The Home Buying Process doesn’t need to be complicated. These five important elements can help you understand what needs to be done before, during, and after the transaction.
Getting Pre-approved before Looking
It’s important to know how much you can afford, what type of down payment to budget for, your future monthly mortgage payment as well as what type of loan program you’ll use to finance the new property.
A personal consultation with your lender should address all your initial loan approval questions, as well as uncover any potential challenges that can complicate the entire transaction. Certain mortgage loans have residence type, HOA, appraisal or insurance restrictions that a real estate agent needs to be aware of before showing you listings.
More: The Home Buying Process ~ What You Need to Know
Your Home Buying Team
The home buying process has multiple steps, participating parties, and potential challenges that can be overcome with the right team on your side.
An agent, home appraiser, title company, home inspector, insurance agent, and lender all have important roles to play. Buying a new home is literally a team sport since there are so many tasks, important timelines, documents, and responsibilities that need attention.
Besides working with a professional team that you trust, it’s also important that the individual players have the ability to effectively communicate and execute on important decisions together.
Submitting an Offer
Assuming that you’ve already received a pre-approved mortgage and have a good understanding of the type of property you are qualified to purchase, a realtor will submit your purchase offer to a listing agent or home seller.
Once you receive an accepted offer, the due-diligence period starts a series of timelines for final mortgage approval, appraisal, inspections, and other requirements, which would be all stated in the terms of the contract.
More: Great Benefits of Home Ownership
Conditions and Paperwork
It comes in from all angles at this point – lenders, processors, insurance agents, sellers, real estate agents, and you. Make sure your real estate agent help you understand all these things.
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. Once a transaction has closed successfully, you are the proud owner of your new home.
I’d be happy to help you look for the right home that would best suit your needs and preference so don’t hesitate to give me a call today!
Sean Blanchette(703) 371-5710Sean@FrontDoorHomes.com
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