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Home Buying Process

Home Buying Steps / Process:

Step 1 – Getting Pre-Approved Prior To Shopping For A Home

To find out how much home you can afford, it’s important to determine what type of down payment to budget for, your monthly mortgage payment, as well as understanding the loan program you’ll be using to finance your new home.

Certain home loans have residence type, HOA, appraisal or insurance restrictions that your real estate agent should be aware of prior to showing you any houses.

A personalized strategy session with a trusted mortgage professional can address all of your initial loan approval questions, as well as reveal 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, closing attorney, title company, insurance agent and mortgage lender all have important roles to play.

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

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

Step 3 – Purchase Offer Submitted

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

Once you receive an acceptance on your offer, the due-diligence period starts a series of timelines for final mortgage approval, appraisal, inspections and other requirements which is detailed  out in the terms of the contract.

Step 4 – Conditions and Paperwork

Qualifying condition requests start coming in from all angles at this point, from lenders and their loan processors, insurance agents, sellers, real estate agents…. and the list can go 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.

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