Step 1: Assess Your Financial Readiness
Before you start browsing listings, take a clear-eyed look at your finances. Buying a home involves more than the purchase price — there are closing costs, property taxes, insurance, maintenance, and potential HOA fees to consider.
Key Financial Benchmarks
- Down payment: Conventional loans typically require 5-20% down. FHA loans may accept as little as 3.5% with mortgage insurance.
- Debt-to-income ratio: Most lenders prefer your total monthly debt payments (including the future mortgage) to be below 43% of your gross monthly income.
- Emergency fund: Aim to have 3-6 months of living expenses saved beyond your down payment. Unexpected repairs are a reality of homeownership.
- Credit score: A score of 620 or above is typically needed for conventional loans. Higher scores unlock better interest rates, which can save tens of thousands over the life of a loan.
Use online mortgage calculators to estimate your monthly payment at different price points. This will give you a realistic sense of what you can comfortably afford.
Step 2: Get Pre-Approved for a Mortgage
Pre-approval is different from pre-qualification. Pre-qualification is a rough estimate; pre-approval involves a lender reviewing your income, assets, credit history, and employment to issue a conditional commitment for a specific loan amount.
Why Pre-Approval Matters
- It tells you exactly how much you can borrow, so you search in the right price range.
- Sellers take pre-approved buyers more seriously. In competitive markets like Seattle and Bellevue, a pre-approval letter can make or break your offer.
- It identifies potential issues (credit problems, documentation gaps) early, giving you time to resolve them.
Common Mortgage Types
- Fixed-rate (30-year): The most popular option. Your interest rate and monthly payment stay the same for the entire loan term. Provides predictability.
- Fixed-rate (15-year): Higher monthly payments but significantly less interest paid over the life of the loan. Good if you can afford the payment.
- Adjustable-rate (ARM): Lower initial rate that adjusts after a set period (e.g., 5/1 ARM adjusts after 5 years). Can be risky if rates rise, but useful if you plan to move within a few years.
- FHA loans: Government-backed loans with lower down payment requirements. Good for first-time buyers but require mortgage insurance premiums.
- VA loans: Available to eligible veterans and active military. Offer zero down payment and no mortgage insurance.
Step 3: Define Your Priorities
Not every home will check every box. Before you start touring properties, make a list of must-haves versus nice-to-haves. This prevents emotional decision-making later.
Questions to Ask Yourself
- What neighborhoods fit your commute, lifestyle, and budget?
- How many bedrooms and bathrooms does your household need?
- Is a yard important, or do you prefer low-maintenance living (condo, townhome)?
- Are you willing to renovate, or do you need move-in ready?
- How important are school districts, walkability, or transit access?
- What is your timeline? Do you need to move by a specific date?
Write these down and share them with your realtor. A clear brief saves time and helps your agent focus on properties that truly match.
Step 4: Find the Right Real Estate Agent
A good buyer's agent is your advocate throughout the entire process. They will help you find properties, schedule tours, negotiate offers, navigate inspections, and close the deal.
What to Look For
- Local expertise: An agent who knows the neighborhoods you are targeting can provide insights that online listings cannot — school quality, future development plans, flood zones, noise levels.
- Communication style: Choose someone who communicates the way you prefer (text, email, phone) and responds in a timely manner.
- Track record: Ask about recent transactions in your target area. An experienced agent will have navigated competitive offers, inspections, and negotiations many times.
- No pressure: The right agent helps you make informed decisions, not rushed ones. If you feel pushed, look elsewhere.
You can connect with local realtors through our Contact page.
Step 5: Search and Tour Homes
This is the exciting part. Use HomeFind's search tools to filter by location, price, size, property type, and open house availability. Save your favorites so you can compare them side-by-side.
Tips for House Hunting
- Visit at different times: A neighborhood can feel very different on a weekday morning versus a Friday evening. Visit at multiple times to get the full picture.
- Look beyond staging: Furniture and decor can be distracting. Focus on the layout, natural light, storage, and structural condition.
- Check the basics: Run the faucets, open and close doors, look at the roof, check the water heater age. Small issues can signal larger problems.
- Take notes and photos: After a few tours, homes start to blur together. Document what you liked and disliked about each one.
- Research the area: Check crime statistics, school ratings, planned construction, and proximity to your daily needs (grocery stores, transit, parks).
Step 6: Make an Offer
When you find the right home, your agent will help you craft a competitive offer. The offer includes the price, contingencies (inspection, financing, appraisal), earnest money deposit, and your proposed closing timeline.
Offer Strategy
- Your agent will pull comparable sales ("comps") to help you determine a fair offer price based on recent nearby transactions.
- In a seller's market, you may need to offer at or above asking price. In a buyer's market, there is more room to negotiate.
- Earnest money (typically 1-3% of the offer price) shows the seller you are serious. It goes toward your down payment at closing.
- Contingencies protect you. An inspection contingency lets you back out if the home has major issues. A financing contingency protects you if your loan falls through.
Step 7: Home Inspection
Never skip the home inspection. A licensed inspector will evaluate the home's structure, roof, plumbing, electrical systems, HVAC, foundation, and more. This typically costs $300-$500 and takes 2-4 hours.
What Inspectors Check
- Roof condition and estimated remaining life
- Foundation and structural integrity
- Plumbing (pipes, water heater, water pressure)
- Electrical (panel, wiring, outlets, GFCI protection)
- HVAC system age and condition
- Windows, doors, and insulation
- Signs of water damage, mold, or pest infestation
After the inspection, your agent can negotiate repairs or a price reduction with the seller. Some issues are cosmetic; others are deal-breakers. Your inspector and agent will help you distinguish between the two.
Step 8: Closing the Deal
Closing is the final step. You will sign a stack of documents, pay your closing costs, and receive the keys. The process typically takes 30-45 days from when your offer is accepted.
What to Expect at Closing
- Final walkthrough: Visit the property one last time to confirm the seller has made agreed-upon repairs and the home is in the expected condition.
- Closing costs: Typically 2-5% of the purchase price. These include lender fees, title insurance, escrow fees, property taxes, and prepaid insurance.
- Documentation: You will sign the mortgage note, deed of trust, closing disclosure, and other legal documents. Review the closing disclosure at least three days before closing — it details every cost.
- Funding: Your lender transfers the funds, the title transfers to you, and the deal is officially done.
After You Move In
Congratulations — you are a homeowner! Here are a few things to take care of in the first few weeks:
- Change the locks and update security codes.
- Set up utilities (water, electricity, gas, internet) if not already transferred.
- Locate the main water shut-off valve and circuit breaker panel.
- Create a home maintenance schedule (HVAC filter changes, gutter cleaning, etc.).
- Keep all closing documents and your home inspection report in a safe place.
- Get to know your neighbors — they are your best resource for local tips.
Ready to Start?
Head to our home page to search listings, or contact a realtor to get personalized guidance. You can also explore our Market Trends page to understand pricing in your target neighborhoods.