Step 1: Credit Report & Score
Before getting a mortgage or any kind of loan, you should always speak with a professional. According to the law, you're allowed to receive one free copy of your credit report per year. You can do this by meeting with my preferred loan officer Juan Herrera with Scenic Oaks Funding. Juan is an expert at finding the best financial decision. I will get you in touch with him.
Step 2: How Much You Can Afford
Loan officer, Juan can help calculate how much you can afford. There are several strategies that will help him calculate an affordable monthly mortgage payment. He will factor in money you'll need for a down payment, closing costs, fees (such as fees for an appraisal, inspection, etc.). Remember that you don't always have to put down 20 percent as your parents once did. There are loans available with little to no down payment. Juan can help you understand all your loan options, closing costs and other fees. Now that you have the right loan officer, he will make sure you get a pre-approval letter. Juan will actually pull your credit and get more information about you. How you're ready to make an offer, this will make the sale go much quicker. Your offer will look more appealing than other buyers since your financing is guaranteed.
Step 3: Looking for the Right Home
You and I will meet and go over a checklist of things you must have. We will find out how many bedrooms and bathrooms you'll need and get an idea of how much space you desire. How big do you want the kitchen to be? Do you need lots of closets and cabinet space? Do you need a big yard for your kids and/or pets to play in? Maybe a pool? Regardless I will find exactly what you desire.
Once you've made a list of your must-have's, I will narrow it down to neighborhoods, types of schools in the area, length of your commute to work, the convenience of local amenities, your safety concerns as well as how good the rate of home appreciation is in the area.
Step 4: Make an offer
Once i have found the home you want, we have to make an offer. I will gather a list to find out how much comparable homes have sold for. Once we've made your offer, the fun starts! The seller may make a counteroffer to which we can also counter-offer. I am an expert at negotiating i've been told, so I will guide you to make the best offer. Once we've agreed on a price, we'll make an earnest money deposit, which is money that goes in escrow to give the seller a sign of good faith.
Step 5: Home Inspection
Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. I will help you arrange to have this inspection conducted within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage. Both you and the seller will receive a report on the home inspector’s findings. We will review it together and you can then decide if you want to ask the seller to fix anything on the property before closing the sale. Before the sale closes, you will have a walk-through of the house, which gives you the chance to confirm that any agreed-upon repairs have been made.
Step 6: Home Appraisal
Your lenders will arrange for an appraiser to provide an independent estimate of the value of the house you are buying. The appraiser is a member of a third party company and is not directly associated with the lender. The appraisal will let us know that you are paying a fair price for the home.
Step 7: Coordinate the Paperwork
A title company will handle all of the paperwork and make sure that the seller is the rightful owner of the house you are buying.
Step 8: Close the Sale
At closing, you will sign all of the paperwork required to complete the purchase, including your loan documents. It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender. Once the check is delivered to the seller, you are ready to move into your new home!
Just relax and let me guide you through the process, as your Realtor I am committed to making your transaction financially successful as well as stress-free!