Steps to Buying a Home

These are the typical steps to buying a home in New York State.

1. Get Pre-Approved for a mortgage. This allows you to know your price range and monthly payment.
2. Search for a home.
3. Submit a purchase offer, a deposit is required at this step.
4. Seller accepts contract.
5. Contingencies removed after home inspection, etc.
6. You apply for a mortgage typically within 7 days.
7. While your mortgage application,  is being processed your credit is checked and the property you are purchasing will be appraised.
8. Receive Mortgage Commitment- Typically within 30 days from mortgage application.
9. Abstract updated.
10. Property Surveyed.
11. Water/Septic Tests performed if required.
12. Package sent to lender’s attorney 4 to 7 days before closing.
13. Lender attorney reviews package.
14. Home owners insurance purchased typically 5 days before closing. (Buyers are required to purchase a Hazard insurance policy.)
15. Final Inspection done 1 day before closing.
16. Closing. (60 days from mortgage application)

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