What are the Steps to a Successful Home Buying Experience?
Step 1 - Get Pre-Approved
Prior to going house hunting, it is important you take care of the pre-approval process first. The process is quick and easy and when you find that home you fall in love with, you will be able to act quickly, placing an offer in immediately making sure you do not lose out on the home of your dreams.
Benefits of Getting Pre-Approved
- Know exactly what price range of homes you can afford
- Understand your down payment requirements
- Properly budget your monthly payments
- Understand the difference between loan programs and property restrictions
Certain home loan programs have restrictions on property types, HOA restrictions, and appraisal standards that your real estate 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 could complicate the home loan process.
Step 3 - Submit a Written Offer
Assuming that you've already been issued your mortgage pre-approval and have a firm understanding of the type of home loan and property you are qualified to purchase, your real estate agent will submit your written purchase offer to a listing agent or seller.
Once you receive an accepted offer, the due-diligence period starts a series of timelines for final mortgage approval, inspections, appraisals, and other important requirements that are negotiated and outlined in the terms of the purchase contract.
Step 4 - Processing and Underwriting
This is where you are the quarterback of this game. The home loan process can move as quickly or, in some cases, as slowly as you wish. The quicker you provide the required requested documents to process your home loan and satisfy underwriting final approval, the faster you can get to the ultimate goal; the closing table.
Step 5 - Closing Day
On the closing day, you will complete the signing of the final loan application and other important closing documents to seal the deal and close on your new home.
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Updated on 2022-10-12T04:36:59-04:00, by .