When you're planning to buy a home from Beavercreek homes for sale, you're probably wondering how long it can take. After all, a lot may ride on the length of the purchase time — such as figuring out how long you have to rent or how long you have before you need to move. While it's difficult to predict how long it may take for a purchase to go through (six months to a year is probably standard) a house purchase doesn't have to be long and drawn out.

Our REALTORS® can help you understand better how this process is likely to go, and what steps are involved.

1. Get your finances in order.
   The first step for most home buyers is to get their finances in order. This usually requires getting a mortgage, unless you have the cash for a down payment. If you have a lot of debt, you will want to pay it down before you try to get a mortgage loan. Check credit scores and credit reports. Think about where you want to live, and set a price range for the house you want to buy. Gather the paperwork you need, and aim to put together a 20 percent down payment. This process could take a couple of years.
   
   
2. Get a mortgage preapproval.
   A mortgage preapproval is issued by the lender. It tells the home buyer how much money they can borrow, based on income, credit score, and debt. The preapproval includes the loan amount, type of mortgage, and other items. The time it takes to get preapproval varies by lender, but it will likely take several days to complete. It lasts for 90 days or so, although it might be less. Figure on taking a few days to complete it, then plan on comparing it with others so you can choose the best interest rate. This could take a couple of weeks.
   
   
3. Shop for a home.
   Shopping for a home could take 10 weeks or so. You have your preapproval so you have an idea how much of a home you can afford. Shop on your own by driving around or searching the Internet, but also get a real estate agent to find homes that are suitable for you and your income. You're likely to find more listings in spring or summer, but prices will be lower in winter.
   
   
4. Make an offer on a home.
   Making an offer for a home may take a few days or longer if there's a bidding war. You'll be hammering out specifics such as the price of the home and closing costs, possibly with the help of your real estate agent.
   
   
5. Close on a home.
   The closing phase includes underwriting — which is when the mortgage lender confirms a loan after reviewing the debt-to-income ratio, as well as the buyer's employment and credit history. This can take a few days to a week. Then count on the appraisal time of up to three weeks, followed by an inspection of the home, which takes up to 10 days to get a report. Then there's conducting a title search to determine who legally owns the property and if there are claims on it, which can take a couple of weeks.
   
   
6. Finish the closing.
   Plan on at least three days to conclude closing. You'll need a homeowners insurance policy and then a closing disclosure, which shows details of your mortgage loan. And then, 24 hours before closing, you should walk through the property to check it out and make sure everything is working.

Questions about how long it takes to buy a home? Contact Wright-Patt Realty.