9-step guide to financing your first home

1. Whip Your Credit Score Into Shape

"A strong credit score is crucial to securing a low interest rate on your mortgage."

2. Save for a Down Payment

"Saving for a down payment while also paying off debts is challenging, but if you want to be a homebuyer, you’ll need to do both."

3. Figure Out Your Price Range

"The golden rule: Never set your sights on a house that you could afford — but that will cause you to make other sacrifices you’re not jazzed about, like cutting vacations or ruling out education."

4. Get Preapproved for a Mortgage

"Before shopping for houses, you should shop for a lender. You can compare mortgage rates online and interview prospective lenders to find the best deal."

5. Hire a Real Estate Agent

"The beauty of the homebuying process is that the seller will typically pay your real estate agent fees, so hiring an agent doesn’t cost you a thing, though some sellers may lower the price slightly if you purchase without an agent."

6. Shop for Your Dream Home

"This is the most exciting step. Now you can actually set foot inside of homes and envision your life inside them. Visit open houses and go on private tours with your real estate agent, but also research houses on your own on sites like Zillow and Trulia."

7. Make an Offer They Can’t Refuse

"Once you have found a house that fits your needs and is within your budget, you and your real estate agent will submit an offer. Be prepared to negotiate the purchase price, especially if you envision needing to do some remodeling."

8. Get a Home Appraisal and Home Inspection

"Your lender will typically coordinate the home appraisal to determine what the house is worth. If the house is valued at less than what you offered to buy it, the contract will likely need to be revised, because it is not a good investment for the lender."

9. Close on Your New Home

"A few days before you officially close, you should do a final walk-through of the house to ensure everything is as you expected. Check that all agreed-upon repairs were made, and if the contract specified that certain appliances would be left behind, like the washer and dryer, verify that those are still present."

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site: https://www.thepennyhoarder.com/home-buying/how-to-buy-a-house/