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Step-by-Step Guide to Buying a Home: From Pre-Approval to Closing

  • September 20, 2023

Purchasing a home is the dream of many people - but getting started in not exactly as simple as checking out an item at Wal-Mart. Between the documents needed, legal jargon, and finding a home available on the market...it can become quite the journey to go from "in-market" to "first-time homeowner."

To help you in confidently navigating this process, we have compiled a comprehensive step-by-step guide that will take you from the initial desire for homeownership to the final closing on your dream property.

Understand Your Reason Why You Want to Buy A House

To embark on the journey to homeownership, it is crucial to have a clear understanding of your reasons.

What is your motivation for purchasing a house? Is it the desire for stability and security, having a place to truly call your own? Are you searching for an investment opportunity or a space to nurture and expand your family?

Identifying your "why" is not only important for making informed decisions but also for maintaining focus and motivation throughout the entire process.

It can also help you understand if you are ready for the responsibility of owning a home, or if you just like the idea of it.

Save for a Down Payment

Saving up for a down payment is often the most challenging aspect of purchasing a home, but it is a vital step in the process. Your down payment represents your personal investment in your future home and can have a significant impact on your mortgage terms. Understanding how much of a downpayment you need to purchase a home is crucial - and it can even help you access different home loans that are available.

To get started, it is essential to set a specific savings goal and create a detailed budget that outlines your income, expenses, and savings contributions.

Additionally, it may be beneficial to explore down payment assistance programs or first-time homebuyer grants available in your area. These resources can greatly alleviate the upfront financial burden associated with buying a home.

Speak with a Mortgage Broker

Navigating the complex world of mortgages can be overwhelming, especially for first-time homebuyers. However, there is a valuable resource available to you – a mortgage broker. These experts act as intermediaries between you and potential lenders, providing invaluable guidance throughout the process.

With Valor Mortgage, we can help you get pre-approved for a loan and help you understand your home buying power.

From analyzing your financial situation to offering advice on loan options, they are your trusted partner in making well-informed financing decisions. With their assistance, you can secure the best mortgage rates and terms, ensuring a smooth and successful homebuying journey.

Understand How Much Home You Can Afford

Determining how much home you can afford is a critical early step in the home-buying process. It's essential to consider not only your current financial situation but also your long-term financial goals.

Factors to take into account include your income, monthly expenses, existing debt obligations, and any future financial plans. Utilize online mortgage calculators or consult with financial professionals to get a precise picture of the price range that aligns with your budget.

Hire a Real Estate Agent

A skilled and experienced real estate agent is your guide through the complex process of finding and buying a home.

They understand the local market, have in-depth knowledge of neighborhoods, and can provide valuable insights that help you make well-informed decisions.

Selecting the right agent is crucial; look for someone who not only aligns with your goals but also communicates effectively and has a strong track record of successful transactions.

Look at Homes

With the assistance of your real estate agent, you'll begin the exciting phase of looking at homes.

This is where you get to explore properties that match your criteria. Be patient during this process; it's not unusual to visit multiple properties before finding the one that feels like home.

Take notes, ask questions, and envision yourself living in each space. Consider how each property aligns with your lifestyle and financial goals.

See where to buy homes in Tennessee

Make an Offer

Once you've found your dream home, it's time to make an offer. Your real estate agent will help you craft a competitive offer that takes into account the current market conditions. Be prepared for negotiations; this is a common part of the home-buying process.

Additionally, include contingencies in your offer to protect your interests. These could relate to inspections, repairs, or financing.

Get a Home Inspection

A home inspection is a crucial step to ensure that the property you're purchasing is in good condition. Hire a qualified and reputable home inspector who will thoroughly examine the property.

Their job is to identify any hidden issues, potential hazards, or necessary repairs. Based on the inspection findings, you can choose to renegotiate your offer, request specific repairs, or proceed with the purchase with full awareness of any potential future expenses.

Secure Your Financing

With the offer accepted and negotiations settled, it's time to secure your financing. You'll work closely with your mortgage broker to complete the loan application and provide all necessary documentation.

Be prepared for the underwriting process, where your financial readiness is assessed in detail. During this stage, it's crucial to maintain financial stability by avoiding large purchases or significant changes to your financial situation.

Do a Final Walk-Through

Before the closing date, it's essential to perform a final walk-through of the property. The purpose of this walk-through is to confirm that the property is in the agreed-upon condition. Ensure that any negotiated repairs are complete, and that there are no unexpected surprises. This final check gives you peace of mind before moving forward.


Closing day marks the exciting culmination of your journey towards homeownership. It's the day when you eagerly finalize the necessary paperwork, settle the closing costs, and officially begin a new chapter in your life.

Congratulations! You now hold the keys to a world of endless opportunities, the pride of owning your own home, and the pure joy of having a place to call your own.

Purchasing a home is a significant undertaking, but it brings immense satisfaction and security. By following this comprehensive step-by-step guide and working closely with professionals like mortgage brokers and real estate agents, you can confidently navigate the entire process.

Remember, each step along the way builds a strong foundation for achieving your dream of homeownership. With careful planning and informed decisions, the door to your very own home will soon open wide, welcoming you to a lifetime of happiness and fulfillment.

Looking to purchase a home in Tennessee or Kentucky?

Speak with our team at Valor Mortgage, and we can help you apply for your home.

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