Get the 411 on Buying a Home

Dated: 07/07/2020

Views: 86

Are you beginning to consider buying your first home or maybe it's been a while and you need a home-buying refresher? Well I've got the skinny on a step-by-step process to make your home buying journey a success!

1.  Pick up the phone and give me a call.  You're going to need a prequalification letter and I have plenty of quality referrals of lenders that my clients have enjoyed working with. Keep in mind, professional full time real estate brokers are busy! We need you to do a little preparation so that we can hit the ground running.  One of the lenders my clients have enjoyed working with lately is Scott Loeffert of Synergy One Lending.  You deserve the best tools and service.  Therefore, why not put yourself in the hands of an experienced mortgage professional that can help you determine your loan options that best suit you!  Check out this customized mortgage app for your smartphone:  https://connect.s1l.com/dr/c/rfn67 

2.  Once you download the app or call your trusted lender of choice, it's crucial to supply the lender with as much information as possible in the loan application process.  All outstanding debts as well as assets and income should be included so that you can get a pre-approval.  The good, the bad and the ugly! Disclose it all! Your paperwork will support the application and will include commonly required documents such as pay stubs, tax returns, banking statements, downpayment source, funds to close and reserves.  These docs must fully support the info on your loan application.  Completing this step will also increase your negotiating power and is a critical step in the process!

3.  If you haven't formally selected your agent, now is the time.  Knowledge and experience of a professional real estate broker, as myself, can be one of your most valuable assets in this journey! Not only can I save you valuable time in finding a home, I can also help you better prepare to win the offer on the home of your dreams!  Visit my site to learn more about me and search the MLS for the most recent homes on the market! search4homescolorado.com

4.  Once we've found the home of your dreams, we can write an offer.  This offer is where we negotiate the terms of the sale.  We will work closely with your lender to increase the odds of success!  Your offer may be accepted or countered.  If it's countered, we work together to meet in the middle and negotiate a deal that is acceptable to both the buyer and seller.  Once it's agreed upon, you are under contract.  Your contract is then sent to your lender and the title company.  

5.  Inspections, Appraisal & Title Search time! You as a buyer have the option of hiring inspectors and I help you set that up.  The inspectors take a look at the systems and structures to verify if there are any problems you should be aware of.  These inspections protect you from potential hidden issues that can be costly to correct.  If there are problems, we work together to negotiate the repairs.  In terms of appraisal...Lenders require an appraisal on all home sales.  By knowing the true value of the home, the borrower is protected from overpaying. Then there's the title search.  Title search is the time when any liens against the property are discovered. All liens must be cleared before a transaction can be completed.    Check out the following inspector and title company to get a grasp on what to expect:

https://firstalliancetitle.com/

https://www.facebook.com/AspirePropertyInspection/

6.  Shop homeowners insurance rates! Lenders will require fire and hazard insurance on the replacement value of the structure.  If the home is in a flood or earthquake area, you may be required to have extra coverage.  Don't wait too long to shop, as some companies require additional inspections to issue the policy binder.    

7.  File Review -While we are doing inspections, appraisal, turning in docs, title search...your lender is gathering all pertinent information to package your loan and send to underwriting.  They may ask for more documentation and time will be of the essence! You'll need to get that to them as fast as possible!  Based on the information being reviewed, the underwriter will make the final decision regarding whether a loan is approved.  When you've met all lender requirements, you will be cleared to close.  

8.  You're on the homestretch now! It's closing day and all parties meet at the title company to sign the final loan and escrow documents.  The lender will send a wire or check for the amount of the loan to the title company.  You may be asked to bring a cashiers check or a wire.  Your lender and title will review those details prior to closing.  When all docs are final, you will receive your keys to your new dream home! 

9.  CONGRATULATIONS! You are now a homeowner! The best compliement for lenders and agents doing a fantastic job is Introducing us to your friends, family and colleagues who could benefit from our professional services.  We would love to help the folks you know! 

I hope this brief overview of the homebuying journey was helpful! If you have questions, feel free to comment or email me at wendy@exitrealtycherrycreek.com

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