Simplifying the Home Buying Process
Choosing a Realtor is crucial in the home buying process. Your Realtor can represent you as a buyer’s agent and will help you throughout the home buying process. Your Realtor has access to the multiple listing service which lists home for sale throughout the area. They can also represent you, the buyer, on the purchase FSBO’s (For Sale By Owner), bank owned properties and HUD homes.
Get a Mortgage Pre-Approval
It is very important to obtain a mortgage pre-approval for many reasons. You want to make sure that you qualify to purchase a new home and you also want to make sure that you are looking in a price range that is suitable for your budget. You want to obtain an approval as early as possible. If there is some reason that you don’t currently qualify, your loan officer can work with you on how to improve your credit situation.
Find the Perfect Home
When meeting with your Realtor, they will ask you a series of questions that will help them find the perfect home for you and your family. Where do you want to live? What style of home do you wan to live in? How many bedrooms and bathrooms will you need? Your Realtor will help you locate homes that fit your criteria and will also set up an online search for you. Once you have found the perfect home, your Realtor will assist you in negotiating a purchase contract. Once all parties have agreed to the terms of the contract, you will need to make loan application.
The Mortgage Process
Once you have obtained a fully executed purchase agreement, you will need to make loan application. This will require a meeting with your loan officer to sign to sign your mortgage loan application documents. Once your loan officer submits your loan, it will go through the loan process. Your loan will go through set up, processing, underwriting and then closing.
Closing on Your Home
Once you receive final loan approval and your loan has been submitted to closing, the mortgage company will work with the title company to finalize your closing documents and figures. Once your documents have been prepared, you will be called to schedule your closing. You will meet with a representative from the title company to sign your final documents. Your deed will then be taken to the courthouse to be recorded. Once recorded, the home is yours!