How Long Does It Take To Buy A House?

David McMillin

Buying a home is a rewarding process that takes careful planning and patience. Unlike the instant gratification of online shopping, real estate involves several important steps to ensure you find the perfect place. Once you’ve found your dream home, there’s still a little more to do before you close. But don’t worry, I’m here to help you every step of the way and make sure everything goes smoothly.

Timeline to buy a house, step-by-step

Step 1: Get Preapproved

If you’re financing your home, start by getting preapproved for a mortgage. A lender will assess your assets, income, and credit history to determine how much they’ll lend you. Your preapproval letter shows sellers you’re a qualified buyer, but it typically lasts only 60-90 days.

Before applying, check your credit report for errors and ensure you’re managing debt well. It’s also helpful to review your credit score and save for a down payment. Be sure to have the necessary documents ready, such as pay stubs, tax returns, and bank statements.

Step 2: Go House-Hunting

Once you’re preapproved, you’ll know your budget and can start searching for a home. This is the time to work with a real estate agent, attend open houses, and browse listings. Keep in mind that inventory can be tight, so it might take longer than expected to find the right place.

Step 3: Make an Offer

Once you’ve found a home, your agent will help you submit a competitive offer based on local prices and your best interests. If you can make an all-cash offer, it can speed up the process since you won’t need financing, but there will still be some waiting for paperwork. Be prepared, as you may need to make multiple offers, especially in hot markets with bidding wars.

Step 4: Go to Contract and Schedule a Home Inspection

Once your offer is accepted, you’ll enter into contract. The negotiation process can take some time, and you’ll make an earnest money deposit, showing you’re serious about the purchase.

While not mandatory, it’s wise to schedule a home inspection. If major issues are found, you may need to negotiate repairs or concessions, which can add time to the process.

Step 5: Apply for a Mortgage

Now, you’ll apply for an official mortgage loan. You can shop around for the best rate and terms, even if you stay with the same lender. Expect some waiting during the underwriting phase, when you may need to submit more documents and an appraisal will be ordered.

Avoid major financial changes during this time, like opening new credit lines or switching jobs, as this could delay approval. Once approved, your lender will provide a closing disclosure at least three days before closing, outlining loan details, fees, and closing costs.

Step 6: Close and Get the Keys

Closing day is here! You’ll sign paperwork and pay any remaining costs, usually with a cashier’s check. The process typically takes at least two hours. Once everything is finalized, you’ll receive the keys and officially become a homeowner.