Steps to Home Buying
- Get Pre-qualified: Before you start your search for a new home, speaking to a lender is the first step. The amount of money the bank is willing to lend you will be the starting point to your home search. Discuss your interest rate, points and closing costs so you're financially prepared at closing.
- Set up your property search: Now that you know the amount you're qualified for, it's time to set up your property search criteria. View available homes right online. Sign up for the most up to date, new listing notifications. View pictures, general information, maps, virtual tours, school information etc.
- View Potential Properties: Look through your notification listings, drive-by to weed out any properties that don't meet your needs. Schedule appointments to view the homes in your price range. This educates you as to what you will get for the money.
- Make the Offer: You found the property that meets your needs! It's time to write up your offer. This is the time you will discuss with your agent and attorney the terms and conditions of your offer.
- Inspection: Once an agreement has been met, you will schedule your home inspection. Home Inspections will cover the home, to pests, to well/water, to septic, to radon gas and everything in between. Inspect every component of your new home to protect yourself and your new investment!
- Formal loan application: Schedule a meeting with your loan officer to formally apply for your loan. Supply all pertinent information your loan officer needs to submit your application. If you are unclear about the terms and conditions of your loan ask questions! If any terms & conditions have changes from your initial consultation, discuss the changes and agree to them before signing. Feel free to consult with your attorney and agent if you need a second pair of eyes to review the loan terms you're receiving.
- Mortgage commitment: You're almost ready to close! Once your lender issues your mortgage commitment your attorney will take over to protect your legal interest in your purchase.
- Home Owners Policy: Your home owners insurance policy has to be paid in full for the first year. The binder and paid receipt has to be furnished to your loan officer and attorney's office before the closing can be scheduled.
- Walk through: Once the closing is scheduled, the walk through will take place. Typically the day of closing, the walk through is a verification that the property condition has been maintained, the personal property negotiated in the sale is in place, debris have been removed and is in "broom clean" condition.
- Closing: Your attorney will review your closing documents, deliver the funds and record your deed after you successfully sign all paperwork. You will receive occupancy along with keys, alarm codes, door openers etc.
