Beginning
Analyze your fiances, to see if you can actually afford to buy a home. You will need 620 credit score, some savings and two years of previous job history
Choosing The Right Agent
Speak to a mortgage professional about obtaining a pre-approval letter this will allow you to see how much you can afford before your home search begins. A good agent will have these resources readily available.
Consultation
Schedule a consultation with me. This can be done first to point you in the right direction, get you familiar with my resources and keep you on track to buy a home.
Let's Talk Strategy
Meet in person to go over the details of buying a home and put together a plan for your home buying goals
Middle
Now that you have your pre-approval and we have gone over the home buying process. Let's start looking for homes. Here are a few terms you will need to be familiar with
Pre-approval
A pre-approval is needed to show a seller you are motivated to buy their home. It is also to show you how much house you can afford before beginning the process. Steer away from qualifications unless instructed otherwise.
Earnest Money
Earnest money is due once an offer is accepted on a home and is usually 1-3% of the purchase price. This amount is deducted from the total loan amount and is paid in cash or check. Earnest money is similar to a deposit.
Inspection
An inspection is where you have a property inspected to give you a list of house facts. Through this process you will learn how old the roof, systems, condition of the property and the condition of what's inside the property. The inspector will give you a detailed list on property condition. Also, you can add on a fewer other inspections just to be sure including termite, sewer, foundation inspections to name a few. Be sure to read over the sellers disclosure to ensure you dont miss anything.
Appraisal
An appraisal is ordered by the bank to ensure the value of the home is accurate with the loan amount. In this case an appraiser will come out and asset the property, go back to the bank and say "the property appraised or the property did not appraise". This rarely happens but in the case that it does not appraisal we will have that conversation.
Closing Cost
Closing cost vary, but they include fee's that are paid to cover the purchase your home. Closing cost usually range from 2-5% of the selling price. Title fee's, loan originator fees's, appraisal, insurance, warranty, and some prepaid fee's. Not to worry, it seems like alot but I will work with you to find the best options for your situation.
Lastly
We are almost at the finish line.
Inspection Period
This time is crucial, once we have the inspections scheduled and finished, I will be working behind the scenes to make sure all documents are submitted. Negotiations are happening and you are working with the lender to get final documents in.
Appraisal Period
After inspection period is resolved its time for the appraisal your lender will schedule the appraisal and at that point we are at the mercy of the bank. Once the appraisal comes in with no revisions, we are almost ready to close.
Its Closing Time
All documents have been approved and we are clear to close. Congratulations you are officially a home owner.
Find Out What You Can Afford
Click the button below to access a helpful loan calculator — just the tool you need to get a general idea of your home search budget. When the time is right, I can connect you with a trusted lender to begin the preapproval process — a critical first step toward making a smart, solid offer on your dream home.
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