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Take note of these key milestones throughout the homebuying process: Financing Qualification: Qualification is the process of discussing your financial situation with your Loan Originator. This will determine the price range you are qualified for. (During this discussion, your Loan Originator can advise you on the best way to structure a mortgage loan to meet your individual financing needs.) It is best to meet with a lender before you begin your home search. This way, you have an idea of your loan options and what monthly payments/terms are comfortable for you. Home Search: You will meet with your realtor to discuss what type of home you are interested in. Your realtor can set up showings for potential homes. Your realtor represents you; they offer insight, in depth knowledge of the local market, and can guide you through the home buying process. Offer to Purchase (Contract): When you have decided on a home you are interested in, you will meet with your realtor to draw up your offer to purchase the home.This document is the written agreement between the buyer and seller that explains the terms of the real estate transaction. A pre-qualification letter from your Loan Originator is attached. Application for Financing: Once you have a signed offer to purchase you will formally apply for your home mortgage by signing the application package and providing your income and asset documents. Home Inspection/Pest Inspection/Survey: Your realtor will guide you through which inspections are needed for your closing. - Survey: shows the physical boundaries of your lot
- Home inspection: addresses the home’s condition and need for repairs
- Pest inspection: determine if there is an infestation of wood-boring insects or other pests
Appraisal: This will be ordered by your lender and analyzes the value of your home in comparison to the surrounding community and current marketplace. Closing Attorney & Homeowner’s Insurance: Once you have applied for financing, you need to choose a closing attorney and homeowner’s insurance agent. Please provide their contact info to your loan originator. - Homeowner’s insurance: an insurance policy is required to protect you and the lending bank on any major damage that may occur to your home.
- Closing Attorney: your closing attorney performs a title search and prepares all of the legal paperwork needed for closing.
Movers: Plan ahead! Movers need advance notification to schedule your move. Conditional Loan Approval: Once the underwriter reviews your loan package, we will notify you if any additional documents are required for the final loan approval. Final Loan Approval: The lender will send the closing package to the closing attorney one or two days prior to your scheduled closing. Your closing attorney will prepare your Settlement Statement which breaks out all the closing costs associated with your new home purchase. He/she will contact you on cash to close. Be sure to bring a Cashier’s Check or other certified funds (wire transfer) for monies due at closing. And don’t forget your driver’s license. Walk through Inspection: your realtor will take you on a final walk-through inspection prior to closing. At Closing You Will Receive: Copies of all signed documents, title insurance, survey, keys, appliance service manuals (in house), security system codes, association documents, and remotes for garage doors (in house). Click HERE to get a printable version of this list
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