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Navy Federal Home Buying Experience

the HOME-BUYING PROCESS TODAY FOR SALE E ( δΈ‰ TOP 3 MOST IMPORTANT HOME FEATURES Determine Your Priorities 1 2 3 Before you start serious house hunting, you'll need to have an idea of the home and features you're looking for. Price Location Number of bedrooms/ bathrooms Set Budget & Get Preapproved Getting preapproved by a lender will help you know your price range and will tell sellers you're a serious buyer. Requested a preapproval letter from a lender to find out what they could afford APPROVED Half of those with a military affiliation Only 30% of those without a military affiliation Select a Realtor & Start the House Hunt 3. Your Realtor will be your partner throughout the home-buying process and help you navigate the steps. FOR SALE Learn More Today! 53% of new homebuyers learned about the overall process from their realtor. Make an Offer When you find a home that's right for you, you'll need to make an offer to the seller, and if accepted, secure a contract to purchase the property. 61% placed an offer on more than one home before getting a contract. Apply for a Loan Once your contract is signed, you'll go through the full loan application process to secure your mortgage. You'll also have the chance to lock in your interest rate with your lender. Spoke to more than one possible lender 71% of those with military affiliation 51% without military affiliation Get Inspections, Appraisals and Insurance There could be contingencies within your contract and for your loan approval that require home inspections, radon testing and home appraisals, to name a few. You'll also be required to secure home owners insurance. 6. 22% of homebuyers have had a deal for a home fall apart at the inspection phase. Go to Closing 7 The last step in the home buying process, closing on a home means the sale is complete and terms and conditions of the contract have been met. 95% of homebuyers are confident they know what to expect going into closing. SOLD NAVY FEDERAL This study was conducted by Lab42 on March 29, 2015 Credit Union among 400 new homebuyers in the United States. navyfederal.org 4. 15

Navy Federal Home Buying Experience

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How do you purchase a home? This infographic details the process of going through the entire process from location to closing.

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