Your dream home
Journey starts here

The home buying process can vary, but on average it typically takes 30 to 60 days once you have an accepted offer. That said, the full journey—from starting your search to closing—can range from a few weeks to several months depending on your situation.

Here’s a simple breakdown:

1. Pre-Approval (1–7 days)
Getting pre-approved with a lender helps you understand your budget and strengthens your offer.

2. Home Search (a few days to a few months)
This depends on inventory, market conditions, and how specific your needs are.

3. Offer to Accepted Contract (1–7 days)
Negotiations can be quick or take a few rounds depending on competition.

4. Under Contract to Closing (30–45 days typical)
This phase includes inspections, appraisal, loan processing, and final approvals.

What can speed it up or slow it down?

• Financing vs. cash purchase (cash is usually faster)
• Market conditions (competitive markets move quicker)
• Inspection or appraisal issues
• Title or paperwork delays

Bottom line:
👉 Most buyers should expect about 1–2 months after going under contract, but planning for 2–4 months total from start to finish is a safe expectation.

Pre-qualification vs. Pre-approval: What’s the difference?

Pre-Qualification (quick estimate)
This is usually the first step and can often be done online or over the phone in just a few minutes.

• Based on self-reported information (income, debts, credit estimate)
• No verification of documents
• Gives a rough idea of what you might be able to afford
  👉 Think of it as a ballpark figure, not a guarantee

Pre-Approval (verified and stronger)
This is a more detailed and formal process with a lender.

• Requires documentation (pay stubs, W-2s, bank statements, credit check)
• Lender verifies your financials
• Provides a specific loan amount you’re approved for
• Comes with a pre-approval letter you can submit with an offer
  👉 This shows sellers you are a serious and qualified buyer

Why it matters:
In a competitive market, a pre-approval can make the difference between winning and losing a home. Most sellers (and listing agents) will prioritize offers backed by a solid pre-approval over a simple pre-qualification.

Bottom line:

• Pre-qualification = quick estimate
• Pre-approval = verified buying power

Beyond the purchase price, most buyers should budget an additional 2%–5% of the home price for upfront costs, plus ongoing monthly expenses.

Here’s a clear breakdown you can share:

💰 Upfront Costs (Due Before or At Closing)

1. Down Payment (3%–20%+)
Varies based on loan type. This is typically the largest expense.

2. Closing Costs (2%–5%)
Includes:

• Lender fees
• Appraisal & inspection
• Title insurance
• Attorney fees (common in Rhode Island)
• Prepaid taxes & insurance

👉 On a $500,000 home, this could be $10,000–$25,000

🏡 Post-Purchase / Move-In Costs

3. Home Inspection ($400–$800)
Sometimes paid upfront during the process.

4. Moving Costs ($500–$5,000+)
Depends on distance and whether you hire movers.

5. Immediate Repairs or Updates
Even move-in ready homes often need:

• Paint
• Minor repairs
• Furniture or appliances

👉 Safe budget: $2,000–$10,000+

📊 What Your Credit Score Means

• 300–579: Poor
• 580–669: Fair
• 670–739: Good
• 740–799: Very Good
• 800–850: Excellent

👉 The higher your score, the better your loan terms—which can mean lower monthly payments on a home.

🧮 What Impacts Your Credit Score

1. Payment History (most important)
Do you pay your bills on time?

2. Credit Utilization
How much of your available credit are you using?

3. Length of Credit History
How long you’ve had credit accounts

4. Credit Mix
Variety of accounts (credit cards, auto loans, etc.)

5. New Credit Inquiries
How often you apply for new credit

🏡 Why It Matters in Home Buying

Your credit score affects:

• Loan approval
• Interest rate
• Loan options available

👉 Even a small increase in your score can save thousands of dollars over the life of a mortgage.