Home Buying Process
Step 1 – Getting Pre-Approved
When it comes to buying a home, it's important to have a clear understanding of what you can afford, including the down payment, monthly mortgage payment, and the type of loan program you'll use to finance the property. Your real estate agent should be aware of any restrictions, such as residence type, HOA, appraisal, or insurance requirements, that may impact your financing options. To ensure a smooth and successful home buying process, it's essential to work with a trusted mortgage professional like us who can answer all of your questions and help you navigate any potential challenges. A personalized strategy session can help you get a clear picture of your loan approval and financing options
Step 2 – Assembling Your Home Buying Team – Knowing The Players
The home buying process has many steps, participating parties and potential challenges that can be overcome with the right team on your side. Buying a new home is literally a team sport since there are so many tasks, important timelines, documents and responsibilities that all need special care and attention.
Besides working with a professional team that you trust, it’s important that the individual players have the ability to effectively communicate and execute on important decisions together as well.
Step 3 – Purchase Offer Submitted
Assuming that you’ve already been given a mortgage approval and have a firm understanding of the type of property you are qualified to purchase, your agent will submit your 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, appraisal, inspections and other requirements which would be spelled out in the terms of the contract.
Step 4 – Conditions and Paperwork
It comes in from all angles at this point, lenders, processors, insurance agents, sellers, real estate agents…. and the list can go on.
Step 5 – Closing
A successful closing requires all of the team players to come together at the same time, with the same agenda, on the same date with numbers and figures that match.