Your Step-by-Step Guide to the Homebuying Process
Buying your first home is exciting, but it can also feel overwhelming with so many steps involved. At East Coast Capital, we want to make your journey as smooth as possible. Here’s a simple, step-by-step guide to help you understand what to expect as a first-time homebuyer.
- Prepare Your Finances
Start by reviewing your savings, credit score, and monthly budget. Make sure you have a stable income and enough saved for a down payment and closing costs. Lenders typically recommend your total housing costs stay below 36% of your gross monthly income.
- Explore Mortgage Options
Research different types of mortgage loans (like FHA, VA, or Conventional) to see which best fits your needs. First-time buyers may qualify for special programs or assistance with down payments and closing costs. Click here for an overview of popular loan programs.
- Get Preapproved
Contact an East Coast Capital loan officer to obtain mortgage quotes and secure a preapproval letter. This shows sellers you’re serious and helps you know exactly how much you can afford.
- Find a Real Estate Agent
A trusted real estate agent will guide you through the process, help you find listings, and negotiate on your behalf.
- Start House Hunting
Make a list of must-have features and explore homes within your budget. Attend open houses and schedule showings to find the right fit.
- Make an Offer
Once you find a home you love, work with your agent to make a competitive offer. If accepted, you’ll sign a purchase agreement and provide an earnest money deposit.
- Secure Your Mortgage
Finalize your mortgage application, lock in your interest rate, and get a loan commitment from your lender.
- Get a Home Inspection
Hire a professional inspector to check the property for any issues. Use the inspection results to negotiate repairs or concessions with the seller.
- Close on Your Home
Complete all final paperwork, pay your closing costs, and receive the keys to your new home at the closing table.
Ready to Take the Next Step?
Navigating the homebuying process is easier with the right tools and guidance. Download our FREE First-Time Homebuyer Guide for expert tips, insights, and everything you need to know before you buy.
