Steps to Homeownership

Step 1: How much can you spend?
You analyze your finances, decide what you can afford to buy, and how much you will spend.

Step 2: Shopping
You work with a real estate agent to find a home.

Step 3: Mortgage
You shop for mortgage options.

Step 4: Selection
You select a home, make an offer, and negotiate a price.

Step 5: Negotiation
The seller and buyer negotiate, you agree on a price, sign a sales contract, and put up the earnest money.

Step 6: Mortgage
You obtain a mortgage.

Step 7: Inspections
You have the home inspected, appraised, and the title searched. You obtain hazard insurance and prepare funds for the closing.

Step 8: Closing (owner)
The owner brings to the closing a clear title, deed, termite inspection certificate, and keys to the home.

Step 9: Closing (buyer)
You bring the down payment, closing funds, and insurance and mortgage verification to the closing.

Step 10: Legal
The attorney or real estate professional coordinates the signing of documents and the transfer of money and ownership.

Step 11: Transfer
Ownership of the home is transferred to you at the end of the closing, and you move your belongings into the home.