How Long Does It Take To Buy A House?
You’ve made the big decision to buy a house. Awesome! But now that you’ve made that decision, how long does it take to buy a house? It can be especially important if you are trying to time it with the end of a lease or any other time sensitive situation. Although the time line of buying a home can fluctuate, there is a general schedule that all home purchases follow. Depending on where you are located, a minimum home purchase can take anywhere from 30 days to four months.
The first step in the home buying process is getting pre-approved for a mortgage. Before you start shopping for your dream home you need to know what your budget is going to be. The lender will require numerous documents and an application to get you pre-approved. This may take some time for you to get together depending on how organized you are. Furthermore, if there are any issues, such as a low credit score, your lender can work with you to get you where you need to be. Once you are pre-approved, you will receive a pre-approval letter. The letter gives you an edge when making an offer on a home; it shows a seller that you are serious and that a bank has already pre-approved lending you a certain amount of money. Some lenders will even tailor your pre-approval letter for the home you are making an offer on.
Now that you know how much you can afford to spend, it’s time to go shopping! First, you can start by checking out open houses, this allows you to drive around and check out different neighborhoods. The next step is hiring a real estate agent who can set up appointments for you to view homes. They also can stay on top of new homes that come on the market that meet your search criteria. This part of the process can take awhile as you search for the perfect fit.
You’ve found the right home, so now what? Once you make an offer on a house, there may be some negotiating, and then ideally you’ll be under contract to buy that home! Depending on the type of loan you have and where you’re located, the earliest you’ll probably be able to close will be in 30 to 45 days, but it can be longer. During this time period, there will be a home inspection and an appraisal to make sure the property is worth what the sales price is.
While the home buying process may take a long time, it ensures that you the home buyer are ready and satisfied when you go to closing. So if you are starting to think of buying a home this year, a good first step is to talk to a realtor. They can recommend lenders for you to speak with and start assisting you in looking for a home. Questions or concerns? Contact us today! And remember, with us, advice is always free. Reach us at [email protected]