You’re probably here because you’d like some help figuring out the various steps to buying a house in CT for the first time. There are many things to consider before you take this monumental step, including interest rates, home inspections, credit scores, lending programs, closing costs, and more.

Buying a house for the first time should be exciting, not scary and confusing. If you’re hoping for a smooth experience, it’s important to understand the many steps it takes to get those keys. Ready to learn what you need to buy your first home in CT?

Steps To Buying A House

  1. Understand your financial position
  2. Secure your mortgage
  3. Find a real estate agent
  4. Hire a real estate attorney
  5. Find a home inspector
  6. Hire an accountant

1: Understand Your Financial Position

If you’re hoping to be a first-time homeowner, it’s important to understand the various steps and documents that you need to submit when applying for your mortgage. One of the first steps to buying a house in CT is understanding your financial position. Purchasing a home for the first time should be nothing short of rewarding.

When planning to buy a home, it is essential to consider the down payment, interest rates, debt-to-income ratio, and credit score. Knowing where you are and where you want to go financially is a valuable process that will help you plan and prepare to go through the process of buying a home. Check your credit score and start your financial journey to buying a first home!

2: Secure Your Mortgage

Working with a mortgage loan officer during the application process is a unique and customizable experience that can save you money in the long run. They are experts on the application process and navigating various loans. This is where their expertise can be capitalized on to find a loan that’s tailored to your needs.

First-time home buyer qualifications can vary from standard qualifications, so working with a mortgage officer is to your benefit in understanding all you need to know in order to put in your mortgage application with confidence. They have keen knowledge of market interest rates, property taxes, payment assistance programs, and more. A credit union’s mortgage officers are a great resource for finding the financial assistance you need – all under a single umbrella within the credit union.

TIP: If you don’t have enough money for your down payment quite yet, that’s okay! Most people don’t and need help from lenders. Lenders, by name, lend the extra cash you need to secure your mortgage and home.

3: Find a Real Estate Agent

Once you’ve secured your mortgage and you’ve got your budget, it’s time to search for your new home. This is where your real estate agent comes in. Of the many steps to buying a home, having a real estate agent can make the process smoother than you can imagine.

As a first-time home buyer, your real estate agent guides you through all of the doors (literally) and helps you find a home that fits the confines of your budget, while also meeting your visual and lifestyle preferences. While there is no cost to talking with a real estate agent, some may require that you sign on with them for their services. They also act as advocates when jumping through the hoops of purchase terms and big asks.

4: Hire a Real Estate Attorney

If you want everything done right from start to finish, and want to trust that you are protected when you sign on the dotted lines, having a real estate attorney is your best bet. They offer expertise in the fine print and can provide you with guidance in making the best decisions when purchasing your first home.

5: Find a Home Inspector

Finding a reliable home inspector is key in securing a home that is not only safe but will last as the years go by. They have an eye for finding underlying issues within the structure that could become your home. Hiring an inspector can save you money and help you be confident in your decision when purchasing. Your real estate agent works closely with home inspectors and can help guide you in choosing the right one.

6: Hire an Accountant

Finding an accountant who has a focus in helping first-time home buyers in CT is a huge plus. They can help you understand how the steps to buying a house for the first time will affect your finances in the short term and long term. They can guide you through choosing a mortgage that meets your needs financially. Hiring an accountant with real estate experience will give you a big picture of how your home loan will impact your finances over time.

Next Steps For Buying Your First Home

Now that you have all the valuable players on your team, how do they all work together to help you successfully purchase your first home in CT?

Once you have prepared your finances to begin the process of buying your home, bring it all to an accountant to give yourself some breathing room in sorting what information will be needed at various steps in your home buying process. After your finances are aligned, you can begin working with a mortgage officer to secure the finances needed. You’ll then begin working with a real estate agent to find several homes that speak to your needs and your budget.

Once you’ve decided to place an offer on your prospective home, you will work alongside your real estate agent to move the process along once the numbers align.

Now that you have a signed offer in hand, you will work with your appraiser and mortgage officer to understand the home’s value. The appraisal of the home will be submitted by the mortgage officer to an underwriter. Once approved, your mortgage officer and lender will work to find the best interest rate for you prior to closing.

Your dream home is almost yours, but now it’s time to close. This is the process of transferring ownership of the home to the new owner. Your mortgage officer and your attorney will make sure you are equipped with all of the documents required to complete this process. Once the legal transfer of the property is complete, you will receive the keys to your new home!

At Charter Oak Federal Credit Union, we’re here to help guide you through the process of becoming a homeowner. We are committed to help buyers navigate the landscape of purchasing a first home and purchasing the right one!

Please note: This information is designed to offer a general understanding of common financial terms and practices and should not be considered financial advice from Charter Oak Federal Credit Union. Every individual has different financial needs and goals, which should be discussed with a financial professional.