Buying one’s first home is an exciting and nerve-wracking time. It’s likely the largest purchase you’ve ever made—and the process involves a series of sometimes-complex steps. The following real estate guide will give you a better idea of what to expect.

The Real Estate Purchase Process

1. Prepare the Financials

You will need to save money for the down payment and secure financing for a loan. Lenders generally recommend saving enough to put down 15 to 20 percent of the purchase price. Look for homes that cost no more than three to five times your annual household income.

You’ll save a lot on interest if you can improve your credit score as much as possible beforehand. Everyone is entitled to one free credit report from each of the three major credit bureaus per year, so you can order one every four months to monitor it and request any mistakes fixed. Once you’re ready, visit a lender to get prequalified and preapproved for your mortgage.

2. Start Your Search

Find a qualified real estate agent who can guide you through the search. The seller pays for the buyer’s agent commission, so you will enjoy their services for free. They will help narrow down the options to find homes that fit your budget and needs. They will take you on home tours and offer advice on what to look for. Once you’ve found the perfect home, they’ll submit the offer for you and represent you in the negotiations.

3. Have Inspections Done

Once the seller has accepted your offer, you will be in escrow. This is your opportunity to have tests done on the property. Have a home inspection performed to determine its condition; you may use this report to negotiate changes in the contract. Your lender will also want the home appraised. You may also want other testing done such as termite inspections, environmental inspections, and title reports.

4. Close of Escrow

After all the inspections are done and all contingencies have been met, you will close. You will conduct a final walk-through and sign the paperwork that transfers ownership. Once the loan is funded and the check is delivered to the seller, you’ll be able to move in.

The agents at Gilbert Realty are the people to have on your side as you search for your new home in Mountain Home, AR. This team has over 35 licensed brokers and agents who specialize in areas throughout north central Arkansas and south-central Missouri. They will gladly give you insight into the Mountain Home area with free DVDs and property guides. Learn more on their website and call (870) 425-6282 to schedule a consultation.