Home Buying Checklist
Buying a house is one of the biggest decisions you’ll ever make, and it’s not something you want to wing. That’s where this ultimate home buying checklist comes in. Whether you’re a first-time buyer or just brushing up on the process, we’ve got your back every step of the way. From figuring out what you can afford to closing the deal, Realwing is here to guide you through the chaos. Let’s break it down so you can own your dream home without losing your mind—or your wallet.
House Hunting
While you’re searching, get an idea of what you can afford.
Lenders help you determine what you can afford when you’re buying a home. A mortgage pre-approval is a lender’s commitment to helping you finance a home up to a certain amount.
What Does Mortgage Pre-Approval Mean? A Major Advantage When Buying a Home
Understanding the cost of homes near you will help you determine how much to offer on a home.
Once you’ve found a house you like, you’ll work with your agent to make an offer. Familiarize yourself with the process so you know what to expect.
Made an Offer
Home inspectors help identify any underlying issues your home may have—such as problems with the foundation or electrical system. Getting an inspection before closing can help you decide if the home is for you, or whether you want to try to negotiate a better price.
Home Inspection: What First-Time Buyers Should Know About Home Inspections
When your offer has been accepted, you’ll go under contract.
Under Contract
A home appraisal helps determine how much your home is worth. The appraiser is typically chosen by your lender.
Inspections are highly recommended to help find any underlying issues that may affect the value of your home and how much work it needs.
Home Inspection: What First-Time Buyers Should Know About Home Inspections
- Required to Purchase
- Included in Closing Cost
Title insurance is required by law and helps protect buyers and lenders against problems that may arise when the title of the home is transferred from one buyer to another.
What is Title Insurance? Peace of Mind When Buying a Home
- Required to Purchase
- Included in Closing Cost
You are required by law to get home insurance when you purchase a home. Shop around to find the best deals.
6 Things You Need to Know When Buying Home Insurance
Bundling your home, auto, and other insurance can save you money.
Home warranties help protect you if large ticket items—like appliances—fail after you have bought the home. If you purchase a home warranty plan before closing, it will be included in your closing costs. Sometimes, the seller will purchase a home warranty plan for the buyer.
After Closing
Mortgage Calculator
Discover exactly what your dream home will cost in minutes. Our lightning-fast mortgage calculator breaks down your potential monthly payments with surgical precision.
VA Mortgage Calculator
Attention veterans and military families! Calculate your unique VA home loan payments. Exclusive calculator designed specifically for those who’ve served.
Debt-to-Income calculator
Want to know if you’re mortgage-ready? Our DTI calculator reveals your true borrowing power in seconds. No complicated math, just clear answers.
Refinance Calculator
Thinking about refinancing? Our calculator shows you exactly how much you could save. Make data-driven decisions that boost your financial strategy.
The Ultimate Home Buying Checklist: Your Step-by-Step Guide to Owning with Realwing
Start Smart: Know What You Can Afford
Before you start scrolling through listings or attending open houses, you need to figure out how much house you can actually afford. And no, that doesn’t mean maxing out your budget because “you only live once.” A mortgage affordability calculator is your new best friend here. It’ll help you understand:
- How much house you can comfortably buy
- The loan terms and interest rates you qualify for
- The down payment you’ll need
- Monthly mortgage payments and estimated property taxes
Take a hard look at your current expenses and compare them to those numbers. If they don’t add up, it’s time to adjust your expectations—or your spending habits—before moving forward.
Your credit score is also a big deal here. Even if you think your credit is solid, double-check your report for errors. Knocking out high-interest debt like credit cards or student loans before applying for a mortgage can boost your score and lower your debt-to-income ratio.
Down Payment Drama: How Much Do You Really Need?
Once you’ve nailed down your budget, it’s time to talk about the down payment. Depending on the type of mortgage you choose, your down payment could range from 3% to 20% of the home’s price. Here’s the breakdown:
- Conventional loans: 3%–5% down
- FHA loans: 3.5% down
- VA and USDA loans: 0% down (yes, really!)
But here’s the kicker: if you want to avoid private mortgage insurance (PMI), you’ll need to put down at least 20%. Either way, don’t forget to stash some extra cash for closing costs and potential repairs.
Lender Love: Get Pre-Approved, Not Just Pre-Qualified
When it comes to lenders, don’t settle for the first one you meet. Shopping around is key to finding the best rates and terms. Start by getting pre-approved—not just pre-qualified. Pre-qualification is like a casual “hey, maybe we can hang out,” while pre-approval is a full-on commitment.
To get pre-approved, you’ll need to hand over some financial details, but it’s worth it. This letter shows sellers you’re serious and helps you stand out in a competitive market. Compare lenders based on their rates, customer service, and how well they mesh with your style. Pro tip: if your loan officer ghosts you, find someone else.
House Hunting Hustle: What to Look For
Now comes the fun part—shopping for your dream home. Use this checklist to evaluate each property:
- Square footage and layout
- Number of bedrooms and bathrooms
- Condition of walls, roof, and foundation
- Energy efficiency and utility costs
- Neighborhood safety, schools, and amenities
Take notes and snap photos during tours. Apps can help you organize everything in one place, so you don’t forget which house had the weird smell or the perfect backyard.
Lawyer Up (If Needed)
In some states, you’ll need a real estate lawyer to handle the legal side of things. Don’t skimp here—shop around, read reviews, and choose someone who knows their stuff.
Make an Offer They Can’t Refuse
Found “the one”? Time to make your move. Work with your agent to craft a competitive offer based on factors like the market, asking price, and how long the home has been listed. Include an earnest money deposit (1%–3% of the price) to show you’re serious. If negotiations go south, don’t sweat it—you can always counteroffer.
“Seal the Deal: Final Steps to Homeownership ”
After your offer is accepted, buckle up for the final stretch. You’ll need to provide more documentation to your lender, schedule inspections and appraisals, and finalize your homeowners insurance. On closing day, bring your ID, certified check, and proof of insurance—and prepare to sign a mountain of paperwork.
Frequently asked questions
How Do I Know What I Can Afford?
Before you start house hunting, figure out how much house you can comfortably afford. Use a mortgage affordability calculator to estimate:
- Loan terms and interest rates
- Down payment amount
- Monthly mortgage payments
- Estimated property taxes
Compare these numbers to your current expenses. If they don’t align, adjust your budget or focus on paying down high-interest debt to improve your financial standing.
Why Is My Credit Score Important?
Your credit score plays a huge role in qualifying for a mortgage and securing a good interest rate. Even if you think your credit is solid, review your report for errors. Fixing mistakes or paying off high-interest debt (like credit cards or loans) can boost your score and lower your debt-to-income ratio.
How Much Should My Down Payment Be?
The size of your down payment depends on the type of mortgage you choose:
- Conventional loans: 3%–5% down
- FHA loans: 3.5% down
- VA and USDA loans: 0% down
If you want to avoid private mortgage insurance (PMI), aim for a 20% down payment. Don’t forget to set aside extra cash for closing costs and potential repairs.
What’s the Difference Between Pre-Qualification and Pre-Approval?
Pre-qualification is an estimate of what a lender might offer, while pre-approval is a deeper dive into your finances. Getting pre-approved shows sellers you’re serious and gives you a clear idea of how much house you can buy. Shop around for lenders and compare rates, customer service, and communication styles before committing.
Do I Really Need a Real Estate Agent?
Yes—and here’s why. A real estate agent can help you find homes as soon as they hit the market, negotiate better deals, and guide you through paperwork. Plus, in most cases, the seller pays for both their agent and yours, so you get expert help for free.
What Should I Look for When House Hunting?
Use this checklist to evaluate each property:
- Square footage and layout
- Number of bedrooms and bathrooms
- Condition of walls, roof, and foundation
- Energy efficiency and utility costs
- Neighborhood safety, schools, and amenities
Take notes and photos during tours to keep track of your impressions. Apps can help organize everything in one place.
Do I Need a Real Estate Lawyer?
In some states, a real estate lawyer is required to handle the legal side of the transaction. If your state doesn’t require one, you can still hire one for peace of mind. Shop around, read reviews, and choose someone who understands your needs.
How Do I Make a Competitive Offer?
Work with your agent to craft an offer based on factors like:
- The local real estate market
- The home’s asking price
- How long it’s been listed
- Whether there are other offers
Include an earnest money deposit (1%–3% of the price) to show you’re serious. If negotiations stall, you can always counteroffer.
What Happens After My Offer Is Accepted?
Once the seller accepts your offer, you’ll move into the formal mortgage application process. Be prepared to provide additional documentation, such as pay stubs, tax returns, and bank statements. Schedule a home inspection and appraisal to ensure the property is sound and matches the loan amount.
What Should I Expect on Closing Day?
Closing day is the final step to homeownership. Here’s what you’ll need to do:
- Review the closing disclosure at least three days before closing
- Perform a final walk-through of the property
- Bring a certified check or schedule a wire transfer for your down payment and closing costs
- Provide proof of homeowners insurance
- Bring valid identification
Be ready to sign a lot of paperwork, but once it’s done, the keys are yours!
Ready to Boss Up Your Home Game?
Buying or selling, our agents are the cheat code you need. House prices? Inspections? Negotiations? We’ve got it all baked into the deal. No extra stress, just straight wins.
The Streets Are Talking
Our agents are knowledgeable, professional and dedicated to everyone’s satisfaction!
These agents are straight fire! Pros who get it done with no fuss.
Rita Roy
Home buyer
Sold my crib so fast I didn’t even have time to overthink it. 10/10, no cap.
John Siy
Home owner
Found my dream crib without breaking a sweat. Big mood.
Kalye Moore
Home buyer
