Buying a Home Timeline

There are no absolutes on a time-frame for buying a home (some buyers find a home their first day out while others may take weeks or even months) but there are some general guidelines that can help with your overall planning.

3-4 Months Prior to Desired Moving Date

» Develop a personal checklist
»Start Mortgage Pre-Approval process
» Find an Agent
» Begin property search

2-3 Months Prior to Desired Moving Date

» Compare and evaluate homes
» Choose a home
» Offer and purchase contract
» Home Inspection
» Closing arrangements

5-6 Weeks Prior to Desired Moving Date

» Moving arrangements
» Monitor mortgage process
» Arrange for any school transfers or registrations
» Arrange homeowners insurance

3-4 Weeks Prior to Desired Moving Date

» Start basic packing
» Make address changes
» Arrange for utilities at new home
» Purchase decorating items (e.g. draperies) for new home

1-2 Weeks Prior to Desired Moving Date

» Verify mover
» Verify closing details with settlement agent
» Verify any final mortgage details
» Packing

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PMI Insurance

Generally, if your down payment is less than 20% of the price of the home, you will be required to purchase Private Mortgage Insurance (called PMI or sometimes MI). This protects the lender if you should be unable to pay off the loan.

Federal law requires PMI to be cancelled under certain circumstances, for example when you have paid off a certain percentage of your mortgage or your home’s property value has increased to a certain percentage above the value of the mortgage.

Contact your lender for specific information about the status of your private mortgage insurance.

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