The Home Buying Process
The process of purchasing a home can be a stressful yet exciting time but fret not! We are here to help! When you are ready to begin your search, we will sit down and discuss the in’s and out’s of the entire process as well as determine where to begin looking. Use the contact form at the bottom of the page if you are interested in scheduling a consultation.
Step 1. Determining Your Price Range/Getting Pre-approved
Determining your price range is an important step in buying a home. For cash purchases its easy. However determining a price range for your purchase using a mortgage requires contacting a lender. A lender will help you decide on your budget as well as review different loan types. A lender will also help you decide each loan type and help pick the right mortgage for you. Getting pre-approved with a lender will help set expectations and eliminate worries and doubts about financing.
Step 2. Find Your Dream Home
Determining your ideal home is one of the most essential parts for finding your next home. Our team can help determine your wants and needs in a home. Some things to consider are: bedrooms; bathrooms; school districts; square footage.
Step 3. The Escrow Process
The escrow process (pending process) is the time between your offer being accepted and you closing on your new home. During this time multiple things happen. It can be stressful however we are here to help you through it.
Step 4. Closing
This is the best part of the process. Closing is when the seller signs over the deed and you receive keys to your new home. During closing you will sign all of the closing paperwork and then you can start to move into your new home.
Preparing ahead of time for what a lender will need can make your appointment with them go smoother and faster. Each person that will be part of obtaining your loan is going to be required to provide the same information if applicable. Here is what you’ll to have prepared:
- Legal names
- Present Addresses
- Previous Addresses going back 2 years
- All contact information (Phone, Email, etc.)
- Present employer’s name and contact information
- Explanation for any gap of employment within 2 years
- Previous employer’s name and contact information
- Present salary with at least two paystubs and the last 2 years w-2s
- For variable income, you’ll need the last two years full tax returns
Before and After speaking to a lender there are some things to avoid doing and some things you want to make sure to do. If you don’t follow your lenders advice it can jeopardize your ability of getting a loan.
Make sure you don’t do anything that can vastly alter your credit. Here are some tips:
- Don’t Quit your job or change jobs. If you foresee this in the near future discuss this with your lender.
- Don’t Allow inquires on your credit except for your lender.
- Don’t Apply for credit anywhere other than your lender.
- Don’t Co-Sign for anyone, for any reason, for anything.
- Don’t purchase or attempt to purchase anything else on credit such as a car, boat, furniture, etc.
- Don’t charge any abnormal amounts to your current credit cards or credit lines.
There are some things that can help your process go smoothly. Here are some tips:
- Keep all accounts current, including mortgages, car loans, credit cards, etc.
- Contact both your lender and your Agent anytime a questions may arise.
- Make all payments on or before the due date on all accounts.
- Return phone calls from your agent, lender, settlement company, or anyone else involved in your transactions as soon as you can.