Buying a home is one of the biggest financial decisions you'll make, and Sandia Area is here to help guide you through the process. Whether you're a first-time homebuyer or looking to upgrade, following these steps can help you navigate the journey with confidence.
1. Determine Your Budget
Before you start looking at homes, it’s important to know how much you can afford. Review your income, debts, and expenses to determine a realistic home price range. Use our rate quote tool to estimate monthly payments and explore financing options that fit your budget. Want to try calculators for other homebuying options? Click here!
2. Explore Your Mortgage Options
Different loan programs cater to different needs. Sandia Area offers a variety of mortgage options, including conventional loans, FHA loans, and VA loans for eligible veterans. If you're a first-time homebuyer, you may also qualify for special programs with lower down payments or assistance options.
3. Get Prequalified and Preapproved
A mortgage prequalification from Sandia Area gives you a quick estimate of how much you may be able to borrow. Preapproval takes it a step further—our lending team will review your financial details and provide a preapproval letter, making you a stronger buyer in competitive markets.
4. Connect with a Real Estate Agent and Start House Hunting
Once you have your budget and financing in order, partner with a knowledgeable real estate agent. They can help you find homes that meet your criteria and assist with negotiations. As a buyer, you won’t pay for their services—the seller covers the agent’s commission.
5. Make an Offer
When you find the perfect home, work with your agent to submit an offer based on the home's market value. If the seller accepts, you’ll move forward with the next steps, including a home inspection and securing your mortgage.
6. Enter Escrow and Schedule a Home Inspection
Once your offer is accepted, you’ll enter escrow, a period that usually lasts 30 to 45 days. During this time, a home inspection will assess the property’s condition. If any issues arise, you may negotiate repairs or adjustments to the purchase price.
7. Home Appraisal and Final Loan Approval
Your lender will order an appraisal to ensure the home’s value matches the loan amount. If everything checks out, Sandia Area will finalize your mortgage approval, keeping you updated throughout the process.
8. Secure Homeowners Insurance
Before closing, you’ll need homeowners’ insurance to protect your investment. Sandia Area can help you explore options to find the best coverage for your needs.
9. Closing Day
At closing, you’ll sign all the necessary paperwork and pay closing costs, which typically range from 2% to 5% of the home’s price. Sandia Area will ensure everything runs smoothly, so you can focus on getting your keys!
10. Move In and Enjoy Your New Home!
Congratulations—you’re officially a homeowner! Whether you need help with setting up automatic mortgage payments or want to explore additional financial products, Sandia Area is here to support you every step of the way.
Ready to start your homebuying journey? Visit our mortgage page to discover your mortgage options, or work with our mortgage loan officer and get preapproved!