8-Step Process to Successfully Buy Your First Home 🏡

Introduction

• Presenter: Shaheeda Hill
• Goal: Guide you through an 8-step process to confidently buy your first home.

Step 1: Meet with a Real Estate Agent

• Recommendation: Hire a local realtor familiar with the community.
• Benefits: Knowledge of the local market and can recommend lenders and vendors.
• Action: Have a consultation and watch Shaheeda's video on hiring/firing a realtor.

Step 2: Get Organized

• Documents Needed:
  • Tax returns (last 2 years)
  • W2 forms (last 2 years)
  • Recent check stubs (30 to 60 days)
  • Bank statements (60 days)
• Tips:
  • Collect documents electronically.
  • Create a folder for easy access.
• Check: Eligibility for down payment assistance programs (refer to Shaheeda's playlist).

Step 3: Apply for a Mortgage

• Apply with Three Lenders:
  • Realtor's recommendation
  • Current bank or credit union
  • Mortgage broker
  • Online bank
• Pre-Approval: Aim for a pre-approval and consider budgeting 10% less than maximum approved amount.
• Mortgage Types: Conventional, FHA, USDA, and VA loans (refer to playlists for details).

Step 4: Start House Shopping

• Find: Best neighborhood within your budget.
• Communicate: Understand the market type (seller’s, buyer’s, balanced).
• Resource: Questions for your real estate agent (watch Shaheeda's video).

Step 5: Make an Offer

• Offer Process: Submit offer > Seller responds (accept/counter/ignore).
• Agent Role: Helps with negotiations and getting the offer accepted.

Step 6: Binding Contract

• Contract Signed: Both parties sign, making it a binding contract.

Step 7: Escrow Period

• Due Diligence:
  • Time for inspections and neighborhood research.
  • Possible to terminate the contract or negotiate repairs.
• Appraisal: Independent appraiser ensures house value matches the loan amount.
• Underwriting: Lender verifies financial details and job status.

Step 8: Closing

• Location: Closing attorney's office or title company (depending on state requirements).
• Process: Signing documents for loan acceptance, title transfer from seller to buyer.
• Outcome: Smooth closing if all prior steps are completed correctly. Watch Shaheeda's closing video for more details.

Conclusion

• Bonus: Download full checklist for the home buying process.
• Call to Action: Like and subscribe for more videos.
• Congrats: On purchasing your first home! 🎉