Buy a Home Checklist | Freedom Mortgage

Buy a Home Checklist

Save money. Make sure you have enough money for a down payment, closing costs, and other expenses.
Review your credit report. Know your credit score, and make sure that your credit reports are accurate. You can get a free annual credit report through AnnualCreditReport.com.
Research neighborhoods. Check out communities where you may want to buy your new home.
Make a wish list. Compile a list of features you want, including type of home, its age and condition, the number of bedrooms and bathrooms, a yard, a garage, local schools, commuting distance, public transportation, shopping, community safety, and more.
Get prequalified. Prequalification can help you estimate the price of homes you can afford. You can also get prequalified online with Freedom Mortgage.

Search online. Many homebuyers begin their search online. You can see what homes are for sale, review their features, look at photographs, and more.
Go to open houses. Visiting homes in person is a great way to decide which homes you might want to buy. These also give you the chance to conduct an initial, personal home inspection.
Work with a real estate agent. An agent can help you find homes, prepare offers, negotiate with sellers, and close. You can find experienced agents through Freedom Homes.

Choose a price. Once you find a home you want to buy, you'll need to make an offer. Choosing a purchase price is the most important part of your offer, but it's not the only one.
Consider contingencies. These are conditions that need to be met before the sale closes. You can make your offer contingent on the results of the home appraisal and title search, the house passing an inspection, and more.
Include earnest money. Your offer should include a cash deposit that shows that you are serious about buying the home. This payment is also called a “good-faith deposit.”
Provide prequalification and proof of funds letters. You can make your offer stronger by including documents that prove that you can afford to buy the home.

Complete an application. You'll need to fill out an application and submit it to us to begin the mortgage approval process.
Provide income and financial documents. You'll need to submit current copies of documents that provide information about your income, assets, debts, and credit.
Sign disclosures. To move forward with your loan application, all borrowers will need to sign the loan disclosures that we'll send to you.
Understand home appraisals and title searches. An appraisal estimates the fair market value of the home. A title search confirms that the seller is the legal owner of the house and that there are no liens against it.
Get a home inspection. An inspection looks for problems within a home's structure, its electrical, plumbing, and mechanical systems, and much more.

Close your loan. Once you've been approved for a mortgage, you'll need to attend the closing to become the owner of your new home.
Pay closing costs. Closing costs can include lender fees, discount points, taxes, and insurance. You may need to pay some of these costs in cash. You also may be able to add some of these closing costs to your mortgage amount.
Get your keys and move in. Now you're ready to move into your new home. Don't forget to include moving expenses within your homebuying budget.

New Homebuyer Checklist