What you need:
A realtor to help with the legalities when buying a house.
A down payment: The cash that the buyer pays upfront and it is usually a percentage of the purchase price ranging from 3-20%. A larger percentage paid means a smaller loan is needed.
A loan called a mortgage: Apply for preapproval at your preferred financial institution so that you can begin house hunting then you can find a property that you like and make an offer. More information on the mortgage process can be found here.
To negotiate how long you will have to pay off the loan.
Longer loans cost less monthly but with more interest.
Usually your credit will determine the interest rate.
A common mortgage pay timeline is 30 years.
A shorter loan is more monthly but less interest.
Homeowners Insurance: go online to your preferred insurance institution and the website will tell you what to do.
Save a lot of money (generally 3-20% of the average home cost in the region). It is helpful to save money for a house in a savings account separate from your regular one so you can make deposits and not consider making withdrawals.
Get a realtor to help you with the legalities of buying a house (look them up)
Get pre-approved for a mortgage.
Go to an open house or look for listings online.
Contact the seller’s contracting agent to put in an offer (decided by how much you can afford to pay, with or without a loan)
Hope that they accept your offer or send you a counteroffer.
if it’s accepted then you go through escrow: The time in the transition of the property's ownership, then move in
If your offer is denied then you restart from the searching step of the process
Stuff to know:
Make sure it is in a good location in relation to jobs, school, healthcare, public transportation, and shopping.
The amenities that are included in the purchase (washer/dryer, kitchen, pool, parks)
A home is much more expensive than one expects. Find the average housing cost for where you want to live at Zillow.com.
Homeowners Insurance: Provides coverage to repair or rebuild your home after events like fire, smoke, theft, vandalism, and damage caused by weather. Most policies also cover furniture, clothing and other possessions.