Steps in Buying a Home
About this video
In this episode, we discuss the first time home buying process and how to be prepared and ready to make an offer on your first home.
Key takeaways
- Step 1: get pre-approved. Compare more than one lender; multiple mortgage credit checks within a short window usually count as one inquiry and have little effect on your score. Check lender reviews.
- Step 2: sit down with your agent to set expectations and walk through the process before touring.
- Step 3: narrow your search area. The metro stretches from Faribault to Blaine and Waconia to Hudson, so start with where you work and how far you're willing to commute, especially in snow.
- Step 4: write a strong offer. What makes it stand out depends on the home, its time on market and competing offers.
- Step 5: once accepted, the lender orders the appraisal and you schedule inspections. If the inspection finds problems, you can negotiate repairs or cancel within the inspection period.
- Step 6: close, usually at the title company's office, where paperwork changes can be handled on the spot.
Questions this video answers
What are the steps to buying a house in Minnesota?
Get pre-approved, meet with your agent, narrow your search area, write an offer, complete the appraisal and inspection after acceptance, and close at the title company.
Does getting pre-approved by several lenders hurt my credit?
Only slightly. Mortgage credit checks within a short window are generally treated as one inquiry, so comparing lenders is worth it.
Read more: Buy a home · Commute times
Notes written by Huerkamp Home Group from this video. Figures are as stated in the video on November 7, 2022; check the current numbers in our market reports.
