Home Buying Guide
We encourage you to review the following quick guide for how the process works. Whether you are a first-time buyer or have experience in the mortgage market, it´s always important to familiarize yourself with the ever-evolving process. This Home Buying Guide helps you understand some of the essential steps along the way so that you are comfortable and informed.
Step 1
Buying a home is a big commitment, so understanding your current and future financial situation should be on the top of your list. Shopping for a home is very exciting, but before you do, consider reviewing How to get approved for a mortgage on this website.
Help make this determination based on your financial situation by using our Affordability Calculator and see how much house you can afford.
Step 2
Being preapproved for a mortgage involves finalizing an application and potentially supplying us with some documents to support the application information. At this time, we will run your credit report and discuss with you where you stand in terms of creditworthiness. We can determine an accurate price range for you so you can comfortably look for homes without fear that it´s too much or too little house. We want you to feel confident and knowledgeable about your search for the perfect home.
Step 3
Find the right Real Estate Agent that knows the local market. A realtor that can provide you with helpful information on homes and neighborhoods, especially if you are new to the area. The real estate agent will be an essential partner for you, their knowledge of the home buying process, their negotiation skills, and the ability to tailor the home search to your requirements can be extremely valuable. The seller compensates Real Estate agents, so you can feel confident that the agent doesn´t have a money motive when they work with you.
Step 4
Once you have been pre-qualified for the mortgage loan, you now enter the FUN stage! Find a home. Utilize your resources to view and consider the home. Negotiate! You will work with your real estate agent to work out a fair offer based on the listing price and the value of comparable homes in the same neighborhood. Once you and the seller have reached agreement on a price, you´ll both sign the contract, choose a title company, and the house will go into escrow.
Step 5
Get a Home Inspection. Typically, most purchase offers are contingent on a home inspection to check the property for signs of any structural damage or things that may need to be repaired or replaced. Your real estate agent can help you arrange to schedule an inspection within a few days after your offer to purchase is accepted by the seller. This contingency protects you and gives you a chance to renegotiate your offer or withdraw it without penalty. Although optional, we highly recommend an inspection.
Step 6
Time to talk to us about selecting your loan rates, terms, and available mortgage options. During preapproval, we give you a good idea of what numbers will look like, but with a contract, we can specify figures, monthly payments, and specific closing costs. We have a wide range of competitively priced loan programs and a reputation for exceptional customer service. Having one of our experienced and responsive mortgage loan specialists assist you will make the process more straightforward and stress-free.
Step 7
Getting the Home Appraised. Our lenders will arrange for an independent estimate of the home´s value. The appraiser is a third-party company and is not associated with the lender or us. So again, you can rest easy knowing that no one is influencing your home value assessed fairly and accurately. Your final available loan amount is on the lesser of the purchase price or home appraisal value.
Step 8
Closing the Sale! At closing, you will sign the paperwork required to complete the purchase. Purchase loans both close and fund on the same day. The sellers will sign their portion of the paperwork, and then you will sign and receive your keys.
