Get Pre-Approved for a Mortgage

Before you start shopping for homes, get pre-approved by a lender. This tells you exactly how much home you can afford and shows sellers you're a serious buyer.

What You'll Need

Income verification: Pay stubs (last 30 days), W-2s (last 2 years), tax returns if self-employed
Asset statements: Bank statements, retirement accounts, investment accounts
Identification: Driver's license and Social Security number
Employment history: 2+ years at current job or in same field

          Pro Tip: A pre-approval letter is typically valid for 60-90 days. Time your pre-approval for when you're ready to actively shop.
        

2

Partner with a Buyer's Agent

A buyer's agent represents YOUR interests throughout the transaction. They help you find homes, write competitive offers, and navigate negotiations.

What a Buyer's Agent Does

Sets up MLS searches based on your criteria
Schedules and accompanies you on showings
Provides Comparative Market Analysis (CMA) for pricing guidance
Writes and negotiates purchase agreements
Coordinates inspections, appraisals, and closing

Did You Know? In most transactions, the seller pays the buyer's agent commission. Your representation is typically free to you.

3

Search for Homes

With pre-approval in hand and your agent by your side, it's time to tour homes. Focus on properties within your budget that meet your must-have criteria.

Key Considerations

Location: School districts, commute time, neighborhood amenities
Property type: Single-family, townhome, condo, new construction
Size & layout: Bedrooms, bathrooms, square footage, lot size
Condition: Move-in ready vs. fixer-upper

Avoid: Don't fall in love with a home before reviewing the Seller's Disclosure and completing inspections.

4

Make an Offer (Purchase Agreement)

When you find the right home, your agent will help you write a competitive offer. The purchase agreement includes price, earnest money, contingencies, and closing timeline.

Key Terms to Understand

Earnest Money Deposit (EMD): Good faith deposit (typically 1-3% of purchase price)
Contingencies: Conditions that must be met (inspection, financing, appraisal)
Closing Date: When ownership officially transfers (usually 30-45 days)
Seller Concessions: Seller credits toward your closing costs

          Negotiation Tip: In competitive markets, consider limiting contingency periods or offering escalation clauses to strengthen your offer.
        

5

Inspections & Due Diligence

Once your offer is accepted, you'll enter the inspection period. This is your opportunity to thoroughly evaluate the property's condition.

Common Inspections

General Home Inspection: Covers structure, roof, HVAC, plumbing, electrical
Radon Test: Checks for radioactive gas (common in Missouri)
Sewer Scope: Video inspection of sewer line condition
Termite/Pest Inspection: Checks for wood-destroying insects

What's Typical: In Missouri, the inspection period is usually 10-14 days. You can negotiate repairs, credits, or walk away if major issues are found.

6

Secure Your Financing

After inspection contingencies are resolved, your lender will order the appraisal and complete underwriting. You'll lock your interest rate and finalize loan terms.

Final Steps with Your Lender

Appraisal: Lender confirms home value supports the loan amount
Rate Lock: Secures your interest rate (usually 30-60 days)
Underwriting: Final review of your finances and property
Clear to Close: Lender confirms all conditions are satisfied

Don't: Make large purchases, change jobs, or open new credit accounts during this period. It can jeopardize your loan approval.

7

Close & Get Your Keys

Closing day is when ownership officially transfers. You'll sign final documents, pay closing costs, and receive the keys to your new home!

What to Expect at Closing

Final Walk-Through: Verify property condition and agreed repairs
Closing Disclosure: Review final loan terms and costs (received 3 days prior)
Document Signing: Sign mortgage documents and transfer of ownership
Funding: Wire your down payment and closing costs

          Typical Closing Costs: 2-5% of purchase price, including lender fees, title insurance, escrow deposits, and prepaid taxes/insurance.
        

Homebuyer Roadmap