The Timeline to Buying a Home
Potential homebuyers often wonder just how long the home buying process takes. Home buying is very subjective and really differs depending on many factors. Therefore, I have come up with a Home Buying Q & A that can give you an idea of the time line in many areas of the home buying process.
Home Buying Q & A
How High of a Credit Score & How Much Savings is Needed – Before you even begin your home search, you need to make sure you have decent credit and some savings. The better your credit score, the better your loan options will be. Same goes for a down payment. Most loans will require a down payment. If both are not in your favor, sit back for a while and get them in order before you proceed.
Home Search, How Long Does it Take – Searching for the right home can take several weeks to several months. This will depend on your preferences and what’s available on the market. You may look at 10 homes before deciding on one or you may end up looking at 50 homes. It really comes down to personal preference on this time line.
Getting a Loan, How Long is the Loan Approval Process – Every lender is different on time lines. A mortgage lender can take much longer for approval than a bank loan. Some banks can have you ready in 10 days while mortgage lenders can take months. This also depends on how fast you get them all the required information they will need to approve you. You can speed up the process by getting the required information to them within 24 to 48 hours of their request.
Home Inspections, How Long is the Process – Every home buyer will need to get the home inspection done. This step is very important so you are not hit with unforeseen costs after all the papers have been signed. Once the inspection is done, you will have to wait on the report. The speed of this process depends on the home inspector and how many reports he has to write at the time.
Closing, How Long Does it Take – This will probably be one of the fastest parts of the home buying process. Once everything is ready to go to closing, this step will be quick. Usually within 30 minutes to 1 hour.