The Amount of Time Needed to Buy a House.
Statistics show that 32 percent of the US population are planning to purchase a home in the next 5 years. You may be in this category. For first-time house buyers, there are a lot of questions. The biggest issue for you might be the time it will take to complete the process. Nonetheless, you can actually learn about this process in advance so that you can be confident when you get down to purchasing the home.
Given the number of factors to be considered when buying a home, you may not get a definite answer in matters to do on how fast a home buying process will be. Note that it can be four months or even up to size months for the process to be done. When you have six months to go in buying a house you should start getting the credit reports early. Clear any debts you may be having because this allows you to know your current financial standing to the point where you can know exactly how much money can be invested in purchasing a home.
Four to five months before the purchase you ought to start looking for a house. You can start the search online. Real estate experts also suggest this to be the best time to go for open houses. When it is 2 or 3 months to go until you close the deal you should get the home loan pre-approved if this is how you plan to finance the purchase. The pre-approval letter can be used for up to 90 days. It is also the time you should get a real estate agent involved.
In a month or two to the actual purchase you can go ahead and start making offers. Just because you have made an offer does not mean the seller will accept it and sending many of them will increase your chances. When the offer you made on a particular house is accepted, it will be the time for you to schedule an inspection. Also, you need to purchase a homeowners insurance at this point. Another thing you should bear in mind is the closing day. The closing does not take a long time and by the end of it you will have the keys to the house and you can move in any time you want.
Under ideal circumstances, everything will follow the lineup outlined above. Sadly, this is not what is likely to happen for most people. Sometimes the process can take a long or short duration. Expensive purchases can affect the duration the deal is done. If you add expensive furniture vehicles or a vehicle in the mix the home loan processing will take a while. These kinds of purchases will affect the credit rating.