pre-qualified and/or pre-approved -
This should be
your first step before ever looking for a home. By doing this,
you will know how big your monthly mortgage will/can be. To find
out how much you pre-qualify for and to begin
discussing your loan options,
It's good to know what characteristics are important to you:
3. Start looking for homes - contact me to begin the process of looking at homes. We'll discuss neighborhoods, your pre-approved price range, the types of characteristics you like in a house, and much more. As you get into the process, you'll gain a feel for what appeals to you.
Also, set your Sundays
aside. They are a great day to drive around, as many agents are
holding open houses.
It's time to
write an offer to purchase.
I will complete
the purchase contract with you, and will review all of the clauses as you
sign. Be sure to ask questions if something is unclear.
At this point
contact your mortgage broker and let him/her know that
you have found a property, and give them the pertinent
information so they may complete the process of obtaining a loan.
7. I will order the appraisal and a physical inspection. You will need to pay for these inspections when they are completed. These inspections are very important in protecting your interest.
8. After the physical inspection, we will review and make any requests for repairs. The seller's response will depend on the seller's motivation and market conditions. Your request for repairs should be for items that are inoperable, or present a health/safety issue. This is not an opportunity to "nickel and dime" the seller for cosmetic items.
9. The loan process will include determining the loan amount, which loan program (fixed, variable, buy down), and locking the interest rate. Your mortgage broker will review these items with you.
You will also need to shop for homeowner's insurance to insure the home in the event of fire, etc. Give your insurance agent's information to escrow, as they will collect your premium as part of closing.
10. Sign loan documents and have all of your remaining down payment and closing funds readily available. Escrow will require either a cashier's check or the money may be wired from your banking institution a few days before close of escrow.
11. A final walk thru inspection of the property to verify that the condition of the property is the same as when you made the offer, to review all repairs completed by the seller, and to find out how the appliances work and other intricacies of the property from the seller.
At least one week
prior to closing, contact utilities, water dept, and phone
company to transfer these items into your name at your new