Discover the Buying Process
Buying a home will have its ups and downs, twists and turns, but will be fun if you keep things in perspective. Typically, it’s about 30-45 days from the time you find the house until you have the keys in hand. With the right professionals in place, it is a great experience.
- PRE-APPROVAL Once your chosen Mortgage Professional has given you Pre-Approval and you know what you can afford, it’s time for your Realtor to help you hunt for your new home.
- FIND PROPERTY Your Realtor is an expert with Real Estate. They will help you find what matters most to you, and keep you legally protected throughout the process. This includes price, neighborhood, location, proximity to amenities, exit strategy, and whatever else is important to you.
- MAKE OFFER – COUNTER OFFER Once you find your dream home, your Realtor will help you make an offer to buy the property. The seller may not always accept your offer, so they may make a counter-offer. Your Realtor will negotiate the very best deal for you.
- CHOOSE LOAN PRODUCT & LOCK IN LOAN Your Mortgage Professional is an expert with loans. Their job is also to protect you. Once you have an accepted offer, they will provide you with loan options that make the most sense for your short and long-term financial goals.
- SUBMIT TO LENDER With your loan product chosen, your Mortgage Professional will submit all your important financial information to the lender, where it is “underwritten” to make sure all the lending parameters are met.
- INSPECTION Your Realtor will provide you with three names of recommended Home Inspectors for you to choose from. Your chosen inspector will perform a thorough property inspection to make sure the house is sound, and structurally safe for you. Your Realtor will help you again here with any negotiation, if needed.
- APPRAISAL When you are happy with your inspection report, an appraisal of the property is ordered to make sure the value is appropriate. The appraisal is reviewed by the lender as part of your loan.
- CONDITIONS Once your file is “underwritten,” the lender may come back and ask for additional information, updated pay stubs, letters of explanation, etc…whatever they need to make them feel warm and fuzzy about your qualification for the terms of the loan.
- CLEAR TO CLOSE All conditions of your loan have been cleared, the lender has given final approval, and they say the words we all have wanted to hear for the last month…You Are Clear to Close! “Close” means signing all the final documents – real estate and mortgage loan documents.
- CLOSING! You, your Realtor, your Mortgage Professional, and the sellers of the property all sit down together one last time. All the real estate documents and all the loan documents are signed. Be prepared….you will be signing papers for at least an hour. You will be handed the keys, and…Congratulations, You’re a Homeowner!