Steps in Buying a House

This list is meant to guide you through the purchase of your new home. We tried to include information on most of the important steps. We recommend that you review the list and follow the links to answer any questions you might have. Happy House Hunting!

Buying a Home

• You should get to know the Mortgage Process. If you have any Questions, make sure you get them answered. And check out our Mortgage Tips page for a few extra pointers.
• It's a good idea to get prequalified and preapproved from a Mortgage Lender. You can submit an application at LendingTree, and recieve multiple offers from different lenders in just a few days. Being preapproved will significantly increase the strength of any offer you make on a home, since the seller knows you're already approved and can get financing.
• Get your Personal Finances in order. Your credit situation is important.
• Find an Agent to represent your interests.
• Know the different Types of Homes and have an idea of what you're looking for.
• Familiarize yourself with the meaning of common Real Estate and Mortgage terms.
• Look at some houses and try to find the Right One for you.
• It's important to know how to determine the Value of a House. Sellers can list several thousand dollars above or below the true worth of their home, and you need to be able to tell the difference.
• Learn how to Make an Offer, and how offers become contracts.
• After you make an offer, you will probably have to Negotiate the final price.
• If your offer is accepted, you'll have to Request a Mortgage Loan.
• We strongly recommend you have the home Inspected.
• If a seller offers a Home Warranty you should learn what it covers.
• You'll need to purchase Homeowners Insurance.
• Make your preparations for the Move.
• Finalize your mortgage by obtaining final loan approval and commitment from your lending institution.
• To make sure everything is in order, perform a Final Walkthrough of the house.
• Finish by finalizing the closing and settlement.