This is one of the most often asked questions from buyers. The problem is, there is no simple answer. Everyone’s journey is different.
Getting Your Finances in Order
Before you even visit your first property in person, you might need to spend time examining your credit profile or saving money in order to qualify for a home loan. Checking your credit scores before you begin your home search can help you determine if you need more time to build your credit. (There are various services that allow you to check your credit scores for free, including Credit.com.)
The minimum down payment amount for a conventional loan is 3%. FHA is 3.5%. Scraping together enough cash to simply meet those minimum requirements can take considerable time, especially for first-time buyers.
Finding the Right Home
Last year, homebuyers typically looked at 10 homes over 12 weeks before getting under contract, according to the National Association of Realtors.
But there are always exceptions. You can tour 10 homes over 10 weeks. You can buy the first home you see. I have some buyers I have been working with for nearly a year, just waiting for the right property to come on the market.
Most buyers, especially first-time buyers, have to learn to balance wants and needs with the realities of their housing market and what they can afford. That’s not always an easy — or quick — lesson to learn.
Contract to Closing
When most people ask how long the buying process takes, they are referring to the time frame from which their contract is accepted to the date they close. For lenders, the homebuying clock starts once your offer is accepted and they receive the contract.
In addition to examining the credit-worthiness of the purchaser, the lender will require an appraisal to be performed on the property.
The current typical time frame from the time we have a binding agreement to closing day is 30- to 45 days.
Borrowers can help speed the loan process along by having all financial documents accessible and providing them to the underwriter as soon as they’re requested.
For more information on the buying process, or to get started finding your dream home, contact Blair today! 404.697.4559 or Blair(at)BlairSells(dotted)com.