The very first step of the home buying process is to get a pre-approval letter from a lender stating how much you are qualified for. It’s important to ask your potential lenders some questions to make sure they are a good fit for you. I provide a list of qualified mortgage brokers and banks that will help you with this process.
A pre-approval letter is valid for approx. 90 days, so while you can start talking to lenders, you’ll want to wait on getting that pre-approval letter when you’re ready to buy.
Before we hop into the home search, I like to advise my clients to create a “Needs” list and a “Wants” list. This will help us to really focus on the things that are most important in your future home.
Needs are the non-negotiable features; the features you simply must have in your next home. Wants are the ones you’d like to have, but you can add or changer down the road
Find a property that interests you?
If you have any questions about a property that has been emailed to you, send me the address and I will find out for you. Send me listings you like and I can get more information and set up showings on your behalf.
So you think you’ve found the one?
It’s time to make an offer! To make an offer, you’ll need to have access to your deposit (this will go towards your closing costs), know when you want the closing date, discuss how much to offer on the home and any conditions that should be in there. This is where I help you decide what makes you feel comfortable when submitting an offer.
Needs might be things like:
Wants will look more like:
Tip: Remember, you can’t change the lot or location so make sure you love both..
We’re under contract… Now what?
You made an offer, and it has been accepted – go ahead, cue the confetti! And while it’ll be a few more days until you can move in, you’re well on your way to closing the deal on your new home sweet home.
Here’s a quick rundown on what happens after you make an offer on your new home:
If there was any conditions in your offer, such as home inspection, septic inspection, water tests, etc. this will be the time to complete them. Depending on the home, location, and the market your inspections in the offer may vary.
What is the appraisal?
An appraisal is an estimate of the value of the property by a licensed professional appraiser. The appraisal will be ordered by the lender. The goal of the appraisal is to verify the value of the property for the lender and to protect you from overpaying. If the appraisal comes back short, you will have to come up with the difference.
It is very important not to make any major job changes, big purchases, or open new credit cards or lines of credit, as any of these activities could alter your qualifications for loan.
Clear to Close!
Once the lender tells us we have a clear-to-close, all that remains is the actual closing process. This means the mortgage underwrite has officially approved all documentation required to fund the loan.
We will typically schedule the final walk-through right before closing so we can confirm that the sellers have kept the property in the same condition you purchased it. You will schedule a date to meet with the lawyer to sign the closing documents. On closing day, you’ll receive your new keys!