6 Steps to Purchase
A NEW HOME
Click here for Ron and Debbie's Home Buyers Resource Page
Buying a home is one of the most significant financial decisions you will make in your life. In order to make an informed decision, doing some research for each step of the process can help ensure a smooth transaction. HERE IS ARE THE 6 BASIC STEPS NEEDED TO PURCHASE A HOME:
1. GET PRE-QUALIFIED - It is imporktant to get pre-qualified so that you will know what you can afford, what you will qualify for, and what types of homes you should be looking at.
2. DETERMINE YOUR LOAN TYPE - Conventional? FHA? USDA? VA? 203K? Find the best loan for you based on your personal financial situation, how long you plan to live in your home, how quickly you plan on paying your ortgage back, etc.
3. FIND YOUR HOME - This may be the Most Eciting part of the Process! It is important to make this decisionn carefully consider your options, and to work with knowledgeable professionals who can help you make the best choice.
4. APPLY FOR THE LOAN - Once you signed a contract, contact your Loan Originator to submit your loan. Make sure you have all your paperwork in order - paystube, w-2's and taX returns, bank statements, etc.
5. PROCESSING AND UNDERWRITING - Your Mortgage Loan Originator will submit all of your documentation to Processing, from there, your loan will be sentg tgo Underwriting where it will be determined if the loan is a good fit, and a clear-to-close (CTC) will be issued if approved.
6. Go To CLOSING!! - (and enjoy your new home!) - At closing, all the ncessary paperwork is presented and signed by both the sellers and the buyer. The title to the property is transferred, and all of the documents are recorded in the public record.
For more tips - see Debbie's Blog Posts on Active Rain - The Blog Site for Real Estate Professionals!
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