Ask the Expert: Realtor Tim Kiernan in Las Vegas offers six steps to new home

Dear Expert:

If we have a very firm move-in date in mind, when would it make the most sense, practically speaking, to begin our formal house hunt? Thanks.

Time Element

Dear Element:

Buying your first home will be exciting, fun and the biggest financial decision you will make in your lifetime. So planning for it in advance is a great idea. So if you have a date in mind for when you want to be in the house, here's a typical timeline that could act as your road map. Keep in mind that there will be a lot of important decisions and events along the way and will take about six months to complete (if everything goes rather smoothly). Here are my typical six steps to that dream home:

1. Your credit and credit score (FICO) can never be too good: You can get a free credit report annually at www.freecreditreport.com. Better yet, get a referral for two or three mortgage lender and Realtors. The lenders will also pull your credit report and they can advise on what programs you qualify for based on your credit history, income, employment and ability to repay the loan.

2. Examine your credit score: If your score, typically, is 640 and above, you should get a preapproval, not a "prequal," letter from the lender. You will also have more than likely chosen your Realtor by now.

3. Now the fun starts: Your Realtor should set up a computerized search for you, and you should have been looking at homes online by now. All of the homes from your Realtor should be available and ready to view. Be circumspect with homes you see online or those you drive past with for-sale signs in the yards. Many websites do not update the status of the homes. If you like a home you drive past, give the address to your Realtor and let him/her check the Multiple Listing Service for you.

4. Don't fall in love too quickly or easily: The Realtor you select matters, and, hopefully, you took your time in your selection of that professional. Trust that your Realtor should have given you the current status of your market and comparable home values. It shouldn't feel as though you are being rushed into making an offer when you aren't ready.

5. You found your perfect home: You have made a strong offer, the seller accepted and your are now "in escrow," which means you are moving toward a closing date usually within 30 to 45 days. With the help of your Realtor, the lender inspection and appraisal are completed and the homeowners insurance is put in place. Also, any additional documents the lender needs are taken care of. You complete your walkthrough and the close-of-escrow date is confirmed.

6. Sign, sign, everywhere sign: You sign your loan documents, deed, note and other paperwork pertaining to the ownership of your new home. Depending on what state you live in, you get the keys to your new home immediately or 24 to 48 hours after signing.

Now you celebrate!