What is The Typical Timeline for Purchasing a Home?

Purchasing a home is not an overnight process, there’s a lot of components and people involved when it comes to purchasing your new home. If you’ve already started searching online, you’ve probably cut down a lot of the leg work. Once you and your REALTOR® have chosen the right home for you, the actual process begins.

While you’re searching online, make it a priority to sort through different mortgage options. If choosing a mortgage alone is out of your comfort zone or just overwhelming, ask a friend or speak to a mortgage company. Once you have chosen a mortgage you are comfortable with go ahead and get pre-approved. Your loan approval may take up to 2 weeks to be completed. Make sure your REALTOR® keeps on top of the lender throughout the entire loan approval process.

You also have the negotiation process. The negotiation stage can be short as a few minutes or long as a week(sometimes longer). For the loan to be approved an appraisal and homeowner insurance are required. Having an inspection done is also a good idea, it will bring up any issues before closing on your new home. The walk through is typically done with in 24 hours of the deal closing. Make sure the home’s seller has repaired anything that they agreed upon before closing. Also make sure your lender tells you exactly how much money you need to bring to closing.

Researching neighborhoods, improving your credit score, and saving money for a down payment all help speed up the process of purchasing a home. With all that being said, typically purchasing a home can take anywhere from 30-60 days.

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