Phase 1: Preparation (Steps 1-10)
Timeline: 2-4 weeks before house hunting
Check Your Credit Score
Get free reports from AnnualCreditReport.com. You need 620+ for conventional, 580+ for FHA.
Review Credit Reports for Errors
Dispute any errors—they can take 30+ days to fix.
Calculate Your Budget
Use the 28/36 rule: housing ≤28% of income, total debt ≤36%.
Save for Down Payment
Conventional: 3-20%, FHA: 3.5%, VA/USDA: 0%.
Save for Closing Costs
Budget 2-5% of loan amount ($8K-$20K on $400K loan).
Build Emergency Fund
Keep 3-6 months of expenses AFTER closing.
Gather Financial Documents
W-2s, tax returns, pay stubs, bank statements (2 years).
Get Pre-Approved by Multiple Lenders
Compare 3-5 lenders to find the best rate.
→ Compare rates from 300+ lendersResearch Loan Types
Compare FHA, conventional, VA, USDA based on your situation.
Determine Your Must-Haves vs Nice-to-Haves
Make a list to guide your home search.
Phase 2: House Hunting (Steps 11-20)
Timeline: 2-8 weeks (varies by market)
Hire a Buyer's Agent
Interview 2-3 agents. They're free for buyers (seller pays commission).
Define Your Search Criteria
Location, size, bedrooms, bathrooms, yard, garage, etc.
Research Neighborhoods
Schools, crime rates, commute times, future development.
Set Up Listing Alerts
Get notified immediately when matching homes hit the market.
Attend Open Houses
See 10-15 homes to understand the market and your preferences.
Schedule Private Showings
For homes you're seriously interested in.
Take Notes and Photos
Document pros/cons of each home—they blur together.
Research Comparable Sales
Know what similar homes sold for recently.
Check HOA Rules and Fees
Some HOAs have strict rules and high fees.
Narrow Down to Top 3 Choices
Revisit your favorites before making an offer.
Phase 3: Making an Offer (Steps 21-27)
Timeline: 1-7 days
Determine Your Offer Price
Based on comps, market conditions, and your budget.
Decide on Contingencies
Financing, inspection, appraisal. Waiving is risky but competitive.
Write Your Offer Letter
Include price, earnest money, contingencies, closing date.
Submit Earnest Money Amount
Typically 1-3% of purchase price. Shows you're serious.
Submit Your Offer
Your agent will present it to the seller's agent.
Negotiate Counter-Offers
Be prepared for back-and-forth on price and terms.
Sign the Purchase Agreement
Once accepted, you're under contract!
đź“‹ Halfway There!
If you haven't gotten pre-approved yet, now is the time. You'll need it to make a strong offer.
Get Pre-Approved Now →Phase 4: Under Contract (Steps 28-37)
Timeline: 30-45 days
Deposit Earnest Money
Usually due within 3 days of acceptance.
Finalize Your Lender Choice
Lock in your rate and start the formal application.
Schedule Home Inspection
Do this ASAP—you have limited time to negotiate repairs.
Attend the Inspection
Be there to ask questions and see issues firsthand.
Review Inspection Report
Decide what repairs to request or credits to negotiate.
Negotiate Repairs or Credits
Seller may fix issues, give credits, or refuse.
Order Appraisal
Lender orders this to verify home value.
Review Appraisal Results
If low, you may need to renegotiate or pay the difference.
Get Homeowners Insurance Quotes
Required before closing. Shop around for best rates.
Complete Underwriting
Respond quickly to any lender requests for documents.
Phase 5: Closing (Steps 38-44)
Timeline: Final 1-3 days
Review Closing Disclosure
Compare to Loan Estimate. You get this 3 days before closing.
Wire Closing Funds
VERIFY wire instructions by phone—wire fraud is common!
Do Final Walk-Through
Check that repairs were made and home is in agreed condition.
Bring Required Documents to Closing
ID, proof of insurance, certified check if needed.
Sign Closing Documents
Lots of paperwork! Take your time and ask questions.
Pay Closing Costs
Typically wired before or brought as certified check.
Get Your Keys!
Congratulations—you're a homeowner!
Phase 6: After Closing (Steps 45-47)
Timeline: First 30 days of ownership
Change Locks
You don't know who has copies of the old keys.
Set Up Utilities
Transfer electric, gas, water, internet to your name.
Update Your Address
USPS, DMV, banks, subscriptions, employer, etc.
🏠Ready to Start Your Journey?
Step 1 is getting pre-approved. Compare rates from multiple lenders to find the best deal.
Compare Rates & Get Pre-Approved →Free • No SSN required • 2 minutes
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Sarah Mitchell
Senior Mortgage Analyst • 12+ Years Experience
Sarah has guided over 5,000 first-time buyers through the home buying process. This checklist is based on her real-world experience.