The Process of Shopping for a House
You can’t help but feel overwhelmingly excited when you begin thinking of buying a home. Looking for a house can be time consuming. Finding your soulmate home makes you realize that hard work truly pays off.
So, how long does it take to buy a house? It depends. On average, looking for a home normally takes up to three months. Here’s a glimpse of the steps that can shape your home buying process.
Mortgage pre-approval is an estimation by a lender that determines if you would qualify and be creditworthy for a home loan.
The first step to get pre-approved for a home loan is to find a mortgage lender to work with. This paperwork will summon up basic information based on your credit score, income, debts, and employment history. This will expedite your home buying process. Also, pre-approval gives you a value range for the home purchased based on the current circumstances.
You will receive a written statement from your lender stating this information.
Searching for a Home
Once you are pre-approved, the journey for your sweet home can begin. Finding your dream home may take a while until you find the perfect fit.
Once you have picked the right house to buy, your real estate agent will help you fill out the paperwork to put an offer on the home. Once an offer is made, it usually takes up to three days to get an answer back from them.
If approved, the next step will be handling inspections and appraisals.
If rejected or countered, the negotiation process will take up to couple days.
The inspections and the appraisal usually take up to two weeks to complete.
The Closing Process
Once the inspection and appraisal are completed, then your lender will start the closing process.
Closing occurs when you sign the paperwork that officially makes you the house owner. It may seem like the closing process is a lot of work, but it’s worth it. While waiting for the process to be finished, find something to keep yourself busy and enjoy your time while you wait!