1. Thinking of Buying a House? 10 Steps to Home Ownership
Author: Preston Guyton
Home ownership has long been part of the American Dream and one
of the best investments that most people will make in their lifetime.
Whether you are new to the home buying process or someone who
has bought and sold many times before, the road to home ownership
requires planning and attention to detail. The following 10 steps to
owning a home will give you a guided path that will help make your
new home purchase go smoothly.
1. Understand Your Budget – Before you delve into all of the
listings of beautiful homes that could be yours, it is important to start
with a realistic look at your finances, so that you understand how
large of a down payment you can make and what type of monthly
payments you can afford.
2. Get a Realtor – Your Realtor will be the best source of information
on the current housing market in your area, as well as real estate
laws, negotiation techniques, and the different trades and companies
who you will need to work with before the home becomes your very
own.
3. Loan Pre-Approval – Speaking with a mortgage broker or your
banks loan officer will help you understand your pre-approval limits,
financing range, and probable interest rates. This is just the first step
of the mortgage process, but these numbers combined with the
budget numbers from the beginning will give you a solid idea of what
home prices you can work within as you search for your new home.
4. Home Search – Now that you have the necessary numbers, it’s
time to go take a look at the homes in your price range. Research the
neighborhoods and school systems, as well as the proximity to
important places like work and shopping. This is where your Realtor
will really prove their value and help make sure that you find a home
that meets all of your needs.
5. Full Loan Approval – After you have been pre-approved and
found a mortgage broker who you would like to work on your loan, it
is vital to gather all of the important paperwork and submit the loan

2. application. Once your application has gone through underwriting and
you have received full approval for getting a loan, you will be able to
lock your interest rate and assure the home seller that your offer to
purchase can be financed.
6. Make an Offer – When you have found that perfect home in your
price range, you are ready to make an offer to purchase and put a
home under contract. Here again your Realtor will be tremendously
helpful as they make sure that proper wording is put into the
purchase offer to allow for inspections and possible repairs, and guide
you through the negotiation process until you reach the price and
conditions that satisfies both buyer and seller.
7. Home Inspection – Inspecting your future home is essential so
that you are assured there will be no expensive repairs that are
required shortly after purchasing the home. If repairs are needed to
the roof or homes mechanical systems, the well written offer
mentioned above will help define whether the price is reduced or the
seller completes the repairs before closing.
8. Insurance – Home owners insurance and title insurance are
important parts of the buying process. If you do not know of a local
company to work with, your Realtor will have a few recommendations.
Aside from being required by the mortgage company, insuring your
home and making sure it has a clean title will help prevent any future
troubles with the property and your legal ownership.
9. Solve Last Minute Problems – As smooth as we would like the
home buying process to be, there are many people involved in each
step of the purchase, which means that some problems will arise. For
example, mortgage underwriters will need some last minute
paperwork, or the inspection will reveal a major repair that requires
further price negotiation. Problems and hiccups are the normal. This is
again where your Realtors knowledge and expertise will help guide
you over the last few hurdles.
10. Closing – Finally you have reached the end of the process,
signed the ownership papers, and received the keys to your new
home. All the hard work and planning has paid off and now you are

3. the proud owner of your very own home. It’s time to unpack and
celebrate.
These are the 10 steps to home ownership that every buyer will need
to go through before having the keys of their new home handed to
them. By working with knowledgeable professionals and following a
solid plan, home ownership can be right around the corner for you.
Preston Guyton is a Realtor and Custom Home Builder serving the
Myrtle Beach real estate market. For more information on Myrtle
Beach homes and properties, contact Preston today or visit
http://www.PrestonGuyton.com.