Learning Library · Buying 101 · lesson 1
How buying a home works, start to finish
6 min read
The seven stages of a Pennsylvania home purchase, so nothing that happens later surprises you.
The road map
Every purchase, from a Fishtown rowhome to a Blue Bell single, moves through the same stages: get your financing shaped up, look at homes, make an offer, go under contract, clear inspections and the appraisal, finish the mortgage, and close. What changes is how smoothly each gate opens — and preparation is what makes gates open smoothly.
- Prepare — pick your agent, get pre-approved, set a real budget
- Search — tour homes, learn the market, refine what matters
- Offer — price, terms, and deposit come together in a written agreement
- Under contract — inspections, negotiations, and deadlines
- Financing — appraisal, underwriting, and final loan approval
- Pre-closing — title work, insurance, and the final walk-through
- Closing — sign, fund, and get the keys
How long it takes
From an accepted offer to keys is typically 30–45 days when a mortgage is involved, driven mostly by the lender's timeline. The searching phase before that is entirely yours — some buyers find the right home in two weekends, others take six months. Neither is wrong.
The part most people underestimate: the under-contract stretch is deadline-driven. In Pennsylvania the standard agreement builds in specific windows for inspections, mortgage commitment, and more — miss one and you can lose leverage, or worse, your deposit protection. That's a large part of what your agent manages for you.
What it costs beyond the price
Budget for three buckets besides the down payment: closing costs (in the Philadelphia area, commonly several percent of the price once transfer tax is included — see the Pennsylvania Essentials track), moving and immediate-repair money, and a cash cushion your lender likes to see left over. Our closing-cost calculator gives you a line-item estimate for your county.
Quick answers
Do I need 20% down?
No. Conventional loans go as low as 3% down, FHA 3.5%, and VA and USDA can be 0% for eligible buyers. 20% avoids mortgage insurance, but waiting years to save it often costs more than the insurance would.
When should I talk to an agent?
Earlier than feels natural — ideally before you're pre-approved. A good agent costs a buyer nothing up front and will keep you from learning expensive lessons live.
Educational content only — not legal, tax, or financial advice. Program details, rates, and tax figures change; verify current specifics before relying on them. The Woods Team · Berkshire Hathaway HomeServices Fox & Roach, REALTORS® · Equal Housing Opportunity.