Steps In The Home Buying Process
Step 1: Hire us as your Real Estate Agent
Lenders and real estate agents are important partners when buying a home. Real estate agents can provide you with helpful information on the current housing market and are a great resource throughout the home buying process.
Step 2: Get Approved for Your Mortgage
Before you start looking for a home, you need to know how much you can spend. To get approved, you will need to provide some financial information to your mortgage lender, such as your income and debt. Your lender will review this information and tell you how much they will lend you and what type of loan you are approved for at this time.
Step 3: Research
It is a good idea to do your own research on the neighborhood, schools, parks and other things that are important to you.
Step 4: Shop for Your Home and Make an Offer
While touring homes in your price range, make sure to take notes on the details and neighborhood of each house. Once you find the right home, we will negotiate an offer. Once buyer and seller come to an agreement, you have a legally binding contract.
Step 5: Get a Home Inspection
We recommend you get a home Inspection. Home Inspections provide an in-depth analysis that can potentially find not just current needed repairs but also things that may become a problem down the road.
Step 6: Have the Home Appraised
Your lender will arrange for an appraiser to provide an independent estimate of the value of the house you are buying.
Step 7: Coordinate the Paperwork
There are many steps in the home buying process. There is also a lot of paperwork. You as well as your lender, title company and real estate agent will handle all the paperwork. When the loan is in processing, we are working behind the scenes to ensure everybody is completing all the tasks.
Step 8: Research Homeowners Insurance
Your lender will require you to have one year of homeowners’ insurance paid for in advance. You may want to use the same company as an auto policy or research other options.
Step 9: Close the Sale
We will advise you to transfer utilities into your name at the appropriate time. The title company will contact you to advise closing monies and signing time. Depending on the contract transfer date and possession date will determine when you get your keys. Do not have a moving truck or company ready until possession date is determined because loan delays can happen.
Step 10: Celebrate
Once you get your keys it is time to celebrate…Congratulations!!!