If you are a first-time home buyer, purchasing a home can be an exciting yet intimidating experience. We are here to make this next step a smooth and easy process for you. We have provided information and resources to help answer any questions you may have about the home buying experience.
The Home Buying Process
STEP 1: GET PRE-APPROVED FOR A MORTGAGE
Once you’re ready to buy a home, it’s essential that you first get pre-approved for a mortgage loan. Going through the pre-approval process means your lender has reviewed your financial status by verifying your income and debt status. Once you’ve completed the pre-approval process, your lender will be able to tell you with confidence just how much house you can afford to buy based on the loan amount for which you qualify.
STEP 2: HOW TO DETERMINE YOUR OFFER PRICE AND TERMS
Everyone wants the best possible terms when purchasing a home. However it’s not always easy determining how much to offer, especially in the face of constantly changing market conditions. As your agent we can help you determine the best offer. Whether the market favors buyers or sellers, there will always be comparable market data and fluctuating contractual terms that your agent will be able to analyze in order to help you craft and submit the winning offer!
STEP 3: SUBMITTING AN OFFER
The primary elements of the purchase offer include the offer price, down payment, earnest money deposit, and contractual dates that stipulate when the transaction will close and how many days the buyer has to meet certain conditions including the property inspection, appraisal and loan periods. Within the purchase offer, you will also commit to various additional details including escrow costs, real estate transfer taxes and if any local point of sale ordinances will be paid.
STEP 4: THE CLOSING PROCESS
Once your offer has been accepted and your inspections completed, you will need to attend the closing, or settlement. The closing is the legal transfer of ownership from the seller to you. The title or escrow officer will prepare the HUD-1 Settlement Statement, which outlines all of the costs for both the buyer and the seller. Once the property meets with final approval, the buyer obtains the keys to his or her new home!