Buying a home can be an exciting journey. Here are the typical steps to guide you through the process of buying a home in Western New York:
1. Get Pre-Approved for a Mortgage
Begin by obtaining a mortgage pre-approval. This helps you understand your price range and estimated monthly payments.
2. Search for a Home
Start looking for your ideal home. Consider factors like location, size, and amenities that fit your needs.
3. Submit a Purchase Offer
Once you find a home you love, submit a purchase offer. A deposit is typically required at this stage to show your commitment.
4. Seller Accepts the Contract
If the seller accepts your offer, you’ll move forward with the contract.
5. Remove Contingencies
After the home inspection and any other contingencies have been addressed, you can proceed.
6. Apply for a Mortgage
You’ll typically apply for a mortgage within 7 days of accepting the contract.
7. Mortgage Processing
While your application is processed, your credit will be checked, and the property will undergo an appraisal.
8. Receive Mortgage Commitment
You should receive your mortgage commitment within about 30 days from your application.
9. Update Abstract
Ensure that the property’s abstract is updated.
10. Property Survey
A survey of the property will be conducted to confirm boundaries.
11. Water/Septic Tests
If required, water and septic tests will be performed.
12. Send Package to Lender’s Attorney
A package will be sent to the lender’s attorney 4 to 7 days before closing for review.
13. Attorney Review
The lender’s attorney will review the package to ensure everything is in order.
14. Purchase Homeowners Insurance
Typically 5 days before closing, you’ll need to purchase homeowners insurance, including a hazard insurance policy.
15. Final Inspection
A final inspection is done 1 day before closing to confirm the property’s condition.
16. Closing
Finally, the closing occurs, typically 60 days from your mortgage application.
Let this guide you through each step, ensuring a smoother home-buying experience!