The Home Buying Process: The Steps to Owning Your Dream Home!

Are you ready to purchase your dream home but don’t know what that process looks like?

 

We’ve got you covered!

 

THE HOME BUYING PROCESS:

 

1. Pre-Qualification

Before you begin, you will need to determine your goals & dreams!

– Your goals for purchase, income, assets, debts & credits are discussed in the estimated price range & loan terms that are best for you!

2. Pre-Approval

The loan application will need to be completed; credit history, income, employment, bank accounts will also need to be verified & evaluated by underwriting.

3. Shop for a Home!

Once your price range is determined- you are then ready to shop for your home with a REALTOR®- how exciting! (Have your pre-approval letter in-hand)

4. Offer Written

You’ve found IT- your DREAM home!

– The terms of offer, seller credit, closing date, etc. are discussed to ensure that you are comfortable with the numbers.

– The earnest money check is also written.

5. Offer Accepted

ACCEPTED! Congratulations!

Home inspection is completed.

– Requests for any reports/credits are negotiated.

– Loan Terms finalized & rate is locked.

6. Reports Ordered

– Appraisal ordered by the lender.

– Title report & escrow ordered.

– Time to shop for homeowner’s insurance!

7. Submit for Final Approval

The Purchase Contract, Appraisal, Title, Insurance Company, & any remaining loan conditions are sent to underwriting for review

8. Closing Disclosure/ Loan Documents

After underwriting clears all prior conditions, the Closing Disclosure will be sent. The “CD”, once received, requires a 3 day review period. The loan documents are also drawn & delivered to escrow.

9. Settlement Statement

– Prepared by escrow, discloses all the final numbers including the cash due for closing.

Once this is completed, escrow contacts you with final figures & then schedules the closing.

10. Sign Documents

– Time to sign the loan/title docs at the title company!

– This is also where the wiring instructions are confirmed and funds are provided for closing.

11. Final Lender Review

– Signed loan documents are returned to the lender for final review.

– The final verbal verification of employment for buyers is done.

– All funding conditions are reviewed and cleared for closing.

12. Transaction Funding

– The lender wires the funds to escrow.

– Escrow pays all of the parties listed on the settlement statement & records documents with the county clerk.

CONGRATULATIONS-

YOU’RE NOW THE OWNER OF YOUR DREAM HOME!

LEARN THE VALUE OF YOUR RANCH OR HOME AT LEGACY BROKER GROUP’S VALUATION TOOL.

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