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Purchase Tutorial

What to expect during the home buying process....

Once you have decided to purchase a home, getting pre-approved for a mortgage is the first step. This will allow you to know how much house you can afford and what type of house you should be looking for.

Using a realtor is the easiest way of finding a home. The seller is paying for their services, so there is no reason not to take advantage of the benefits of using a realtor.

Once you find the house of your dreams, or at least one that will keep you happy for a few years, simply fax the purchase agreement and property disclosures over to your loan officer. At this time, you will have the option of locking in your interest rate or floating your interest rate. We’ll order the appraisal and finish the underwriting of your loan. You have the option of having an inspection of the property done. This is not required for the loan, but to identify any potential problems that you didn’t notice, it is recommended. Your realtor will know the names of some good inspectors, and if you’re not using a realtor, look in the yellow pages under home inspection.

About a week before closing, you will need to contact your insurance agent for homeowners insurance. You will pay one year’s premium up front. If you are escrowing your taxes and insurance, your monthly contributions will be applied to your next year’s premium. When you meet with your insurance agent, have them contact your loan officer so we can provide them with the necessary information that they will need.

When closing approaches, the title company will usually have the final numbers approximately one day before closing. I can give you a close estimate of the down payment needed at closing, but exact numbers are usually not available until this time. It is up to you whether or not you bring an attorney to closing. It is not required, but they do provide peace of mind.

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