Step by Step
PURCHASING PROCESS
What to Expect When You Buy Your First Home
PRE-APPROVAL
Make a plan. Figure out what your budget is for your monthly payment and what price range you can afford.
WHAT LOAN IS BEST FOR YOU
Apply with a lender for your preapproval letter that can be provided with an offer on a home. Income and assets documentation should be provided at this point to the lender.
Work with a real estate agent to receive valuable guidance and market expertise in order to make an informed offer on a home and negotiate a purchase and sales agreement.
HOME SEARCH
I strongly suggest you hire a home inspector to evaluate the condition of the property. This is for your benefit of knowing what condition the home is in that you are buying.
MAKING AN OFFER
Provide updated income and asset documentation at this point for submission into underwriting.
UNDER CONTRACT
I strongly suggest a face to face appointment to go over the loan application disclosures so there are no surprises at the closing table regarding the loan program, payments or closing costs.
CLOSE THE DEAL
Your lender will order appraisal and preliminary title. Other than a VA loan, this is when you will need to pay for the appraisal fee.
MOVE IN!
An underwriter will review the loan file for approval. There may be additional conditions that will need to be met prior to closing.
The closing disclosure will have your final closing numbers and must be acknowledged at least 3 business days prior to your loan signing.
Once the wire is received, the Deed of Trust is sent for recording. Keys are typically given to the borrower at this point!
The closing docusments will be sent to the settlement agent for closing. The signing appointments will be scheduled with both parties. The documents are then sent back to the lender and when the wire is sent to the settlement agent.
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