Home Buying Process

Home Buying Steps / Process:

Step 1 - Getting Pre-Approved Prior to Shopping for a Home

It's obviously important to know how much home you can afford, what type of down payment to budget for, monthly mortgage payment as well as what type of loan program you'll be using to finance the new property.

Certain mortgage loans have residence type, HOA, appraisal or insurance restrictions that your agent needs to be aware of prior to showing you listings.

A personalized strategy session with a trusted mortgage professional should address all of your initial loan approval questions, as well as uncover any potential challenges that can complicate the entire transaction.

Step 2 - Assembling Your Home Buying Team - Knowing The Players

The home buying process has many steps, participating parties and potential challenges that can be overcome with the right team on your side.

Your real estate agent, lender, title company, insurance agent and attorney all have important roles to play.

Buying a new home is literally a team sport since there are so many tasks, important timelines, documents and responsibilities that all need special care and attention.

Besides working with a professional team that you trust, it's important that the individual players have the ability to effectively communicate and execute on important decisions together as well.

Step 3 - Purchase Offer Submitted

Assuming that you've already been given a mortgage approval and have a firm understanding of the type of property you are qualified to purchase, your agent will submit your purchase offer to a listing agent or seller.

Once you receive an accepted offer, the due-diligence period starts a series of timelines for final mortgage approval, appraisal, inspections and other requirements which would be spelled out in the terms of the contract.

Step 4 - Conditions and Paperwork

It comes in from all angles at this point, lenders, processors, insurance agents, sellers, real estate agents, underwriters.... and the list can go on and on.

Step 5 - Closing

A successful closing requires all of the team players to come together at the same time, with the same agenda, on the same date.... with numbers and figures that match.