Don’t let buying a home stress you out. Take a look at the steps to purchasing a home and reach out if you have any questions!
Home Buying Process:
Get Pre-Approved Before Shopping for a Home
It’s very important to know what kind of home you can afford. What type of down payment should you budget for? What would your monthly mortgage payment be? What type of loan program will you be using to finance the new property?
Certain mortgage loans have residence type, HOA, appraisal or insurance restrictions. Your agent needs to be aware of prior to showing you listings.
A personalized strategy session with a trusted mortgage professional should address all of your initial loan approval questions, as well as uncover any potential challenges that can complicate the entire transaction.
Assemble Your Home Buying Team – Your lender, agent, title company, and insurance agent
The home buying process has many steps, participating parties and potential challenges that can be overcome with the right team on your side.
Your agent, title company, insurance agent and lender all have very important roles to play throughout the home-buying process.
Besides working with a professional team that you trust, it’s important that the individual players effectively communicate and execute on important decisions together as well.
Submit Purchase Offer and Go Under Contract!
Once you receive a signed contract, it means the seller has accepted your offer. This means the period of due-diligence starts. This starts with a series of timelines and dates for final mortgage approval, appraisal, inspections and other requirements which are written out in the terms of the contract.
Fulfill Conditions and Sign Paperwork
Lenders, processors, insurance agents, sellers, real estate agents and the list can go on are all having you sign documents and provide additional paperwork.
Close on your new home!
A successful closing requires all of the team members to come together at the same time, with the same agenda, on the same date with numbers and figures that match.