Buying a home, especially your first home, can seem daunting and scary. While it is often an involved process, we will work closely with you and your realtor to make it as enjoyable and stress free as we can. We break down each step of buying a home here to give you an idea of what to expect.
1. Get Organized
- Prepare your down payment. If you are not sure about the ideal down payment percentage, contact us and we will walk you through your various options.
- Prepare the appropriate documents (see Mortgage Checklist)
2. Get Pre-Qualified
- If you are in a hurry, getting pre-qualified might be your best option. Call or meet with us, and based on the information you provide, we will help you determine a purchase price and a monthly payment that is a good fit.
- Once we have determined your ideal purchase price and monthly payment we will provide you a pre-qualification letter for your realtor.
3. Or GET PRE-APPROVED!
- A pre-approval can really give you a leg up! It tells realtors and sellers that you have gone through the process of qualifying with a lender and are a serious, suitable buyer. If you have a property in mind, even better. We will get you pre-approved for THAT specific property.
- Depending on your timeframe, we can meet in person, discuss over the phone or you can get started today with an online application.
- We will look at your entire financial picture and help you decide on a purchase price, optimal down payment amount and an ideal monthly payment based on your short, medium and long term goals. We are designing your loan specifically for you!
4. Meet With Your Realtor and Negotiate Purchase
- If you need a referral to a few tremendous realtors, we are happy to provide them. If you have your own realtor already picked out, great! Either way we will get them as many pre-approval or pre-qualification letters as they need.
- Start shopping and find the home of your dreams.
- Make an offer!
- Your agent will submit an offer and a purchase contract.
- Submit earnest money.
5. Finalize Loan Application and Choose Lender
This is where we decide on the perfect lender to get you in your new home. Some lenders are super quick, others are more forgiving on past credit mistakes, while others might have an unbeatable rate. Either way, we do the work of matching you with the best lender and the best loan product. As a mortgage broker, we are not limited to just one company and we will shop different lenders so you don’t have to.
6. Begin Loan Processing
We will then gather any additional documentation about you (the borrower) and the property that we do not already have. We review all information in your loan file and assemble an orderly and complete package for the underwriter. Then we get the wheels in motion:
- Order credit report (if not already pulled in step 2)
- Start verifying your employment
- Order property inspection, if required
- Order property appraisal, if required
- Order title search
- Coordinate with you on your new homeowner’s insurance policy
- Work with your new HOA, if applicable
7. Review Reports
- Review inspection report with your realtor. If there are any issues, this is the time to re-negotiate with the seller or request repairs.
- Review appraisal and nearby home value comparisons.
- An underwriter will order and review reports, to determine what additional information they need to complete the loan process.
- We will guide you through every step of underwriting.
9. Clear to Close and Final Walk-through
- Lender prepares and sends loan documents to the title company.
- Do final home inspection walk-through before closing.
- This is the day!
- We will get together to sign all the documents that will finalize your home purchase!
- This is where we complete the mortgage paperwork, pay the seller and any closing costs, transfer the title from the seller to you, and get the keys to your new home!