The home buying process differs from one buyer to the next, but there are certain home buying steps that most buyers go through.

Read the following 10 Basic Steps to Buying a Home to discover the process of purchasing a home.

Step 1. Examine Your Finances
One of the first steps in purchasing your own home should always be a good review of your finances.

Step 2. Choose a Type of Mortgage
The next step in purchasing your own home is selecting a mortgage loan that best fits your financial needs.

Step 3. Get Pre-Approved
Go to Mortgage Direct and get pre-approved. Pre-approval will help you immensely during the home buying process.

Step 4. Find a Real Estate Agent
Continuing on, during the process of purchasing a home you will need to find a qualified real estate agent to help you through the remaining steps of buying a home.

Step 5. Choose a Neighborhood
Some buyers will neglect this particular home buying step, rushing off to look at houses without doing the proper research on neighborhoods.

Step 6. Start House Hunting
Location, location, location. It’s important you do your homework and when house hunting. Be sure to be aware of the neighborhood, schools, and other community facilities nearby.

Step 7. Make an Offer
Once you find a home you like, you'll need to place an offer on it. For this home buying step, it is important that you work closely with your agent to determine a reasonable offer amount based on recent, comparable sales in the area (referred to as "comps").

Step 8. Get a Home Appraisal
Find the true value of the home your interest in placing an offer on. MDI Mortgage Bankers can arrange for an appraisal for you and have the home you wish to purchase appraised.

Step 9. Get a Home Inspection
Before your dream home is officially yours,, the house must undergo a set of inspections, to which it must be passed.

Step 10. Settlement / Closing The period between offer acceptance and the final settlement is known as escrow. During this part of the purchasing process, you might have additional inspections (for radon, pests, etc.), and you'll likely have some more paperwork to finalize as you move toward the closing / settlement date.

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