Cambridge Portfolios LLC
Cambridge Portfolios

Home Buying 101

Now that you have made a decision to purchase a home, here is a brief overview list of the home buying process:

Step 1. Select an Buyer Agent to represent you.

Step 2. Mortgage Pre-Approval. Contact a bank or mortgage broker to find out your pre-approved loan amount.

Step 3. Begin Home Search. Your agent will connect you to all available listings via MLS. Request Showings or go to open houses until you locate the right property.

Step 4. Make Offer.

Step 5. Obtain Attorney and Home Inspector. Have the home inspected by a professional home inspector. The attorney will draft the purchase and sale agreement.

Step 6. Sign Purchase and Sale Agreement.

Step 7. Submit Full Mortgage Application.

Step 8. Appraisal. The bank sends an independent professional appraiser to determine the value of the home.

Step 9. Mortgage Commitment. The bank officially decides to commit to issuing a mortgage loan.

Step 10. Final Walk-Through. Look over the property once more just before closing.

Step 11. Closing.