Once a seller accepts your offer, the closing process will begin. Keep things running smoothly by knowing what to expect when closing on a house. The average closing process takes 41 days, which gives you plenty of time to tackle closing items.(5) A real estate agent will schedule the remaining steps, from home inspection to final walkthrough, and keep you informed about any road blocks.
A preapproval is based on our preliminary review of information provided and limited credit information only and is not a commitment to lend. We will be able to offer a loan commitment upon verification of application information, satisfying all underwriting requirements and conditions, and property acceptability and eligibility, including appraisal and title report. Preapprovals are subject to change or cancellation if a requested loan no longer meets applicable regulatory requirements. Preapprovals are not available on all products. See a home mortgage consultant for details.

2) Figure out how much home you can afford. Remember, just because the mortgage company will loan you the money doesn't mean you should take it. There are rules of thumb like not spending more than 28% of your income on mortgage payments, but every person's situation is different. Two people may have the same income, but one may need to save more for retirement or choose to make large private school tuition payments for their kids. Take a look at your current saving and spending needs to see how much you can realistically afford to pay each month and don't forget to leave some room for the potential "hidden expenses" of home ownership like utility bills, HOA fees if applicable, repairs and maintenance.


Once the offer has been approved, the buyer will need to secure the mortgage. This is done by complete the mortgage application. If a person has not been pre-approved or pre-qualified, it will likely take longer to complete this process. Ideally, a buyer should "shop around" for the best rates and terms. Most buyers choose fixed rates rather than adjustable rates.
When it’s over—which could take a few hours, so plan on taking the day off from work—you’re a homeowner. Depending on your agreement, you might get the keys and be able to move in that day. Certain counties won't let you move in until the title's been recorded with the local government, which can take a few days, but your Realtor should know that law and brief you beforehand, if that's the case.

No one loves shelling out money for unexpected expenses, but sometimes that seems like a rite of passage in homeownership. “Most of the time, the unhappy surprises are simply due to people being unaware of the things that can crop up,” says Brad Hunter, chief economist for HomeAdvisor. First-time homebuyers in particular may not know what to expect after closing on a home, and there’s nothing worse than developing buyer’s remorse about one of the largest investments you’ll ever make. Here are eight headaches to prepare for if you’re looking to purchase a house.
Although it may not always be feasible if you live in an expensive real estate market, try to keep your total housing payment under 30 percent of your gross monthly income. When you spend much more than that on your mortgage, you risk becoming “house poor” — you might live in a beautiful home but find it difficult to save or even cover other monthly expenses.
Closing is a formal process where all parties sign the necessary paperwork to complete the transaction and transfer the property’s title from the seller to you. The seller receives payment for the home, and you receive the house keys! From the amount credited to the seller, the title representative subtracts the funds to pay off the existing mortgage and other transaction costs. Deeds, loan papers and other documents are prepared, signed, and ultimately filed with local property record office.
Next, consider how long the home has been on the market, and how incentivized the homeowner is to sell. For example, if the seller is living in a transition home while waiting to sell, you may have a better chance of getting the seller to accept a discounted offer. But if he's casually putting the home on the market to see how much he can net, the seller may be more apt to wait for the perfect price.

Before you start looking for a house, you need to have a prequalification letter in hand. This letter is basically proof that a lender will loan you a certain amount of money. This is your ticket to putting an offer on a house. People with excellent credit scores, can have their pick of lenders and the most competitive rates. If your score is somewhere in the middle, you might have to spend more time shopping around to get the lowest rate.
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