{"id":220,"date":"2021-07-21T20:11:45","date_gmt":"2021-07-21T20:11:45","guid":{"rendered":"https:\/\/www.realtyhop.com\/mortgage-center\/?p=220"},"modified":"2023-07-22T13:38:14","modified_gmt":"2023-07-22T17:38:14","slug":"homebuying-process","status":"publish","type":"post","link":"https:\/\/www.realtyhop.com\/mortgage-center\/homebuying-process\/","title":{"rendered":"How Long Does It Take to Buy a House?"},"content":{"rendered":"

So, you\u2019re thinking about buying your first home. If you\u2019re like most people, you\u2019re probably discouraged with thoughts of the roof caving in after you move in. You also probably think it\u2019s just straight-up impossible since you don\u2019t have enough cash for a 20% down payment<\/a> plus all the closing costs<\/a>. We could go on and on with the potential downsides people come up with as a reason not to become a homeowner.<\/p>\n

We\u2019re here to tell you that purchasing and owning a home isn\u2019t all that complicated or scary if you do it the right way. For example, did you know that most first-time homebuyers use a program that allows them to put just 3.5% down? This article will detail step-by-step everything that you need to do to get the home of your dreams, as well as how long you can expect each step to take.<\/p>\n

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Photo by\u00a0David McBee<\/a><\/strong>\u00a0from\u00a0Pexels<\/a><\/strong><\/div>\n

1. Get pre-approved for a mortgage (1-3 days)<\/h2>\n

When you think of buying a home, who do you think you should contact first? Most people would say a real estate agent. They are the ones who will be browsing through listings with you and showing you properties, right? A smart homebuyer, however, should talk to a mortgage loan officer first. Let us explain why.<\/p>\n

Getting pre-approved for a mortgage is key to a smooth homebuying process. A pre-approval letter from a lender is instrumental \u2013 it shows the sellers and your real estate agent that you are serious about buying. It also gives you a better idea of how much home you can afford. Now, you might ask, \u201cwhat exactly goes into the pre-approval process?\u201d<\/p>\n

Getting Pre-Approved<\/h3>\n

There are quite a few key factors that go into whether you will be approved or not and, if you are approved, the interest rate and terms you will receive. Let\u2019s break them down.<\/p>\n