Home Buying Checklist
Track your progress through every step of the home buying process.
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Phase 1: Financial Preparation
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Check your credit score
Get your free credit report from annualcreditreport.com. Aim for 620+ for conventional, 580+ for FHA.
Review and dispute any credit errors
Look for incorrect accounts, wrong balances, or outdated information.
Pay down existing debt
Lower your debt-to-income ratio by paying off credit cards and loans.
Save for down payment
3-20% of purchase price depending on loan type. Don't forget closing costs (2-5%).
Build emergency fund
Have 3-6 months of expenses saved beyond your home purchase funds.
Gather financial documents
Pay stubs, W-2s, tax returns, bank statements, asset documentation.
Calculate how much you can afford
Use our affordability calculator. Keep housing costs under 28% of income.
Research first-time buyer programs
Look into FHA, VA, USDA loans and state/local down payment assistance.
Phase 2: Get Pre-Approved
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Research and compare lenders
Get quotes from at least 3 lenders - banks, credit unions, and mortgage brokers.
Submit mortgage applications
Apply to multiple lenders within 14-45 days to count as single credit inquiry.
Compare Loan Estimates
Review interest rates, APR, closing costs, and terms from each lender.
Choose a lender and get pre-approval letter
Select your lender and obtain a pre-approval letter for your home search.
Lock in your interest rate (when ready)
Rate locks typically last 30-60 days. Time this with finding a home.
Phase 3: Find Your Home
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Create your must-have vs. nice-to-have list
Define bedrooms, location, school districts, and features you need vs. want.
Find a buyer's agent
Interview agents, check references, and choose someone who knows your target areas.
Research neighborhoods
Check crime rates, schools, commute times, and future development plans.
Tour homes and attend open houses
Take notes and photos at each property. Visit at different times of day.
Research comparable sales
Look at recent sales of similar homes to understand fair market value.
Narrow down to your top choice(s)
Revisit your favorites and make a final decision.
Check HOA rules and fees (if applicable)
Review CC&Rs, monthly fees, and any restrictions before making an offer.
Phase 4: Make an Offer
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Determine your offer price
Work with your agent to decide on a competitive offer based on market conditions.
Submit offer with earnest money
Typically 1-3% of purchase price. Shows you're a serious buyer.
Include appropriate contingencies
Inspection, financing, and appraisal contingencies protect you.
Negotiate terms with seller
Be prepared for counteroffers. Your agent will guide negotiations.
Sign purchase agreement
Once terms are agreed, sign the contract. You're now under contract!
Phase 5: Due Diligence
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Schedule home inspection
Hire a licensed inspector. Cost is $300-$500. Attend the inspection if possible.
Review inspection report
Identify major issues vs. minor repairs. Get estimates for any concerns.
Negotiate repairs or credits
Request seller fix issues, reduce price, or provide closing cost credit.
Order additional inspections if needed
Radon, mold, termite, sewer line, or structural inspections as recommended.
Lender orders appraisal
The lender will order an appraisal to confirm the home's value.
Review appraisal results
If appraisal comes in low, you may need to renegotiate or pay the difference.
Phase 6: Closing
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Review Closing Disclosure
You'll receive this at least 3 days before closing. Compare to Loan Estimate.
Get homeowners insurance
Shop for coverage and have proof of insurance before closing.
Complete final loan approval
Don't make major purchases or change jobs during this time!
Conduct final walkthrough
Verify repairs were made and home is in agreed-upon condition.
Wire closing funds
Send cashier's check or wire transfer for down payment and closing costs.
Attend closing and sign documents
Bring ID. You'll sign the mortgage, deed, and other documents.
Get your keys!
Congratulations - you're a homeowner!
Keep closing documents safe
Store your HUD-1/Closing Disclosure, deed, and loan documents securely.