Step 1: Do a home inspection
Purchase offers typically depend on an inspection of the property to check for signs of structural damage or things that may need repair. Your real estate agent will usually help you arrange this inspection a few days after the seller has accepted your offer. This protects you by giving you the opportunity to renegotiate your offer or withdraw it without penalty if the inspection reveals significant property damage.
Both you and the seller will receive a home inspector’s results report. You can then decide if you want to ask the seller to fix something on the property before closing the sale. Before the sale closes, you will take a tour of the house, giving you a chance to confirm that the agreed repairs have been made.
Step 2: Work with a mortgage bank to select the loan
Lenders have a wide range of loan programs at competitive rates and a reputation for exceptional customer service. You will have a lot of questions when buying a home and having the assistance of one of our experienced and responsive mortgage bankers can make the process a lot easier.
Every home buyer has their own priorities when choosing a mortgage. Some are interested in keeping monthly payments as low as possible. Others are interested in making sure their monthly payments never go up. And others choose a loan based on the knowledge that in a few years they will be moving again.
Step 3: Perform a home assessment
The lenders will arrange for an appraiser to provide an independent estimate of the value of the home you are buying. The appraiser is a member of a third party company and is not directly associated with the lender. The valuation will let all parties involved know that you are paying a fair price for the home.
Step 4: Coordinate your documents
As you can imagine, there is a lot of paperwork involved in buying a home. Your lender will arrange for a proprietary company to take care of all the paperwork and make sure the seller is the rightful owner of the home you are buying.
Step 5: Close the sale
Upon closing, you will sign all the documentation necessary to complete the purchase, including your loan documents. It usually takes a couple of days for the loan to be financed after the documentation is returned to the lender. Once the check has been handed to the seller, you are ready to move into your new home!