Buying a home can feel stressful. After all, it’s not like you can just walk into a store and pick one up off the shelf. The process does take time, and there’s no express lane. But once you get through it, you’ll be proud of what you’ve accomplished and ready to enjoy the perks of homeownership. Let’s break down the homebuying process into six steps to help you get started.

1. Prepare your finances.

Start by saving up for the down payment and closing costs. The amount you need will vary depending on your mortgage type and the purchase price of the home, but usually, you’ll need enough to cover a down payment, upfront fees and closing costs. While you’re saving, maintain good credit habits since a better credit score means a better mortgage rate. Learn more about getting your credit ready for a mortgage.

Check your VantageScore^® credit score for free in online and mobile banking.* Just log in and select My Credit under the Financial Planning section of the menu. Learn more about the My Credit tool.

2. Get preapproved for financing.

Next up? Get approved for financing. It’s smart to do this early in your home search, especially in a competitive housing market where properties can turn over quickly. You don’t want to find “the one” without a way to pay for it and a realistic monthly budget in mind.

Not sure where to start? Try our Mortgage Explorer.

3. Find a real estate agent and go house hunting.

Choose a real estate professional to help you along the way. You’ll be working with this person to make one of life’s most important purchases, so it’s important to find someone professional, experienced and reliable to represent your interests.

Ready for the fun part? It’s time to check out homes in person. Your real estate agent will guide you so you can find a home that’s a great fit for your budget and priorities.

4. Choose a home and make an offer.

When you find a home you love, you’re ready to place an offer. That’s the time to be fair, level-headed and open with your real estate agent, who’ll handle the paperwork.

You’ll review and sign the offer contract, then your real estate agent will submit the offer contract and handle communication with the seller’s real estate agent. Seller accepts? One more step before closing!

5. Have the home appraised and inspected.

Your lender will send an appraiser out to the home to ensure the price reflects its real market value. This keeps both the buyer and the lender safe from overpaying for a property.

Your job? Employ a home inspector and thoroughly review the inspection results. It’s not required to have a home inspected, but it’s highly recommended. Issues found during the contracted inspection period don’t necessarily mean you’ll change your mind, but they can give you negotiating opportunities with the seller and protect you from costly surprise repairs.

6. Close on your new home!

This last step of buying a home typically takes place at the office of the title company. At closing, you’ll sign all the paperwork to finalize the sale. Depending on the complexity of the sale, you can typically expect to be at the title company for around an hour or two. Once you’ve signed on the dotted line, you’ll officially be a homeowner!

(Before you send money, make sure you’re informed about wire transfer fraud, an increasingly common scam facing homebuyers.)

Ready to own your home?

When you’re ready to get started, our professional Real Estate Loan Officers are here to help. Contact us today to learn more about mortgage options at Grow.

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