Choosing and buying a new home can be overwhelming. Here is how to buy a home in 8 simple steps.
1) Brainstorm and Gather the Facts
Whether you are a first time homebuyer or planning on investing in property it is always a good idea to go in with a plan. Educating yourself before you start the process can make the whole experience more pleasant. Get an idea of the area that you would like to live in and make sure that it fits into your lifestyle. Then decide the approximate amount of money that you would like to spend and the amount of monthly mortgage payments that you can afford. Make sure that you are clear on the objectives that you want to meet, to insure that you do not loose sight of these as the process moves on.
2) It’s Our Turn To Pre-qualify You
Now that you have a plan it is mortgage company turn to help get you started. In the prequalification process it gathers an idea of your financial situation and determine the amount of mortgage that you are eligible for. This will help you specify the price range of the property you are seeking and the monthly payment category that you fit into. This will also allow us to look around for lender programs that best suit your personal situation.
3) Create a Reliable Support Team
As a homebuyer it is always important to have a reliable professional as your agent and your lender. You can choose your own or our loan officers can refer you to a seasoned real estate agent in your area. Make sure that you are comfortable with you agent because you will be working hand and hand with them throughout the process.
4) Pre-Approval Time
Once you have chosen mortgage company as your lender it will notify your real estate agent of the amount that you are qualified to borrow and the amount of home that you have the ability to purchase. This approval will come in letter format and will be distributed to the appropriate parties at your request.
5) Time to Shop!
This can be the most stressful step but the most exciting. Now that you are pre-approved for a loan you can go and look for the house of your dreams. Now your agent will know the homes to show you in the area that you prefer and the price range you can afford. Remember when looking for that perfect house you must be patient and rely on your real estate agent to guide you.
6) Making an Offer
When you find the house that you can not live without….make an offer! When you make an offer and the seller accepts it, then you can begin the buying process. Your first duty is to have the house inspected by a home inspector. In most cases this has to be within seven days of the offer being accepted. It is very important that you and your agent keep open lines of communication with the lender so that everyone is moving in the same direction. The lender will most likely need some other paperwork from you (the borrower) and also an appraisal is needed to determine the market value of the house.
7) Be Ready to Close the Loan
Mortgage company will keep you updated on your progression towards the close of escrow on your new home. Constant communication between all parties will make the process smoother for you and enable us to make it as painless as possible. It is important that we receive all information that we request in a timely manner, so that we can meet any deadlines that have been established. With your cooperation some basic steps still need to be taken. You will be required to sign final loan documents at Escrow and after we will help you obtain insurance on your new home.
8) Congratulations…You’re a Home Owner!
You have successfully completed the purchase of your new home or investment! If any questions or problems arise we are here for you. We are here to serve and educate you, and this process does not stop when your loan closes.