Home Buying Process

Home Buying Steps / Process:

Buying a home was never an easy task, what with all the details you have to keep in mind, the paperwork you have to collect, the care you have to take with your finances and a number of other things and making a home buying checklist helps. Take a look at the steps involved in the home buying process:

Step 1- Obtain Pre-Approval Before you Shop for a Home

  • Know the amount you can afford to spend on a home

  • The down-payment you will have to budget for

  • What your monthly mortgage payment will be

  • The type of mortgage program you will be using to finance your new property

Some mortgages have HOA, residence type, insurance/appraisal restrictions and your agent should be aware of these before he/she shows you the listings. Speak with a trusted mortgage agent; get all your doubts cleared and questions answered.

Step 2 – Assemble your Home-Buying Team

There are a number of participating parties in the home-buying process and some challenges that you will face. Having the right team on your side can help you overcome these hurdles and you will have to deal with:

  • Your agent

  • The title company

  • Your attorney

  • An insurance agent

  • The lender

All these individuals play a very important role in the home-buying process. There will be numerous tasks to handle, timelines to be met, responsibilities and documents that will need special attention & care. This makes it important for you to have a team that will be in sync with each other.

Step 3 – Purchase Offer gets Submitted

Once the mortgage approval comes through you now have a much better understanding of the exact type of property that you qualify to buy. Your agent will then submit the necessary purchase order to a seller/listing agent. As soon as you receive the accepted offer, the due diligence phase begins and there will be a number of timelines for:

  • Final mortgage approval

  • The appraisal

  • Necessary inspections

  • Other requirements

Step 4 – Conditions & Paperwork

In addition to all these home buying process steps, there will be heap loads of paperwork for you to handle and it will come from:

  • The lender

  • Processors

  • Sellers

  • Insurance agents

  • Real estate agents

  • Other quarters

Step 5 – Closing

A successful closure will involve all the team players and they will all have to be at the same place and time with the exact same agenda with all the numbers & figures that match.

Contact Mortgages Done Right Inc. experts at (561)777-7622. You can also send us your queries on this website form.