Homing in on the right house
• What do I want my home to be close to?
• How much space do I need and why?
• Which is more critical: location or size?
• Would I be interested in a fixer-upper?
• How important is home value appreciation?
• Is neighborhood stability a priority?
• What features and amenities do I want? Which do I really need?
• Meet with a loan officer to find the price range of mortgages you qualify for.
• Get pre-approved and obtain a pre-approval letter.
Make an offer
• Negotiations will proceed until buyer and seller agree on all terms and sign all documents.
Make a loan application
• Give your loan officer a copy of the home contract and apply for the loan.
Inspect the property
• Select an inspector for both general inspection and wood-destroying insect inspection.
Appraise and survey the property
• The lender and title company will make arrangements for the property appraisal and survey.
• The buyer will be provided with a copy of the Title Commitment Letter.
Obtain homeowner’s insurance
• Homeowner’s insurance is required before closing.
After the closing
• Documents are sent to the loan company for approval, and funds are disbursed.
• The title company receives and funds all money from the loan company. Payment of any accrued expenses in connection with the closing is due, including taxes, attorney’s fees, professional real estate fees and title company fees.
• Legal documents will be recorded in the office of the county clerk and mailed to you.
• The title company prepares and issues the title policy and will then send it to the buyer and the loan company.
During the loan process
DO tell lender of salary, address or compensation changes
DO obtain homeowners insurance for the home’s value
DO document any deposits into your bank account
DON'T take out new lines of credit
DON'T change jobs without telling the lender
DON'T make large purchases (car, appliances)