Your Home Buying Playbook
A step-by-step guide to navigating your home purchase with confidence. From prequalification to closing day, we'll walk you through every important milestone on your journey to homeownership.
Why This Matters
Knowledge is Power
Buying a home is likely the biggest financial decision you'll ever make. Understanding each step helps you make informed choices, avoid costly mistakes, and feel confident throughout the process. This playbook breaks down what can feel overwhelming into manageable, clear steps. You'll know exactly what to expect, what questions to ask, and how to prepare for each phase.
Your Roadmap to Success
Whether you're a first-time buyer or returning to the market, having a clear roadmap removes uncertainty. You'll learn what documents to gather, when to act, and how to stay on track. With the right preparation and guidance, your home buying journey can be exciting and rewarding rather than stressful and confusing.
The Home Buying Journey: Your 8-Step Path
Understand your budget and strengthen your offer
Partner with an expert who represents your interests
Explore neighborhoods and identify must-haves
Submit a competitive proposal on your chosen home
Verify the property's condition and negotiate repairs
Finalize your mortgage and lock your rate
Step 1: Get Pre-Qualified for Your Mortgage
Get Pre-Qualified for Your Mortgage
Pre-qualification is your essential first step. It tells you how much home you can afford and shows sellers you're a serious buyer. A pre-qualification letter makes your offer significantly stronger in competitive markets.
What You'll Need
- Recent pay stubs (last 2 months)
- W-2 forms (last 2 years)
- Bank statements (2-3 months)
- Credit report authorization
- Employment verification
Understanding Your Numbers
Lenders evaluate your debt-to-income ratio, credit score, and employment history. Most recommend keeping housing costs below 28% of your gross monthly income. Factor in property taxes, insurance, HOA fees, and maintenance when calculating affordability. Pre-qualification typically takes 1-3 days.
Steps 2-4: Partner, Search, and Offer
Choose a licensed realtor who knows your target area, understands your needs, and will negotiate on your behalf. A buyer's agent costs you nothing4they're paid by the seller. Look for experience, local knowledge, and strong communication skills.
Create a list of must-haves versus nice-tohaves. Consider location, school districts, commute times, and neighborhood amenities. Attend open houses and tour homes. Most buyers view 10-15 homes before finding "the one." Be patient but decisive.
Your agent will research comparable sales and help you submit a competitive offer. Include earnest money (typically 1-3% of purchase price) to show commitment. Be prepared for counteroffers and negotiations on price, closing costs, and contingencies.
Steps 5-6: Inspect and Secure Financing
Complete Your Home Inspection
A professional inspection (costing $300-500) reveals the property's true condition. Inspectors examine the foundation, roof, plumbing, electrical systems, HVAC, and more. Review the report carefully with your agent. You can request repairs, ask for credits, or renegotiate based on findings. Major issues might include structural damage, outdated wiring, or roof problems.
Finalize Your Mortgage
Work with your lender to complete the full loan application. You'll need an appraisal (ordered by the lender), title search, and homeowner's insurance quote. Lock your interest rate when you're comfortable with the terms. The lender will verify everything one final time before closing.
Steps 7-8: Close and Move In
Visit the property 24 hours before closing to ensure agreed repairs are complete and the home is in expected condition.
Review and sign all documents with a title company or attorney. Bring a cashier's check for closing costs and down payment. Receive your keys!
Change locks, set up utilities, and begin the exciting process of making your new house a home. Congratulations!
Your Complete Home Buying Checklist
Financial Preparation
- Check credit score and address issues
- Save for down payment and closing costs
- Gather financial documents
- Get pre-qualified by a lender
House Hunting
- Interview and hire a buyer's agent
- Define your must-haves and deal-breakers
- Research neighborhoods and schools
- Tour homes and attend open houses
Making the Purchase
- Submit offer with earnest money
- Negotiate terms and contingencies
- Schedule home inspection
- Request repairs or credits if needed
Closing Process
- Complete mortgage application
- Order appraisal and title search
- Purchase homeowner's insurance
- Schedule final walkthrough
- Review closing documents
- Bring funds and ID to closing
Common Questions and Pro Tips
Plan for 3-5% down payment (or 20% to avoid PMI) plus 2-5% for closing costs. Keep 3-6 months of expenses in reserve for emergencies and maintenance.
From offer to closing typically takes 30-45 days. Add 2-4 weeks for pre-qualification and 4-8 weeks for house hunting. Total: 3-4 months is realistic.
Don't take it personally. Ask your agent for feedback, adjust your strategy, and keep looking. The right home will come along.
Pro Tip
Get pre-approved (not just pre-qualified) before making an offer in competitive markets. Pre-approval involves full underwriting verification, making your offer much stronger. Don't skip the inspection to save money4it protects your investment. And remember, the asking price is just a starting point. Your agent will help you craft a smart, competitive offer based on market data.
Ready to Start Your Home Buying Journey?
Buying a home doesn't have to be overwhelming when you have the right guide and the right partner. I'm here to walk you through every step, answer your questions, and help you find the perfect home.
With local market expertise and a commitment to your success, I'll make your home buying experience smooth and rewarding. Let's turn your homeownership dreams into reality.
Cory Salisbury
Equity Real Estate Realtor
SalisburyRE.com
801-245-0511
Your trusted partner in finding home.