There's a lot of external factors that would effect how long it would take to buy a home, such as, how quickly you can find your new home.
Here's a breakdown of what happens from start to finish.
- Mortgage pre-approval
Everyone looks at houses online first. It's exciting, but not the first step.
It can take several days to get your pre-approval in place. The time it takes to get pre-approved for a mortgage depends on various factors including your credit report, current financial situation, and how busy your mortgage broker is.
Tip: How to get pre-approved faster
Take time to improve your credit score. Pay off outstanding debts that you have before getting pre-approved. Even if you can't pay them all off, a payment or two could increase your chances of receiving a loan faster.
- Hire your Realtor
Hiring a realtor can take time if you don't have one. Make sure to choose one you jive with. Feel free to interview some before deciding.
Realtor's service is generally free to buyers. Your Realtor will be compensated through the seller's brokerage once deal is completed.
- View property
The most exciting part! This period can last weeks or several months and shouldn’t be rushed. Buying a house is a big step in anyone's life, especially for those who have never bought a home before. Prepare to compromise a bit on your wants list.
- Make an offer
Your Realtor will draw up your offer and send it to the seller within a few hours. A response could come in a matter of hours or days.
- Close the deal
Buyers and Realtors will work together to complete Purchase conditions like receiving financing and completing an inspection. These conditions will need to be met within the timeframe negotiated. Usually, within 7-14 days.
- Prepare for closing
You'll need to hire a lawyer to help close your home. Your lender will send your lawyer the mortgage funds. They will prepare the rest of the land transfer documents to be signed by you. You'll meet your lawyer one-two weeks before close to sign all your documents.
- Closing day
The day your lawyer transfers your mortgage funds to the sellers lawyer and you get possession of your home!
Finally, with all of these steps completed, you can buy a home within 30-90 days on average.
Contact me if you're thinking about buying, I'm here to help!