The process of pre-approval for a home loan will help you set a maximum purchase price, estimate your monthly payments, and learn how much cash you need to close the deal. It will also help you develop a personal budget, solidify your ability to qualify with both Realtors and sellers, and enable you to write stronger terms when making a purchase offer.
Select Your Professional Team
Both the Realtor and Loan Officer play a critical role in your home buying process. Just as critical to your success is ensuring that the two of them are in communication about the property characteristics, purchase terms, and progress throughout the contract period. It is likely that all other vendors you’ll need during your home purchase will come as a referral from either of these professionals. Remember that experience matters and there are many part-time actors in both of these professions because of the low barrier for entry for getting a license.
The Home Search
SearchCaListings.com updates every 5 minutes with live MLS data to ensure you are the first to know about new listings, pending contracts, and sold properties that match your specific search criteria. In addition, we have developed partnerships with the top producing local Realtors who specialize in buyer representation to ensure you receive the best service and expert contract negotiation!
You’ve found the house and now you must make an offer to buy it! A Realtor will walk you through the considerations and coordinate with our preferred lender to ensure you can meet the deadlines set forth. The seller may accept your offer, or reply with a counter offer. You can then accept the counter offer, or counter back. This process repeats itself until you either come to an agreement or decide not to move forward. Once an agreement is made, it’s time to enter the contract period and execute.
Inspect, Insure, & Underwrite
Your contract was accepted and you’ve got some work to do. First, you need to inspect the property to ensure the condition is acceptable using your Realtors local expert vendors. Second, you need to contact an insurance broker to obtain a homeowner’s policy and provide that information to your lender who will submit it along with your qualifying documentation to gain a final underwriting approval for your loan. Closing is approaching fast and you are almost a homeowner!
Closing the Deal
You’ve inspected the property, finalized negotiations, signed a closing disclosure with your lender and now it’s time to meet with the closing agent or notary to sign closing documents. At this stage, it’s all a formality and you’ll want to be sure to review the documents for accuracy. Once all is complete, your loan will fund and the security instrument will be recorded with the county of record. Boom! You did it baby! The pride of homeownership is a great feeling