Buying a home will have its ups and downs, twists and turns, but can be fun if you keep things in perspective. Typically, it takes about 30-45 days from the time you find the house until you have the keys in hand. With the right professionals in place, it can be a great experience.
Once your chosen Mortgage Professional has given you Pre-Approval and you know what you can afford, it’s time for your Real Estate Professional to help you hunt for your new home.
Find a Property
Your Realtor is an expert with Real Estate. They will help you find what matters most to you, and keep you legally protected throughout the process. This should include, neighborhood, location, proximity to amenities, exit strategy, and whatever else is important to you.
Make Offer & Counter Offer
Once you find your dream home, your Realtor will help you make an offer to buy the property. The seller may not always accept your offer, so they may make a counter-offer. Your Realtor will negotiate the very best deal for you.
Choose Loan Product & Lock in Loan
Your Mortgage Professional is an expert with loans. Their job is also to protect you. Once you have an accepted offer, they will provide you with multiple loan options that make the most sense for your short and long-term financial goals
Submit to Lender
With your loan product chosen, your Mortgage Professional will submit all your important financial information to the lender, where it is “underwritten” to make sure all the lending parameters are met.
An inspection of the property is ordered by your Realtor to make sure the house is sound, and structurally safe for you. Your Realtor will help you again here with any negotiation of specific repair items, if needed
When you are happy with your inspection report, an appraisal of the property is ordered to make sure the value is appropriate. The appraisal is reviewed by the lender as part of your loan.
Once your file is “underwritten”, the lender will ask for additional information, updated pay stubs, letters of explanation, etc…whatever they need to make them feel warm and fuzzy about your qualification for the terms of the loan.
Clear to Close
All conditions of your loan have been cleared (approved), the lender has given final approval, and they say the words we all have wanted to hear for the last month…You Are Clear to Close! “Close” means signing all the final documents – real estate and mortgage loan documents at a title company.
You, your Realtor, your Mortgage Professional, and the sellers of the property all sit down together one last time. All the real estate documents and all the loan documents are signed. Be prepared….you will be signing papers for at least an hour. You will be handed the keys, and…Congratulations, You’re a Homeowner! Only one step left…..Call your friends to help you move in!