The Homebuying Process
COMMON MISTAKES
DON'T MAKE ANY CASH DEPOSITS
DON'T MAKE ANY LARGE PURCHASES ON YOUR CREDIT CARDS
DON'T CO-SIGN A LOAN FOR ANYONE
DON'T CHANGE BANK ACCOUNTS
DON'T APPLY FOR NEW CREDIT CARDS
HELPFUL STRATEGIES
SAVE AND SUBMIT ALL FUTURE PAYSTUBS
SAVE AND SUBMIT ALL FUTURE BANK STATEMENTS KEEP COPIES OF ALL DOCUMENTS SUBMITTED FOR PROCESSING
CONTINUE TO PAY ALL OF YOUR DEBTS & LOANS ON TIME
PRE-APPROVAL
Preliminary documents include: W-2's, pay stubs. bank statements & tax returns
FIND A HOME
Assess your wants and needs, then let your REALTOR® help you find the Perfect home!
MAKE AN OFFER
Once you Offer is accepted, sign all required documents and order the Home Inspection
APPLICATION PROCESS
Submit updated documents from pre-approval. KNOW YOUR NUMBERS!
CONTRACT CLAUSES
Review your contract & pay close attention to dates and timelines
INSPECTION & APPRAISAL
Inspection is completed and your lender orders the appraisal
PROCESSING
Processor completes all updated information verifications for credit employment and assets
APPRAISAL REPORT
Received and reviewed processor updates you on outstanding items
UNDERWRITING
Processor submits file to underwriting department for review and commitment letter. Approval letter issued and sent to you for review.
COMMITMENT
Submit ALL outstanding condition items for for the commitment letter review prior to final clearance.
TITLE REPORT
The Closing Agent reviews & shares the Title Report with your Lender for final Review and approval.
HOMEOWNERS INSURANCE POLICY
Copy of appraisal and mortgage clause provided so you can secure your Homeowners Insurance Policy.
CLEAR TO CLOSE
You and your REALTOR are notified that your file is clear to close and a closing date is scheduled by the Closing Agent.
FINAL WALK- THROUGH
Scheduled three days prior to closing this is your chance to approve the condition of the house prior to signing closing docs.
CLOSING
Keys will be turned into you at closing (WELCOME HOME YOU ARE NOW A HOMEOWNER!)
POST CLOSING
Enjoy the tax advantages of owning a home! LET'S CELEBRATE
NOW THAT YOU ARE OFFICIALLY A HOME OWNER, WE ALSO RECOMMEND GETTING A WILL DONE & LIFE INSURANCE TO PROTECT YOUR ASSETS & THIS INVESTMENT.
