A real estate agent guides you through the entire home buying process, from finding the right property to negotiating the best deal. They provide valuable market insights, handle the paperwork, and advocate for your best interests, making the process smoother and less stressful.

Common mistakes include not getting pre-approved, underestimating the total costs of homeownership, and skipping the home inspection. Avoiding these pitfalls can save you time, money, and stress.

The process generally starts with getting pre-approved for a mortgage, choosing a real estate agent, and searching for homes. Once you find the right home, you’ll make an offer, get a home inspection, secure financing, and finally close on the home.

The process can take anywhere from a few weeks to several months, depending on factors like the local market, the availability of homes, and how quickly you can secure financing. On average, expect the process to take around 30 to 60 days from the time your offer is accepted.

Pre-qualification is an initial estimate of how much you can borrow based on self-reported information. Pre-approval is a more detailed evaluation by a lender that includes a credit check and verification of your financial information, giving you a more accurate borrowing amount.

The amount you can afford depends on your income, debts, credit score, and how much you can put down as a down payment. A mortgage pre-approval can give you a clear picture of your budget and help you understand what monthly payments you’re comfortable with.

The standard down payment is 20% of the home’s purchase price, but there are programs available that allow you to put down as little as 3%. Your down payment amount can affect your mortgage terms, so it’s important to explore your options.

Closing costs typically range from 2% to 5% of the home’s purchase price and can include fees for the appraisal, home inspection, title insurance, and loan origination. It’s a good idea to budget for these expenses early on in the buying process.

During a home inspection, look for any signs of major issues like structural problems, plumbing leaks, or electrical hazards. The inspector’s report will highlight any areas of concern, helping you decide whether to proceed with the purchase or negotiate repairs.

A contingency is a condition that must be met for the sale to proceed, such as securing financing or the home passing inspection. Contingencies protect buyers but can also affect how competitive your offer is in a hot market.