The Home-Buying Timeline
What to Expect from Start to Finish
Buying a home is one of the biggest financial decisions you’ll ever make, and knowing what to expect can make the process much smoother. Many first-time buyers underestimate how long it takes, thinking they’ll find a house and move in within a few weeks. In reality, the home-buying process can take anywhere from two to six months—or even longer, depending on the market and your specific situation.
Understanding the timeline helps you plan ahead, avoid unnecessary stress, and make informed decisions along the way. Below, we’ll break down each step of the process, from getting pre-approved to finally receiving the keys to your new home.
Step 1: Get Pre-Approved for a Mortgage (1–2 Weeks)
Before you start scrolling through listings and dreaming about your perfect home, the first step is to determine how much you can afford. This means getting pre-approved for a mortgage. Pre-approval is an essential part of the process because it gives you a clear budget and shows sellers that you’re a serious buyer.
To get pre-approved, you’ll need to choose a lender and submit financial documents such as proof of income (pay stubs, W-2s, or tax returns), credit history, debt obligations, and bank statements. Your lender will review this information to assess your financial health and determine how much they’re willing to lend you. Once approved, you’ll receive a pre-approval letter, which you can use when making offers on homes.
This step typically takes about one to two weeks, depending on how quickly you provide the required documents and how busy the lender is. Keep in mind that a pre-approval isn’t a final loan approval—it’s just an initial check to estimate your borrowing power.Â
Step 2: Start House Hunting (A Few Weeks to Several Months)
Once you have your pre-approval in hand, you can start the fun part—looking for your dream home! This step can take anywhere from a few weeks to several months, depending on your needs, preferences, and how competitive the market is.
Working with a real estate agent can make the search much easier. Your agent will help you narrow down properties that fit your budget and criteria, schedule showings, and provide insights about different neighborhoods. During this stage, you’ll visit homes in person or virtually, compare features, and get a feel for what’s available in your price range.
It’s important to stay flexible during the home search. You may have a list of must-haves, but it’s rare to find a home that checks every single box. Be prepared to compromise on some features while prioritizing what matters most—whether that’s location, size, or layout. Also, be ready to act quickly if you find a home you love, especially in a competitive market where houses can go under contract within days.
Step 3: Make an Offer and Negotiate (1–2 Weeks)
Once you’ve found the perfect home, it’s time to make an offer. Your real estate agent will help you determine a competitive offer price based on recent sales in the area, the home’s condition, and the seller’s motivation. The offer will include not only the price but also important terms such as contingencies (like home inspections or financing approval), the proposed closing date, and any requests for repairs or concessions.
After submitting your offer, the seller can accept it, reject it, or make a counteroffer. If they counter, you’ll negotiate back and forth until both parties agree on the terms. In some cases, negotiations can happen quickly, while in others, they may take a week or more.
Once the seller accepts your offer, you’ll sign a purchase contract and put down an earnest money deposit—typically 1–3% of the purchase price—to show your commitment to the deal. This money is held in escrow and later applied to your down payment or closing costs.
Step 4: Home Inspection and Appraisal (2–3 Weeks)
Even though you’ve reached an agreement with the seller, the deal isn’t finalized yet. Two critical steps still need to happen: the home inspection and the appraisal.
A home inspection is conducted by a licensed inspector who examines the property for potential issues. They’ll check the foundation, roof, electrical systems, plumbing, HVAC, and more. If any major problems are discovered—such as a leaking roof or faulty wiring—you may have the opportunity to negotiate repairs with the seller or, in some cases, back out of the deal.
The appraisal, on the other hand, is required by your lender to ensure the home’s value matches the loan amount. The lender orders an independent appraisal, where a professional appraiser assesses the home based on recent sales of similar properties in the area. If the home appraises for less than the purchase price, you may need to renegotiate with the seller or come up with the difference out of pocket.
This stage usually takes about two to three weeks, though delays can happen if inspectors or appraisers are booked up, especially during peak homebuying seasons.
Step 5: Loan Processing and Underwriting (3–6 Weeks)
While you’re handling the inspection and appraisal, your lender is working behind the scenes to process your mortgage. This involves a deeper review of your financial situation to ensure you qualify for the loan.
During underwriting, the lender verifies your employment, credit history, and debt-to-income ratio. They also review the property details to confirm it meets lending requirements. The underwriter may request additional documentation, so be prepared to provide things like updated bank statements or letters explaining any large deposits in your account.
This step can take anywhere from three to six weeks. One of the biggest causes of delays is buyers making financial changes during underwriting. Avoid making large purchases (like a new car or furniture), opening new credit accounts, or changing jobs, as these could impact your loan approval.
Step 6: Closing Day (1 Day)
Once your loan is fully approved, you’re ready to close! Closing day is when all final paperwork is signed, funds are transferred, and ownership of the home officially changes hands.
On this day, you’ll meet with your real estate agent, lender, and closing agent to review and sign loan documents. You’ll also pay closing costs, which typically range from 2–5% of the home’s purchase price. This amount covers lender fees, title insurance, prepaid property taxes, and other necessary expenses.
Before closing, you’ll do a final walkthrough of the home to ensure everything is in the expected condition. If all looks good, you’ll sign the final paperwork, and once the transaction is recorded, you’ll receive the keys to your new home!
How Long Does the Home-buying Process Take?
The timeline for buying a home varies depending on market conditions, loan type, and how quickly each step moves along. On average, you can expect:
- Pre-Approval: 1–2 weeks
- House Hunting: A few weeks to several months
- Making an Offer & Negotiations: 1–2 weeks
- Inspection & Appraisal: 2–3 weeks
- Loan Processing & Underwriting: 3–6 weeks
- Closing: 1 day
From start to finish, the entire process typically takes 2 to 6 months, though it can be longer in competitive markets or shorter if everything moves quickly.
Final Thoughts
Buying a home is an exciting journey, but it requires patience and preparation. By understanding the homebuying timeline, you can plan ahead and avoid unnecessary stress. Working with a knowledgeable real estate agent and an experienced lender will make the process smoother and ensure you’re making informed decisions along the way.
If you’re thinking about buying a home, now is the time to start the pre-approval process. Reach out to a licensed mortgage loan originator to discuss your options and take the first step toward homeownership!
Ready to buy a home? Our team of Mortgage Experts can help!Â