Knowing how long your house-buying process will take is crucial, especially if you are a first-time home-buyer. Not knowing this could mean spending time in a hotel if the process takes longer than anticipated. It can also mean making mortgage payments while still paying your old house’s rent. You need to know how long the home buying process should take.
The Timeline for Making a Home Purchase
Predicting the timeline for making a home purchase can be tricky. It varies depending on different variables. For instance, it varies depending on the time you take to find your dream home and how fast your loan request gets approved. Therefore, this process can take less than four weeks or more than six months. To predict how long this process will take, you need to know the length of time each house-buying step will take. There are several details on these steps and how long each step takes.
Finding a Real Estate Agent
When buying a home, working with a real estate agent can offer you many benefits. For instance, you will get the most out of your money with such an agent. The agent will also help you save the time you would have otherwise spent looking for a home to buy.
To experience these benefits, you have to work with a well-reputed real estate agent. That is why the first step you need to take when buying a home is finding a good real estate agent. That may take you one to two weeks. To ensure that you do not waste too much time when looking for a realtor, seek help from friends and family members who have bought houses in the recent past.
Getting Pre-Approved for a Loan
Mortgage pre-approval will help you know whether you are eligible for a mortgage or not. You will need to offer your lender several documents for them to check whether you qualify for a loan or not. These documents include pay stubs, credit information, and tax return documents. Your partner will also need to give out these documents if you are buying the house together.
The loan pre-approval process can take anywhere between five days to two weeks. To hasten the process, you should seek help from your real estate agent. The realtor will help you choose the lending companies with the best loan rates.
List Down Your Needs and Start Checking Out the Available Homes
Before buying a home, you need to think about your needs. For instance, think about the size of your family and figure out the size and type of a house that will be enough for your family. You also need to think about your budget. After doing this, start checking the available homes to confirm whether there are any available homes that match your needs. If there are, request your agent to set up a time to visit them. If there are not, you should wait. Depending on whether your dream home is available on the market or not, this process can take anywhere between one week and four months.
Making an Offer, Getting Your Mortgage Approved, Waiting for an Appraisal
After finding your dream home, you will need to make an offer with the help of your real estate agent. The home seller may accept or reject your offer. Depending on how the home seller reacts, this process may take three and five days. After settling on the home price, you and your realtor should gather the necessary documents and finish the loan underwriting process. That is popularly known as the house closing process.
How long to close after conditional approval? It will depend on how long it will take to conduct an appraisal and a home inspection. However, it is expected to take anywhere between thirty days and fifty days.
You need to know how long it will take to purchase a home, especially if you are a first-time home-buyer. To know it, you need to find out how long it will take you to find a good realtor. You also need to know how long you will need to wait before your loan request is approved.