Team Morales
Buyer's Guide
Get ready for this exciting step by learning what to expect along the way.
Buying a Home: Step-by-Step Guide
Congratulations on deciding to buy a home!
Homeownership is exciting, but the process involves several important steps. Here’s a clear, concise guide to help you prepare and succeed.
Step 1: Get Your Finances Ready
Your home-buying journey starts with your credit score and employment history.
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Credit Score:
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500–570 → 10–20% down
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580+ → 3.5% down (FHA loan)
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620+ → VA or USDA loan (0% down), FHA 203k rehab loan, or Conventional loan (usually 10–20% down)
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640+ → May qualify for no down payment programs
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Tip: The higher your score, the better your rates and loan options.
You’ll also need proof of 2+ years of steady employment (not necessarily the same job).
Learn more about credit score requirements.
Step 2: Get Pre-Approved for a Mortgage
Unless you’re paying cash, mortgage pre-approval is required. Lenders will review your:
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Tax returns
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Pay stubs
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Credit report
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Bank statements
Pre-approval tells you how much house you can afford. We work with top lenders and can connect you with one.
Step 3: Choose Your Realtor
Working with a buyer’s agent (like us!) is free for buyers — the seller pays our commission. Once you’re pre-approved, we’ll discuss your budget, needs, and wish list, then start the home search.
Step 4: Make an Offer & Sign the Contract
Once you find the right home, we’ll write an offer. The seller can accept, counter, or reject. After agreement, the process typically takes about 45 days to close. You’ll need some upfront cash for the deposit.
Step 5: Home Inspection
Schedule a professional home inspection within 10 days of contract signing. Inspections usually cost $400–$600 and cover roof, plumbing, electrical, and structure.
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Major issues? You can cancel and get your deposit back.
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“As-is” homes mean the seller won’t make repairs, but inspection still helps you make an informed decision.
Step 6: Hire an Attorney
Your attorney will handle the title search and closing documents. Fees are generally included in closing costs.
Step 7: Understand Closing Costs
Closing costs include taxes, insurance, and appraisal fees — usually around 6% of the home’s price. Sometimes sellers agree to cover part of these costs.
Step 8: Final Walk-Through & Closing Day
Do a final walk-through the day before closing to ensure the home is in agreed condition.
On closing day, you’ll sign the final paperwork, pay your down payment, and get your keys — the home is officially yours!
Typical Home-Buying Costs
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Deposit: Amount varies but goes toward the purchase price.
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Inspection: $500-$1000 (depends on size of property- recommended).
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Appraisal: $300–$400 (required by lender).
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Down Payment: Based on loan type and credit score.
Home types come in all shapes and sizes — from sprawling mansions to cozy tiny houses and everything in between. Choosing the right one can feel overwhelming, so our team has put together a quick guide to help you understand the most common options.
Since 70% of Americans live in single-family homes, that’s where we’ll start. And remember — finding the perfect home is often about compromise!
Cape Cod
Usually modest in size, these homes feature a variety of layouts, often with 2–3 bedrooms and two stories.
Bungalow
Typically built on a single level, these homes feature a low-pitched roof and often include a welcoming front porch.
Ranch
Designed for one-story living, these homes may include a basement or attic, but all main rooms are conveniently located on a single floor.
Raised Ranch
A raised ranch has two levels, with the lower level partly below ground and the entry at mid-level. The lower level adds extra living space for a family room, office, or guests.
Saltbox
This home gets its name from its resemblance to a wooden saltbox and is defined by its long, sloping rear roofline — originally designed to cover a rear lean-to addition.
Split Level
Split-level homes feature three or more levels connected by short flights of stairs, creating distinct living spaces.
Log Cabin
A log cabin is exactly what it sounds like — a home built from logs. Larger versions are often called post-and-beam homes.
Contemporary
Known for clean lines and modern design, these homes feature large, unadorned windows that vary in size and maximize natural light.
Condominium
A condo offers one-floor living with HOA fees covering building upkeep. You handle interior maintenance, and rules often govern pets and balcony use.
Townhome
A townhouse has multiple levels, often includes a garage, and also comes with HOA fees.
Multi-Family
One building with two or more separate units, each with its own entrance and living space.
Mansion
Expansive, high-value home designed for upscale living.
Mobile Home
A spacious, prefabricated home designed to be placed in a permanent location, offering comfortable and affordable living.
Tiny House
A small, efficient living space, usually under 400 square feet, designed to maximize function and minimize cost. Perfect for simple, minimalist living.
Get in Touch
Team Morales
Century 21 AllPoints Realty
857 N Main Street Ext Suite 3
Wallingford, CT 06492