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If you've just decided to buy a home, congratulations! This

is such an exciting -- and sometimes stressful -- time of life.

But if you know what you're doing and prepare yourself for

each step along the way, you'll do just fine. It's imperative

that you find the right mortgage loan and lender to get the

best deal on your potential new home. It's also crucial that

you get pre-qualified for your mortgage loan, led by an

experienced lender who can guide you through this

process. Here is a step-by-step guide on buying a home.

The Home Buying Process

Sit down with your spouse, partner or friend to figure out

how much you are able to spend on the home you will be

buying together. This will depend largely on your income,

credit rating, current monthly expenses, down payment and

interest rate, according to the U.S. Department of Housing

and Development (HUD). In addition, know your rights as a

home buyer before you start your search. HUD has a good

resource here.

Know What you Can Afford

At this time, you can choose the perfect mortgage lender to

help you finance your new home -- one that you feel

confident in. You'll find that there is a wide spectrum of loan

programs that are competitively priced and that work best

for you. Keep an eye out for superior customer service and

reputation for experience and dedication within the industry.

Your mortgage lender should be able to help you determine

which plan is best, whether you want to put as little money

down as possible, or you have a big down payment and

want as low an interest rate as possible with little to no

points. Getting assistance on this matter is crucial, as your

mortgage lender is an expert in guiding buyers through this

important phase of the home buying process. Find the right

mortgage loan/lender to get the best deal on your new

home.

Select a Mortgage Lender

This is an important first step because it will show

prospective sellers that you are serious about buying a

house and that you are approved by a lender to spend XXX

amount of dollars. If you look at houses blind without a pre-

qualification, you could miss the boat and be at a

disadvantage when it comes time to put in an offerIt's not

as hard as you think to get pre-qualified. Usually, it takes

just a few minutes!

Get Pre-Qualified

You can find the best agent in your area through word of

mouth and good old fashioned research online and on the

phone. A good agent will have a respectable track record

and be known for providing helpful assistance for buyers in

your price range. Don't go it alone: using a real estate

agent means you get access to inside information that the

public does not. You may find out about a home that's going

up for sale before it's posted publicly, for example.

Pair up with a Reputable Real Estate Agent

This is the fun part. Start touring homes within your price

range. This is where you agent comes in handy. He or she

can advise you of several homes within your desired area

that are listed within your budgetary constraints. Keep a

mindful eye when touring these homes and be on the

lookout for anything alarming. Make sure the plumbing

works well with strong water pressure, make sure there are

no water stains, test out the electrical system, open and

close all windows and doors, take note of the

neighborhood, notice what the traffic patterns are and see if

the home is located close to things that are important to

you, such as schools, parks and restaurants. During the

home inspection, the inspector will check for more in-depth

problems, such as possible foundation cracks, the presence

of radon or asbestos, etc. But for now, you can check the

surface issues just to be sure.

Check out Houses

So you've settled on a house and are ready to move

forward with the home buying process. Schedule a home

inspection (usually your agent will be able to set this up) of

the house and property. The inspector will walk through the

property with a checklist looking for any structural damage,

water damage, foundational cracks, or anything that should

be fixed before you purchase the home, such as the

heating system or installation of a radon mitigation system.

If the seller refuses to fix the suggested problems, you can

withdraw your offer and start a new search elsewhere, or

ask for a reduction in price. You will receive a detailed

report after the inspection, stating all the findings.

Obtain a Home Inspection

Finally, it's time to have the home appraised, gather and

sign all paperwork, and close the sale. Don't be intimidated

by all the paperwork you have to sign. This is an exciting

time in your life so enjoy it!

Last Steps