(Step 1) Pre-Approval For a Loan Prior to Searching For a Home.
It's critical to understand how much house you can buy, how much down payment you'll need, how high your monthly mortgage payment will be, and what type of loan program you'll use to finance the new home. A personal meeting with a reputable mortgage consultant should answer all of your first loan approval inquiries and reveal any potential stumbling blocks that could make the process more difficult. Certain mortgage loans include limits on the type of home, HOA, appraisal, or insurance that your agent must be aware of before showing you listings.
(Step 2) Building Home Buying Team
A good closing necessitates the attendance of all team members at the same time, with the same agenda, on the same date, and with the same data and figures. You are the delighted owner of your new house once the transaction is completed successfully. With the proper team on your side, you can go through the home buying process with various processes, parties involved, and potential problems. The duties of your agent,
appraiser, title company, house inspector, insurance agent, and lender are all crucial. Because there are so many chores involved in buying a new home, it's almost like a team sport. Aside from working with a professional team, you can trust, it's also critical that the individual players can communicate effectively and make vital decisions collectively.
(Step 3) Submitting Purchase Offer
Your agent will send your purchase offer to a listing agent or seller assuming you've already received a mortgage pre-approval and have a strong grasp of the type of home you're qualified to buy. When you receive an accepted offer, the due diligence process begins, which includes a series of dates for final mortgage approval, appraisal, inspections, and other criteria spelled out in the contract.
(Step 4) Conditions & Paperwork
Lenders, processors, insurance agents, sellers, real estate brokers, and you are all involved at this point.
(Step 5) Closing
A good closing necessitates the attendance of all team members at the same time, with the same agenda, on the same date, and with the same data and figures. You are the delighted owner of your new house once the transaction is completed successfully.
While this guide greatly simplifies the steps in the home buying process, it should serve to give you a good idea of what you're in for when buying a home. Our agents at Realty Plus Associates are eager to assist you through this complicated process and answer any questions you may have. If you find yourself ready to start searching for your dream home, consider using our conveniently free MLS service to begin your home buying journey.
