GET PRE-QUALIFIED AND SET A BUDGET
The first important step in the process is to know how much loan you can qualify for so you can budget within this limit. A lender will need to check your credit and review your income to determine this limit. The lender should provide you a pre-qualification letter with this amount.
This pre-qualification letter will help you realtor to narrow your search. It also helps you make a strong offer once you find a property that you like.
FIND A REAL ESTATE AGENT THAT MEET YOUR NEED
Real estate agent is an expert in the home purchase process and is the one who will be on your side and watching out for your best interest.
BUYER AGENT SERVICES
- Search and show properties that meet your criteria . It may be a good idea to give your realtor the list of your needs and wants, deal-breaker items, places that you want to be close by
- Research the property information
- Negotiate contract
- Provide resources if needed for inspection and repairs
- Review paperwork (lots of it) to detect mistakes that may cause you thousands of dollars
- Explain terms and conditions or point you in the right direction so you understand everything you sign
CONTRACT TO CLOSE
OPTION PERIOD/ HOME INSPECTION
OPTION PERIOD/ HOME INSPECTION
The option period allows you time to have a professional inspector look at the home. Inspector will give you a detail report on the current condition of the home (structure and systems). You have the right to terminate the contract without cause during this period.
ESCROW
OPTION PERIOD/ HOME INSPECTION
After the offer is accepted and the contract is signed, the buyer has three days to deposit the agreed upon amount of earnest money with the escrow agent/ title company
TITLE WORK
Title company examines public records to determine ownership, liens and other matters that could affect the title, such as judgements, bankruptcies, divorce, death, which require further investigation by the title company before closing can occur. Title company will also issue a title insurance policy for the buyer and lender.
HOME APPRAISAL
OBTAIN HOMEOWNERS INSURANCE
Lender will hire a licensed home appraiser to provide an independent analysis of real property. At the end of the appraisal, you will be provided with an accurate estimate of the current fair market value of the home being sold.
LOAN APPROVAL
OBTAIN HOMEOWNERS INSURANCE
OBTAIN HOMEOWNERS INSURANCE
After the home appraisal, your loan application, accompanying documents, and credit history are analyzed by an underwriter for the lender. If the home meets appraisal requirements, the loan is approved.
OBTAIN HOMEOWNERS INSURANCE
OBTAIN HOMEOWNERS INSURANCE
OBTAIN HOMEOWNERS INSURANCE
Homeowner's insurance provides coverage for damage to your house and other structures on the property where your house is located
CLOSING DAY -- WHAT TO EXPECT?
- Compare the loan estimate and the closing disclosure to make sure all fees have not changed more than allowable limits where applicable
- Follow title company instruction to obtain/transfer closing fund
- Review all closing documents and clarify all terms, conditions, and discrepancies prior to the closing table
- Wait for closing fund to clear to receive keys to the property
- Transfer utilities over to your name