Home buying checklist

What is on this checklist

1. Check your finances and credit

• Credit reports checked
• Score known
• Monthly debts listed
• Income documents ready: pay stubs, W-2s, tax returns

2. Set a realistic budget

• Comfortable monthly payment decided
• Taxes, insurance and HOA included
• Maintenance budget set
• Maximum price agreed with anyone buying with you

3. Save for the down payment and closing costs

• Down payment target set
• Closing cost estimate
• Assistance programs checked
• Gift letter planned if needed

4. Get preapproved for a mortgage

• Preapproval letter
• Loan Estimates compared
• Questions about points and rate lock answered

5. Choose a buyer’s agent

• Agents interviewed
• Buyer agreement read and understood
• Compensation terms clear
• License checked

6. House hunt with a plan

• Must-have list
• Scorecard for each viewing
• Neighborhood visited at night and at weekends
• Flood risk checked

7. Make an offer

• Comparable sales reviewed
• Earnest money amount
• Contingencies chosen
• Closing date

8. Pay earnest money and open escrow

• Wire instructions verified by phone
• Deadlines in the calendar
• Inspection booked
• Contract sent to lender

9. Get a home inspection

• Inspector booked
• Specialist inspections chosen
• Report read in full
• Repair requests agreed with your agent

10. Appraisal and final loan approval

• Appraisal received
• Underwriting conditions cleared
• Homeowners insurance bought
• Rate lock still valid

11. Review your Closing Disclosure

• Closing Disclosure received
• Compared with Loan Estimate
• Cash to close confirmed
• Payment method verified by phone

12. Final walkthrough and closing day

• Walkthrough done
• Photo ID
• Cash to close sent and confirmed
• Keys, codes and remotes collected