Buying a home is one of the most important financial decisions you’ll ever make.
We want to take the guesswork out of this BIG decision by outlining the home buying process. Keep in mind that the process may differ from person to person depending on your personal home goals and financial situation.
- Step away from Zillow! Before you fall in love with a home on Zillow, speak with one of our Loan Officers. We’ll get to know you, your homeownership goals (timeline, comfortable monthly payment, credit history, etc.), establish expectations, and discuss available financing solutions. Additionally, the Zestimate is typically inaccurate and does not include all mortgage payment factors (principal, interest, taxes and homeowner’s insurance). Bottom line: don’t window shop until you speak with a loan officer and know your home shopping budget.
- Once you’re ready to apply, complete our quick and secure application. We’ll use the information and documents provided to assess your lending credibility to issue your Pre-Approval Letter. The Pre-Approval letter is your ticket to house shopping. It communicates that you’re a serious buyer to your real estate agent and home sellers.
- House Shopping
- Before house shopping, take the time to list your “must haves.” For example: location, amenities, condo vs. single family, number of bedrooms, bathrooms, etc. By understanding your non-negotiables, your real estate agent will understand what “home” means to you. Your real estate agent will schedule showings to help you find the home of your dreams.
- Found the house you want to make home? It’s time to submit an offer!
- Make an Offer
- With your real estate agent, you’ll submit a sales contract for your dream home. Once the offer is accepted by the seller, you’ll officially be “under contract.”
- Under Contract
- While “under contract,” please keep in mind that there are many processes happening behind the scenes. Our team will work with your real estate agent to order a home inspection. Additionally, our Processor will review your file for completion before submitting to underwriting. Please note – at this stage we may need something clarified or documented further. Assume whatever is asked is necessary and in your best interest.
- After the initial underwriting review, your loan will be “approved with conditions.” There may be a few items to address before finalizing your loan commitment. Don’t worry! Our team will work with you to fulfill any underwriting requests.
- Clear to Close
- Once all conditions have been met, our in-house underwriters will review your final loan file for accuracy and completeness before issuing your loan, “cleared to close.”
- Signing & Closing
- Closing is the final step in the home buying process; it’s when you finally take ownership of the house! On this day you’ll bring everything you need (driver’s license/photo ID, personal checkbook and/or Certified/Cashier’s Check) and will sign your name…a lot! Your home is worth it!
While we know the home buying process can seem daunting, we’re proud to have helped many borrowers navigate the home buying process! We are here to support you every step of the way. Do you have further questions about the process? Contact our team today! 410.878.9730