Are you looking at buying a new property, but worried about how long the process will take? Searching for a new home can be scary when you don’t know much about buying a house. 44% of buyers felt nervous throughout the house buying process.
When you have found your dream home it can be frustrating not knowing how long it will be before you can move in. So how long does it take to buy a new home? Here is our guide on the home buying process.
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How Long Does It Take to Buy a Home?
There is no definite answer as the home buying process varies from person to person. Buying a house can be very time-consuming if you don’t prepare in advance. Here are some of the best home-buying tips to ensure it’s as speedy as it can be.
Assess Your Finances
A lender will be looking at you to see if you are a good financial risk and that you can pay your mortgage payments on time.
CFheck what your current credit score is before going to a mortgage lender. This will give you an idea of the types of offers you will receive including interest rates and fees. Make sure your finances are in order at least 6 months before you start searching for mortgage estimates.
You’ll also want to make sure you have some money saved for a down payment.
Getting Pre-Approved
Once you have your finances in order, you can look for a mortgage lender. Getting pre-approved for your mortgage is one of the best ways to keep your home buying timeline short. This will show that you are serious about buying a house and also give you an indication of what your budget is.
It can take up to 7 business days to receive your estimate from the mortgage lender. Make sure you shop around and gather three estimates from mortgage lenders. The sooner you select a mortgage lender, the better.
Find a Property
Once you have been approved by your mortgage lender and worked out your budget, you can start looking for a property. You can attend open houses and work with estate agents for as long as you like. Research the best time to buy a house so you can get the best out of your budget.
Check out Idaholegacy.com and other reputable agents who can help you find the perfect property. This can take weeks or months depending on what you are searching for.
Making An Offer and Sign Contracts
You may be happy with the asking price or you might want to negotiate. If you offer the asking price and it is accepted straight away then you can get to signing contracts and moving forward. This can take as little time as one week. Make sure that you respond quickly when negotiating the price.
Once you agree on a final price, you can close the deal and sign the contracts. Most lenders will need at least 45 days to finalize a mortgage. During this time you can order a home inspection to be conducted to make sure it meets the lender’s requirements.
Once everything has been approved and signed, you can make plans to move into your new home!
Fast Track Your Way to Buying a House
So, how long does it take to buy a home? The answer depends on how prepared you are for the home buying process. Make sure your finances are in order and that you shop around for lenders and agents before buying a house.
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