What are the steps involved in buying a house? Video Answer Desk : Steps to buying into a business much house can I afford? This week, Ralphy in New York is looking for some step-by-step guidance on buying a house.
We’ve also launched a new round of video Answer Desk installments, which will appear every other Thursday for the next few months. I want to know: what are the steps that I need to follow to buy a house? It’s as easy as 1, 2, 3. But here are — roughly — the steps you’ll probably encounter. Your brother-in-law may have different ideas about the order we’ve come up with.
Your real estate agent or lawyer may add a few steps here or there. You also need to take responsibility for keeping the process running smoothly. As you proceed, ask how long each step should take. So treat these as general guidelines. Step 1: Go shopping for a mortgage. It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this.
First, you’ll find our how much you can borrow, which has a lot to do with how much house you can buy. Be careful not to let the lender you push you into a monthly payment you don’t feel comfortable with. It’s okay to be a little stretched, at least at first. But it’s also very easy to get in over your head.
This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because there’s less risk the deal won’t go through. Step 2: Find a good lawyer. Check them out on the Web. Make sure you at least talk to them on the phone and ask them how much they charge: this should be a fixed fee. Ask as many questions as you can, but you probably away won’t get more than 5-10 minutes. Lawyers bill by the hour, so they don’t like to give time for free.