Confidently Buy with the Power of NPG Real Estate
Whether you're buying your first home or your next investment, NPG is here to guide you every step of the way. With expert agents, local insights, and real-time listings, your home-buying journey just got easier.
Detailed Step-by-Step Guide to Buying a House
Step 1: Check Your Finances
- Review your credit score (ideally 620+ for most loans; 740+ for best rates).
- Pay down debts if needed (credit card balances, car loans).
- Start saving for:
- Down payment (3%–20% of the home price, depending on the loan type)
- Closing costs (roughly 2%–5% of the price)
- Moving expenses
- Emergency fund (3–6 months’ expenses)
Step 2: Get Pre-Approved for a Mortgage
- Shop around and compare at least 2–3 lenders.
- Submit documents: W-2s, tax returns, pay stubs, bank statements, ID.
- Receive a Pre-Approval Letter stating your maximum approved loan amount.
- Choose loan type: FHA, Conventional, VA, USDA
Why it matters: Pre-approval shows sellers you're serious and financially ready
Step 3: Decide What You Want in a Home
- Create a "Must-Have" list (number of bedrooms, location, yard, etc.).
- Create a "Nice-to-Have" list (pool, finished basement, etc.).
- Decide on preferred neighborhoods, school districts, and commute times
Pro tip: You’ll rarely get 100% of what you want — focus on the top 3-5 priorities
Step 4: Hire a Real Estate Agent
Instead of searching on your own, partner with a knowledgeable agent who understands the local market. At NPG Real Estate, broker Masum Ahmed and his team are committed to guiding you every step of the way. We’ll help you find the right home, negotiate the best deal, and make the process smooth and stress-free.
Remember: As a buyer, your agent’s fee is usually paid by the seller.
Step 5: Start House Hunting
- Browse listings online (Zillow, Redfin, Realtor.com).
- Set up tours with your agent.
- Attend open houses
- Evaluate properties carefully: roof, foundation, layout, neighborhood.
Tip: Don’t get too emotional — this is a financial decision first.
Step 6: Make an Offer
– Review recent sales (“comps”) with your agent to choose an offer price.
– Include contingencies:
Home inspection contingency
Appraisal contingency
Financing contingency
– Decide on earnest money deposit (usually 1%–3% of the price).
– Sign and submit the offer
Tip: Be prepared for counter-offers or bidding wars, depending on the market.
Step 7: Offer Accepted → Go Under Contract
- Both sides agree to terms = you’re officially "under contract."
- Deposit your earnest money with the title company or escrow agent.
Step 8: Schedule a Home Inspection
- Hire a licensed inspector (cost: ~$300–$500).
- Attend the inspection if possible.
- Review the inspection report carefully.
- Negotiate repairs, price reductions, or even walk away if serious problems arise.
Step 9: Lender Orders an Appraisal
–The bank sends an appraiser to verify the home’s value.
–If appraisal is lower than offer price:
Renegotiate the price
Bring extra cash
Cancel the deal (depending on your contingency)
Step 10: Finalize Your Mortgage
- Lock your interest rate if you haven’t already.
- Submit any extra paperwork your lender needs.
- Receive a Loan Commitment Letter once final approval is done.
Step 11: Title Search and Title Insurance
– Partner with Pegasus National Title to handle your title work with speed and accuracy
– They research the property’s history to ensure it’s free of liens, unpaid taxes, or other legal issues
– Secure your new investment with title insurance that protects you from future ownership disputes or claims
Step 12: Get Homeowners Insurance
- Required before closing.
- Shop quotes and submit your chosen policy to your lender.
Step 13: Final Walk-Through
- 24–48 hours before closing.
- Check that the home is in the agreed condition.
- Confirm that repairs (if any) were completed.
Step 14: Closing Day
- Bring your government-issued ID.
- Bring a cashier’s check or wire transfer for closing costs.
- Review and sign final documents (mortgage, deed, disclosures)
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