Are you ready to purchase your dream home but don’t know what The Home Buying process looks like? We’ve got you covered!
THE HOME BUYING PROCESS:
1. Pre-Qualification: The Home Buying Process
Before you begin, you will need to determine your goals & dreams!
– Your goals for purchase, income, assets, debts and also credits are discussed in the estimated price range & loan terms that are best for you!
2. Pre-Approval
The loan application will then 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! (Also have your pre-approval letter in-hand.)
4. Offer Written: The Home Buying Process
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.
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5. Offer Accepted
ACCEPTED! Congratulations!
– Home inspection is then completed.
– Requests for any reports/credits are then negotiated.
– Lastly, Loan Terms finalized & rate is locked.
6. Reports Ordered: The Home Buying Process
– Appraisal are then ordered by the lender.
– Title report and also escrow are ordered.
– Finally, it is time to shop for homeowner’s insurance!
7. Submit for Final Approval: The Home Buying Process
Then, the Purchase Contract, Appraisal, Title, Insurance Company, & any remaining loan conditions are sent to underwriting for review.Â
8. Closing Disclosure/ Loan Documents
After underwriting clears all prior conditions, the Closing Disclosure will then 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 which also includes the cash due for closing.
Once this is completed, escrow contacts you with final figures & then schedules the closing.
10. Sign Documents
– Finally, it is 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!
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LEARN THE VALUE OF YOUR RANCH OR HOME AT LEGACY BROKER GROUP’S VALUATION TOOL.
