How Long is the Home Buying Process and What Happens?

How Long is the Home Buying Process and What Happens?

The home buying process can feel intimidating. It can take weeks, and sometimes years, from the time you start looking for your next home until you move in.

Some things that often lead to increased length are the inventory of homes on the market, time of year, and your specific desires in a home.

To get a head start, you will want to do a few things:

1. Start researching now

What on the market interests you? What features are important for you in a home? What is non-negotiable for you?

2. Set financial goals

Figuring out what payment fits into your budget and how much home you can afford is the key before moving forward. Use an interactive mortgage calculator, as we have here, to get an idea of your down payment, purchase price, and what mortgage payments might look like. Remember to include other expenses, like unexpected early repairs, paint and other improvements, and moving costs.

3. Check your credit score

There are loan options available for those with less than perfect credit, but knowing your score before you speak to a loan officer can help you better understand all of your options.

4. Get prequalified for a mortgage loan

A mortgage is a loan to pay for a house (also called a home loan). This is probably the largest loan you will have ever applied for up to this point in life, so it would benefit you to learn common mortgage-related terms and to truly understand what you are paying for. Do the research and learn what makes up a mortgage payment (hint: its principal, interest, taxes, and insurance). You should know where your money goes each month and why!

5. Find a real estate agent and start looking at homes

Your home buying experience will be influenced by the quality of your realtor. A good real estate agent will make the process of buying a home easier.

6. Make an offer

A trusted real estate agent can guide you on the market, but your offer will depend on your comfort level. Depending on the housing market in your area, you may need to offer more than the listed price. This step can be a very stressful period. Set your buying limit before you get to this point. It will help you make sure that you don’t over-extend your budget.

7. Your property will be inspected

The property inspection will provide the valuable information you need to evaluate the house you are looking at. A great inspection will tell you the good and the bad about your potential house – like the lifespan of the roof, the stability of the foundation, and the quality of the windows. This information will help you decide if you should move forward with purchasing the home, negotiate with the seller, or decline to purchase the house.

8. Work with your lender

Now is the time to work with PRMI to determine the type of loan that will best suit your financial needs.

9. Home appraisal

PRMI will arrange for a third party to come in and appraise the values of the property to make sure the property has been priced fairly. This demonstrates that the home’s value is worth the price of the loan. This process protects both the buyer and the lender.

10. Paperwork process

This is when all the signing begins, both legal and financial paperwork. Make sure you give yourself time to review all of the documents thoroughly.

11. Get the keys!

Once the seller receives their check, you will receive your keys and begin to move into your new home!

At Primary Residential Mortgage, Inc. – Wooster, we are passionate about partnering with clients to guide them through their home buying journey. Whether you are purchasing your first house or you’re a seasoned buyer, PRMI – Wooster can answer any questions you might have and make the mortgage process as hassle-free as possible.

PRMI – Wooster has been helping clients purchase homes since 1998 and is backed by one of the most established mortgage lenders in the county with a nationwide presence. We offer a variety of loan programs for the greater Wooster, Ohio area – including Canton and Medina, Ohio. Are you looking for a trusted lender? Contact us by phone at 866.888.7902 or email Matt Shanlian at

**Opinions expressed are solely my own and do not express the views of my employer.

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