The Complete Home Buying Process

Check Your Credit
Double-check your credit and make sure you don’t encounter any surprises when you’re applying for loans. You can pull your credit report from all three major credit bureaus, including Experian, Transunion, and Equifax.

Find A Lender

Most buyers spend several months working closely with a chosen lender. You want to
make sure you’ve picked someone who understands your financial vision and won’t push products that aren’t in your best interest.

You will need to get a pre-approval letter from your mortgage lender. A pre-approval means a lender has pulled your credit report, verified your income and down payment, and you meet the requirements for a loan up to a certain amount.

To get pre-approved, you’ll need at least the following:

• Bank statements for the two most recent months
• Verification for the source of your down payment
• Tax returns from the last two years
• A copy of your driver’s license
• and Social Security card
• Paycheck stubs
• Gift letter (if using gift funds)
• List of your debts
• List of all your assets
• Proof of timely rental payments
• Credit Report
• Profit and loss statements
• Signed sales agreement
• Proof of additional income
• Divorcee decree (if applies)
• Bankruptcy paperwork (if applies)

When searching for a real estate agent, consider the agent’s industry expertise, of course, but also how willing he or she seems to jump in and help you when things get messy.

First-time — and sometimes second- or third time — home buyers can get emotional and make mistakes, some of which can fracture a deal or cost a lot of money to correct.

Below are some more questions to ask yourself when choosing your real estate professional:

• Do they have enough time to invest in your property search? Are they available on the weekends to show you open houses?
• Do they have a strong pulse on market trends?
• Do they have an adequate level of experience?
• Do you genuinely like them? Are they relatable?
• Are you comfortable communicating with them? If it feels awkward or undue pressure placed on you by a real estate agent, this is not the right fit.

As you view homes, give each one a thorough inspection to weed out lemons and uncover hidden gems. A property in terrific condition lets you save and spend on your terms. On the flip side, a continuous need for repairs and renovations can have a significant impact on your budget. Below are some items to consider when buying the perfect property. You can also ask your agent!

• School district
• Grocery stores/shopping centers
• Restaurants and bars
• Zoning laws
• Crime rate
• Parks and playgrounds
• Walkability
• Medical and dental facilities
• Road construction
• Trash/recycling services
• Bank/ATM locations
• Neighborhood noise level

Once the offer is accepted, we will ensure that everyone receives the documentation needed to start the transaction. I will supply your lender with a copy of the contract. I will also stay in close contact with your lender to be sure we are on track to close on time.

HOME INSPECTION

You will have ten business days from the contract’s acceptance to have a home inspection completed on the property. Once a home inspection report is received, you will have three business days to provide the seller with a Replace/Repair Amendment form stating any major defects or hazardous conditions you request to be corrected.

A copy of the home inspection will also be provided to the seller as a reference. Upon the receipt of the Repair/Replace Amendment document, the seller will have three business days to respond with either:
(1) Accept & agree to fix all requested items
(2) Submit a new Replace/Repair Amendment with items they are willing to fix
(3) void contract & return the earnest money.

APPRAISAL:
Your lender will order the appraisal. The appraiser will schedule a time to view the property. They will tour the home inside and out, making notes of your home’s specifications and features. They will do their research and compare the home to other homes that have sold in the area within the last six months. Your lender will be able to share a copy of the appraisal report with you.

1-2 WEEKS FROM CLOSING:

• Start making preparations to move.
• Make preparations for the utilities, water, sewage, etc., to be transferred into your name the day of or the day after closing.
• Arrange for a moving truck rental or movers to help you move.

You’ll receive your Closing Disclosure (CD) a minimum of three business days before you close. This will give you plenty of time to review the loan terms and how much money you need to bring to your closing. It will also show how the actual costs compare with the estimates disclosed on your initial Loan Estimate (LE). You will need to sign and initial your closing disclosure, so be sure to ask your mortgage professional if you have any questions.

CLEAR TO CLOSE:
The lender has given us the all-clear to close! At this point, we will schedule a day and time to close on your property. You should now ensure the utility transfers and moving arrangements you planned are set in stone.

FINAL INSPECTION:
We will conduct a final inspection (walk-through) of the property before we close on your property. Usually, these inspections take place the day before or the day of closing. The final inspection confirms that the requested repairs have been completed and the property is still in the same condition as when the contract was signed. For example, if you asked for the washer and dryer to remain on the property, we will make sure it was left behind.

CLOSING DAY:
At last! You have finally made it to “the closing table!” *Insert Happy Dance* This is the day that we will meet you at the title company to purchase your property officially. If you are required to bring any money, please do so in certified funds made payable to the title company. You will also be required to provide a form of identification to the title company.

Once your loan is closed, you’ll receive a package that contains temporary payment statements; a letter detailing where and when to send your initial payment, among other loan documents. The best part of it all will be receiving your keys.

We are always available for your questions or concerns, even after we close! Our goal is to be your Realtor for life. Our relationship does not end after the transaction. We will also keep in touch with you after we close!