Home purchase reference guide
Here is a quick home purchase reference guide.
Home Whether you are first-time home buyer or have purchased a home in the past, here is a home purchase reference guide on the process of a typical home purchase:
Pre-Qualification: You’ve already taken the first step towards purchasing your new home by obtaining a pre-qualification. You’re likely to find, especially in a competitive market that a realtor will not take you to look at a home without a mortgage pre-qualification.
Find a Home: Assess your wants and needs, then let your realtor(John Cordeira) help you find the perfect home to fit your lifestyle. Basically make a checklist of most important home characteristics to least important. For example, what is your minimum bedroom count, how many bathrooms, is a basement and garage mandatory, what size property would you like
Make an Offer Contract: Once you’ve settled on the home you’d like to purchase, and the offer has been accepted, have a home inspection completed and look over inspection report, if there are any questions or concerns contact your realtor and address them. You will also need to review and sign the contract with your real estate attorney.
Speak With Our Loan Officer: The next step is to speak with and complete an application for your mortgage loan. I personally use a few loan officers, when the time is right I will line you up with the best lender for your particular financial needs.
Disclosures Sent: Application and Disclosures will be sent to you to sign (electronically or mailed) in order to proceed with the loan.
Appraisal Ordered: Appraisals are ordered on every loan. This helps ensure the home you are purchasing is assessed fairly based on other comparable properties sold in the neighborhood you are interested in.
Submit Loan to Underwriting: Your loan will be reviewed by an underwriter who will evaluate your application and the property to ensure they all meet the requirements for the type of financing you are requesting. A commitment letter is issued for you to send to your attorney for review.
Processing: Processor will collect all stipulations and complete all credit, income and asset verifications.
Final Review: Submit all conditions listed on the loan commitment for final clearance.
Clear to Close: You and your attorney are notified that your file is clear to close and a closing date is scheduled by your attorney with Bethpage attorneys. You will have an opportunity to review the loan and if everything is as expected.
Final Walk-through: Members do a final walk-through of the property to approve condition of the house prior to signing closing documents within 24 hours.
Closing: All parties sign closing documents with settlement agents and attorneys.
Loan is Funded: The final step in the process is to have your loan funded. Now, you can start to enjoy living in your new home, and the tax advantages that come with it!
