How to Buy a House
Five Steps for Buying Your Next Home
Buying a new home is an exciting journey, but it can also feel overwhelming. At
eCash Mortgage, we aim to simplify the homebuying process. Follow these five steps to help make buying your next home easier!
1. Decide How Much Home You Can Afford
Estimating your budget is the first important step in buying a house. Your income, savings, current interest rates, property taxes, and homeowners insurance costs are all key factors that influence how much home you can afford.
eCash Mortgage offers an
affordability calculator to help you determine your budget.
- Get prequalified: Prequalification helps you understand how much mortgage you may qualify for. It also provides you with a prequalification letter to include when making an offer. Get prequalified online now with eCash Mortgage.
- Save cash: You’ll need funds for a down payment, closing costs, repairs, and moving expenses. Learn how much money you might need to buy a home.
- Read our tips: There are many ways to save money when purchasing a new home. Check out eCash Mortgage’s home affordability tips.
2. Shop for Homes to Buy
Once you know how much you can afford and have saved enough money, it's time to start shopping for homes. Many buyers begin their search online, but here are some tips to guide you:
- Choose where you want to live: The location of your next house will significantly impact how happy you are with your purchase. Learn more about how to decide where to live.
- Decide what you want: Create a list of features for your next home, including the size, number of bedrooms and bathrooms, yard size, and any amenities you’re looking for.
- Attend open houses: Open houses provide a great opportunity to explore homes and discover your preferences. Review our open house tips.
- Work with a buyer’s agent: A real estate agent can assist in finding homes, arranging showings, making offers, negotiating prices, and more.
You can also connect with a local real estate agent through
eCash Homes, a partner of
eCash Mortgage, and potentially receive
Cash Rewards when you buy or sell a home. Learn more about this program.
3. Make an Offer on a Home
Once you've found the perfect home, the next step is making an offer. Your offer will typically include:
- Purchase Price: The amount you’re willing to pay for the home.
- Contingencies: These are conditions that must be satisfied before the sale can close, such as home appraisal, inspection, and title search contingencies. Learn more about contingencies.
- Prequalification & Proof of Funds Letters: These letters demonstrate your ability to obtain financing and make the down payment and closing costs.
- Earnest Money: Also known as a "good faith deposit," this shows your commitment to the purchase. Learn more about earnest money.
- Other Information: Your offer will typically include details about you, any co-buyers, proposed closing dates, and more.
It’s common for sellers to negotiate terms before accepting an offer. A buyer's agent can help guide you through this process.
4. Apply for a Mortgage
After your offer is accepted, you’ll need to apply for a mortgage with
eCash Mortgage. We’ll guide you through the application process and help you choose the loan that’s right for you. Most homebuyers qualify for
Conventional or
FHA loans. Conventional loans may have higher credit and down payment requirements but often offer competitive rates and less expensive mortgage insurance. Learn more about
Conventional vs. FHA loans.
5. Get Approved and Close
After submitting your mortgage application and documents,
eCash Mortgage will begin reviewing your application. There are a few key tasks you'll need to complete during this stage, such as:
- Home Appraisals: We’ll request an appraisal to estimate the home’s current market value, which helps determine the amount you can borrow. Learn more about home appraisals.
- Title Searches: A title search confirms that the seller legally owns the home and that there are no financial claims on the property. Learn about title searches.
- Home Inspection: Inspections help identify issues that you may want the seller to address before finalizing the sale. Learn about home inspections.
- Homeowners Insurance: You’ll need to secure homeowners insurance before closing on your mortgage. Shop for insurance to find the best rates. Learn more about homeowners insurance.
Once your mortgage is approved, it’s time to close.
eCash Mortgage will explain the closing requirements in your state and help you prepare for the closing process. You'll also need to pay closing costs, which we will review with you in advance. Learn more about closing costs.
Once you’ve closed, congratulations—you’re the proud owner of a new home! Your new mortgage with
eCash Mortgage will come with monthly payments, and we’ll help you set up online accounts and automatic payments to make managing your mortgage easy.
Best of luck as you embark on your homebuying journey with
eCash Mortgage!