How Long Should You Spend Looking for a House?
Looking for the perfect home can be a short or long process depending on how ready you are. To make this process go as smoothly as possible, being well prepared is key.
Where to Start
First, you’ll want to begin the home-buying process by establishing a good credit score. If this is something you already obtain, great. If not, it may take you a bit of time to build up your score however, this does not mean you are out of the home buying game.
While it may be difficult for you to obtain loan pre-approval or a decent rate, it’s not impossible. Starting now, ensuring your credit score has a better chance of going up is important.
Speak with a mortgage lender and go through the process of pre-approval. This generally requires a bit of information such as previous tax information, pay stubs, and so on. If you have all of this information easily accessible you can typically expect the pre-approval process to be completed in a few days.
However, when you are pre-approved, it’s wise to consider searching for other lenders as well to obtain the best mortgage loan possible.Establish a Budget
After you have been pre-approved, you’ll want to establish your budget. It may be likely that you have been pre-approved for above your budget amount. While this can be exciting, it’s important to stay within your budgeted amount to be a successful homeowner who isn’t looking for additional income means because you opted for a mortgage higher than your budget.
Using this house payment calculator can help you visualize what your reasonable budget should be.
Contact a Realtor
When you have been pre-approved and determined your budget, you should now move into the steps of searching for homes. Finding a trust realtor who can show you homes that meet your needs and ensuring you don’t overpay for a property is a key step in the home buying process.
Making an Offer
Finding the right home may take you a few days or a few months depending on what you are looking for and what is available in your desired area. After you have found the right home, making an offer and hit hopefully being accepted is expected to take only a few days.
After your offer has been accepted you will then move into the closing process. This process can be time consuming and typically takes about one to two months due to the requirements needed such as appraisals and inspections.
Thankfully, this is the last step in the home-buying process. When you have officially closed on your home, the keys will be handed over to you and it will finally be time for you to enjoy your new home.