This article is brought to you by Katie Conroy with Advicemine.com - For more information and tips visit her website at Advicemine.com

Whether this is your first time buying a home or your third time, the fact remains that it’s typically a lengthy and complicated process. But if you do a little research and planning, you can save yourself a lot of time, effort, and maybe even money. To get you started off on the right foot with your home buying experience, here is a brief description of the steps you can expect, along with tips on how to approach them:

Determine what kind of loan is best for you.

If you’re like most people, you will need a loan in order to purchase a home. Once you get pre-approved, you will know what your options are regarding mortgages, and you will need to determine which type to go with. As the name suggests, conventional mortgages are one of the most common. They are typically low-cost, and they come with a variety of down payment options. Also, you can choose either a fixed-rate or adjustable-rate conventional loan. Moreover, you don’t have to buy mortgage insurance if you pay 20% or more down.

Get pre-approved for a loan.

Getting pre-approved for a loan will show you what type of mortgage you can expect to qualify for, which will go a long way in helping you determine what kind of house you can afford. It can also prove valuable if you get in a competition with other buyers. Contact several different lenders for a pre-approval to find the right partner.

Team up with a real estate agent.

A good real estate agent will be able to help you through most of the home buying process. Beth G Homes, who is experienced and successful in the local housing market, can take a lot of the weight off your shoulders when you’re searching for a home and negotiating an offer, among other tasks.

Get your search on.

Once you’ve met with your real estate agent, you’re ready to start assessing listings in your neighborhood/s of choice. Carefully assess home sales over the last month to determine what you can expect as far as competition and general listing prices. This could mean you have your work cut out for you, but you want to make the right choice. Compile a list of homes that most interest you, and then plan for your agent to set up tours of those homes. More than likely, you will need to visit several homes before you find the right one. But who knows—maybe you will strike luck with your first visit!

Make an official offer.

Once you’ve settled on a home, it’s time to make an offer. Your agent’s expertise will prove handy here as well, as they should be able to help you formulate a realistic offer to present to the seller. Remember that this is a starting point, so don’t get discouraged if your initial offer is met with a counteroffer. Oftentimes, there are several counter offers made before an agreement happens.

Arrange and attend a home inspection.

Next, you will want to set up a home inspection so that you can have a report drafted of any necessary repairs or other concerns with the home. It’s essential that you attend the inspection because it’s a significant investment and you have the right to be present. Plus, by being there, you can learn many things about the house, including whether there are any problems with the roof, HVAC system, plumbing, electricity, and so on.

Perform a walkthrough and close on the home.

The last step will be to do a final walkthrough, which is when you visit the home to make sure any agreed-upon repairs have been satisfactorily made and that no significant changes have occurred since you made your offer. If you’re happy with the walkthrough, you’ll be on your way to closing. Your lender will provide a closing disclosure in the days leading up to your closing date. This disclosure requires careful inspection, and you want to assess all the associated fees (appraisal, loan origination, loan processing, etc.) to make sure the amounts line up with the information provided when you locked in your interest rate. Then, after you’ve received and reviewed these documents, it’s time to meet with your closing team to sign the papers.

Don’t let the complexity of the home buying process discourage you. Continue to research and learn about the process so that you will know what to expect and what to do during each step. Before you know it, you’ll be kicking back in a new home you’re excited about!

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