The Home Buying Process Made Easy
When you set out in the process of finding a new home it sometimes can feel a little overwhelming. To make it less overwhelming it helps to know exactly what all is involved in the home buying process. Basically there are four simple steps to the whole process. The hour steps are finding out how much you can afford, getting pre qualified, finding your dream home, and closing the deal. If you follow these four steps it will make the whole home buying process run very smoothly. Good luck and congrats on your new home!
Finding Out how much you can afford. This is a big step because before you go out and look at homes you want to make sure you are looking in the price range that you can afford. Talk with you loan officer and they can help you work out exactly what price range will best fit for your financial situation. You will have to supply your loan officer with such information as bank statements, employment info, etc.
Getting Pre Qualified. This is probably the most important step for home buyers. After you submit your paperwork to your loan officer they will then let you know if you are pre qualified. After you are pre qualified your loan officer will then give you a pre qualification letter which your real estate agent will use when you make an offer on a home. This letter can be used as a great bargaining tool. For example if there is more than one offer on a home and your offer has the pre qualification letter you might have a better chance of getting the offer accepted. It never hurts to be well prepared.
Finding the dream home. After you have spoke with the loan officer and all the paper work has been submitted the next step is finding the perfect home. You will work closely with your real estate agent letting them know exactly what you are looking for. You can specify things such as the number of bedrooms, bathrooms, square footage, etc. Your real estate agent will take you out to look at your top choices. When you find the one that is your dream home you and your real estate agent will make an offer on the home.
Closing the deal. After you get an accepted offer on your home the next step is closing the deal. Your real estate agent will submit all the required paperwork to the title company. While this is going on your loan officer will also be getting all the final loan paperwork completed. This includes appraisal, homeowners insurance, final loan conditions, title commitment, etc. After everything has been submitted and the underwriter has cleared all the conditions you will then need to set up the closing at the title company. At the closing you will sign all the required paperwork and the deal is done. Congratulations you are the owner of a new home!