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A Step-by-Step Guide to Home Buying
Resources A Step-by-Step Guide to Home Buying

It is important to know how to navigate the home buying process so you get the house you want.

Here are 6 Steps to Finding Your Perfect Home

Know Your Credit

Check for errors on your credit report and fix them before beginning your search. Your lender will look at the score to determine how likely it is that a borrower will make prompt payments on a new loan. A higher credit score means you may pay a lower interest rate and save money in interest payments.

Obtain Pre-Approval

Getting pre-approved for a mortgage is one of the most important steps. A preapproval will help you determine your price range and what you can realistically afford. In addition, when you are ready to make an offer on a home, the seller knows your offer is solid.

Determine Your Down Payment

Your down payment amount, along with your credit score, credit history, total debt and annual income will influence how much house you can qualify for. Typically you will need 5 to 20 percent of the sale price as a down payment to qualify for a mortgage loan. If you put down less than 20 percent, you will be required to obtain Private Mortgage Insurance (PMI).

Find Out Closing Costs Ahead of Time

You will want to get an estimate of your closing costs, which include fees charged by your lender and third parties related to the purchase of your home. Closing costs may range from 1.5 to 4 percent of the purchase price. Your lender is required to give you a good faith estimate (GFE) and Truth in Lending Disclosure stating the specific closing costs within three day of when you apply for a loan.

Work With a Real Estate Agent

Realtors can make house hunting easier. Choose a real estate agent you can trust. A reputable real estate agent will work hard to help you find a home because they only get paid when your home closes. And, if you find a house that’s “For Sale by Owner,” hire a trusted attorney to make sure the transaction is done properly.

Get Your Prospective Home Inspected

All offers should be contingent on a satisfactory home inspection to reveal any shortcomings before closing. Plus, it gives you an “out” to either walk away from the offer or renegotiate the price if the inspection uncovers problems.


Kelly Blassingame, Loan Officer (Main Office)

The right amount of prep work will make buying a home easier and your process go smoothly.

For a complete Homebuyer’s Guide or to learn more about home buying process,
contact an Athens Federal loan officer.