The home buying process can drag for a long time or take the shortest time possible, depending on your preparedness. Despite the amount of time you’re going to spend, all that matters is that you do everything right. You don’t want to move into your new house only to notice there are documents you didn’t sign.
So, if you’re wondering how long it takes to buy a house, here is a home buying process timeline to answer your question.
Mortgage Preapproval
If you don’t have enough cash for the house you intend to buy, you’ll need a mortgage to support you. The mortgage preapproval portrays you as a serious client. This is also the step where you find out what amount you can borrow and whether it’s enough for your intended home.
How much you qualify for will depend on your assets, credit history, and income. You should ensure you get this approval first before you start making offers. You can also ask your agent to recommend a mortgage lender.
Start Your Search
Once your mortgage is preapproved, it’s now the most awaited moment. Now you get to start viewing those beautiful homes in the area of your interest. This will be the hardest part of it all, and it can take a couple of months.
Your search process will also get affected by housing market conditions, especially if you’re searching in competitive areas. Check all the features you want in your ideal home and compare as many houses as you can get.
Involve an Agent in Your Home Buying Process Timeline
An agent is a crucial person when buying a home, and working with one can make the process easier. This can be your most trusted adviser, especially if you’re clueless about how things work.
If you’re getting a real estate agent, make sure you work with one that has an intimate knowledge of the community. They should know the inside out of your intended location, including the housing market and how mortgages work.
Well, if you want to move to North Stamford get more information about the community here.
Make Your Offer
Now, this is the stage where you’re going to need your agent most. Your real estate agent will help you make a formal offer for buying a house. They’ll help you come up with a contract agreement between you and the seller.
You should also prepare to do a lot of negotiations, which can end up in an acceptance or a rejection. If all goes as planned, you can all proceed to schedule a home inspection. You’ll know if there are needed repairs before closing the deal.
Sign the Contract and Close the Deal
If both you and the seller accept the terms, you’ll proceed to sign the contract and close the whole process. The mortgage company will process the loan and organize a house appraisal. You’ll also need to involve your attorneys to check the documents and foresee the transfer process.
You’ll also get in touch with the homeowners’ insurance, so they inform you about the annual premium. The process of closing the contract involves a lot and can extend to between 30 and 60 days. Make sure the process runs smoothly to avoid any mistakes.
Buy a House the Right Way
So, how long does it take to buy a house? The length of time will depend on the time you spend on the above stages. But generally, the home buying process timeline is the same everywhere, with a very slight difference depending on your situation.
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