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Steps for Buying a Home
Life as a Homeowner






 
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Module 4
Steps for Buying a Home
Shopping for a Home
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Out-of-Pocket Costs

Up-Front Costs When You Make an OfferThere are several up-front costs you must be able to cover when you make an offer. The earnest money deposit you provide is a personal check that is submitted along with the contract offer and will show up as a credit to you at closing. When you make your formal application for the loan, the lender collects money for an appraisal, credit report and sometimes an application fee. Generally within the first two weeks after your purchase offer is accepted, you must also pay for the home inspection (and any other special inspections ordered). Your homeowner’s insurance policy must be paid for a few days prior to closing. All other closing costs plus the agreed-upon down payment are paid at closing. Talk to your real estate agent about other up-front costs that typically may be required in your specific region.

Helpful Links

Sites with More Information:To learn more about the first steps in shopping for a home, visit the following sites:

American Society of Home Inspectors: Homebuyers/Sellers
Asian Real Estate Association of America
Fannie Mae's HomePath
HUD's Buying a Home
National Association of Hispanic Real Estate Professionals
National Association of Real Estate Brokers
National Association of REALTORS®
National Foundation for Credit Counseling

These helpful links are also available in the Resources area.

Next Step
After the seller has accepted your purchase offer, you will meet again with your lender to finalize your loan application and settle on the exact terms of the home loan. To review this process, continue to Getting the Loan.


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