{"id":369072,"date":"2016-04-04T10:47:11","date_gmt":"2016-04-04T15:47:11","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/realestate\/buying-a-home\/home-buying-guide.html"},"modified":"2023-11-30T15:44:05","modified_gmt":"2023-11-30T20:44:05","slug":"home-buying-guide","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/realestate\/buying-a-home\/home-buying-guide.html","title":{"rendered":"Home Buying Guide"},"content":{"rendered":"\n
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Home Buying Guide<\/h1>\n
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\n By Melissa McCall, J.D.<\/a> | Legally reviewed by Katrina Wilson, Esq.<\/a>\n | Last reviewed\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Buying a home is often daunting, especially if you are a first-time home buyer. Home buyers must navigate searching for, financing, and closing on a new house. They must also hire attorneys, real estate agents, and home inspectors, to name a few real estate professionals. This guide can help home buyers through much of this process.<\/p>\r\n

This FindLaw article explores introductory aspects of the home-buying process. It also offers more resources for buying a home.<\/p>\r\n

Are You Ready to Buy a Home?<\/h2>\r\n

The home-buying process starts long before hiring a real estate agent. The first step in buying a new home is determining how much home you can afford. The answer to this question will help shape your house-hunting experience.<\/p>\r\n

There are many ways to determine how much you can spend on a house, including using a mortgage calculator. A loan preapproval or prequalification is a strong option. Prequalification and preapproval are two tools lenders use to help buyers. Getting pre-approved for a mortgage loan shows homeowners and real estate agents that you are serious about buying a home.<\/p>\r\n

This part of the process should take a few weeks.<\/p>\r\n

Preapproval vs. Prequalification<\/h3>\r\n

A prequalification gives you an estimate of how much you can afford to spend on a home. Lenders may ask for some financial information, but don’t delve too deeply into your finances. A mortgage preapproval requires a more extensive look at your finances. Lenders will review the following before offering you a pre-approval letter:<\/p>\r\n