90 Days to Homeowner: A Week-by-Week Buying Plan
A week-by-week plan that takes you from pre-approval to closing day in about 90 days.
If owning a home in about three months sounds like a stretch, this plan shows you how doable it is. It breaks the process into weekly steps, so instead of one giant to-do list, you only have to think about this week's piece.
Each stage comes with a page to fill in as you go, from a debt-to-income calculator and a lender questionnaire to showing scorecards and an under-contract page for every date that matters.
Weeks one and two: readiness and lenders
Week one is a gut check. Is your income steady? How long do you plan to stay put? Are any big life changes on the horizon? Then you'll work out your debt-to-income ratio, your monthly obligations divided by your gross monthly income. The worksheet gives you a quick read before a lender runs the official version.
Week two is for talking with a few lenders, not just one. The questionnaire gives you the same questions for every conversation, like:
- What type of loan do you recommend for me, and why?
- What's the interest rate, and what's the annual percentage rate?
- Can I lock my rate, for how long, and is there a fee?
- Do I qualify for any down payment assistance programs?
Weeks three through six: the search
Weeks three and four are for getting clear on what you want, with a wants vs. needs list and a home search worksheet covering the areas you like, the size and style of home and your top five priorities.
Week five moves online. Use the search filters, but not so tightly that only a handful of homes show up, and don't cross a home off just because it's pending, since contracts do fall through sometimes. Send me the ones that catch your eye and I'll call the listing agents. Week six is showings, with a scorecard for each home.
Weeks seven through nine: offer and under contract
Week seven is about writing an offer that stands out. Week eight starts when your offer is accepted, and one page holds every key date: the contract date, when earnest money is due, when your due diligence period ends and your estimated closing day. It's also time to gather homeowner's insurance quotes, since your lender will want proof of coverage.
Week nine is inspections, with a cheat sheet on the common types: a standard home inspection, a septic inspection, a wood-destroying organism inspection and a lead-based paint inspection for homes built before 1978.
The final stretch
The last weeks cover the appraisal, the survey and the title search, then the words every buyer waits for: clear to close. After a final walk-through, it's time to sign and get your keys.
Common questions about a 90-day buying plan
How long is a mortgage pre-approval good for?
Usually somewhere between 30 and 90 days, depending on the lender. So start talking to lenders early, but wait on the actual pre-approval letter until you're ready to shop.
Do I need a home inspection if the house looks fine?
Yes. Some of the costliest problems are the hardest to spot, like hidden leaks, termite damage, foundation issues, poor ventilation and faulty wiring.
Who will be at my closing?
It varies, but expect some combination of you, the seller, the agents, the closing attorney and someone from your lender.