The Homebuyer Checklist: 10 Steps to Buy Your Home with Confidence

 In The Closing Process, Title Insurance

10 Steps to Buy Your Home with Confidence

Buying a home is an exciting time, but it can sometimes be confusing or even frustrating to finalize the transaction. The safe and efficient transfer of real estate involves a number of steps.  This homebuyer checklist will help you buy your home with confidence.

  1. Determine your budget – A down payment of less than 20% usually requires private mortgage insurance. Take into consideration that closing costs amount to around 5% of the home’s value (i.e. $10,000 for a $200,000 home).
  2. Select your lender – Provide financial details to your lender. Save time by getting pre-approved for your mortgage rate and amount.
  3. Find your home – Discover homes in your desired location by working with a real estate agent or by using free mobile apps like Zillow, Redfin or Realtor.com
  4. Secure your offer – Identify the right home for the right price with help from your real estate agent, and submit an offer. If the offer is accepted, you are ready to begin the closing process.
  5. Select your title insurance company and closing agent – Your title professional examines land records to ensure the seller can transfer title to the new owner. A closing agent is a neutral party who communicates with the seller, buyer, and lender to coordinate transfer of all documents and disburse funds.
  6. Get title insurance for peace of mind – Owner’s title insurance protects your property rights.  Remember, lender’s title insurance only protects your bank’s financial investment.
  7. Review closing documents – By law, you must be provided a five-page Closing Disclosure three business days prior to closing. The Closing Disclosure contains the actual terms and costs of your transaction.
  8. Sign closing documents and transfer funds –  Everything is in order, so it’s time to close on your home!
  9. Buy with confidence at closing – You sign the remaining legal documents on closing day. Receive your keys and peace of mind!
  10. Receive your owner’s title insurance policy –  Don’t forget to check the mail!

Now that you are all settled into your new home, don’t forget to check the mail for your owner’s title insurance policy. It’s your written record that your property is protected.

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