group\" \/>\n<meta property=\"og:description\" content=\"First time homebuyers may think they are ready to purchase, but\u00a0it pays to know what you’re getting into. 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