Home Buying Process Checklist  

Once you have researched the home buying process in detail, the next phase is to take actionable steps towards your goal of becoming a homeowner. The home buying process is no doubt a long and arduous process, and it is possible that you will experience some setbacks along the way. At times like these, a helpful home buying process checklist will prove to be helpful:  

Know your numbers: Now that you’re ready to buy a house, now is a good time to re-calculate how much house you can afford, using your updated financial information. Also re-examine your FICO score to make sure you have your target credit score.  

Save up for a down payment: In today’s market, lenders require anywhere from 3.5 percent to 20 percent in a down payment. If you do not have enough cash saved up, set realistic targets to hit each month until you have saved up enough.  

Do your homework: Make use of the countless resources that offer free information on the home buying process, such as lender requirements, a list of documents to prepare, and how mortgage payments work.  

Interview real estate agents: Purchasing a home is a big, important commitment, and you are entitled to find a great real estate agent. Ask friends, family and coworkers for referrals, and start setting up meetings with agents to identify the one who can best serve your needs.  

Research mortgage types and lenders: Mortgage loans come in all shapes and sizes, as do the lending institutions that provide them. Start your research early so you can identify a lender you can trust. Estimate closing costs: It is easy for buyers to forget, or be completely unaware of, closing costs that must be paid at the end of the sale. Home buyers should budget for three to six percent of the purchase price.

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