How Long Will it Take to Buy Your First Home?

Usually, once you are ready to buy your first home, there are many emotions running through your head, with one of the most prevalent emotions being excitement. You want everything to happen quickly and if it does not, you start to get worried. While this is completely normal, you have to have some patience about you if you want to make it through the process. Here are some guidelines to help you realize how long it will take to buy your first home.

Pre-Approval

If you want to have the easiest time buying your first house, you should look into getting pre-approved for your mortgage. When you do this, it allows you to get everything in order before you start shopping. This way, you know exactly how much you can afford to buy and approximately how much everything will cost. This part of the process depends greatly on what lender you work with. However, on average, you can get this done in less than a week. They are not officially approving the loan, but they are pre-approving it based on your credit and income.

House Shopping

The next step in the process is to go out and find the house that you want. This one is completely up to you. You could take months to do this part of the process or you could find one your first day. There is no accurate way to predict this. However, it is usually in your best interest if you take your time on this step. Many first time home buyers rush into a decision before they are ready. They fall in love with the first house that they see because it is better than what they are used to. Then they rush into a decision and regret it later. While you are excited to get in and get your first home, do not sacrifice the house that you really want just to get one quickly.

Buying

Once you find the house that you want, you can make an offer on it and get the process started. The owner of the house will typically respond to the offer within one to three days. From there, you can agree upon a closing date. The amount of time between an offer acceptance and closing varies, but it can be anywhere from two weeks to a month. You will then need to contact your lender and the agency that will handle the closing. 

The closing itself usually goes by quickly once the date arrives. They will set an appointment for you, the seller, and the real estate agents to all be present. You will go over some documents, sign several of them and before you know it, your house purchase is complete. This part of the process lasts about an hour or less in most cases. Overall, once you have a home, it will take approximately 30 to 60 days to close the loan.