Home Purchasing Basics

Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you’re a first-time homebuyer. Here’s some information that will keep you on track.

In General….

A home purchase may be your largest financial transaction to date, so it’s important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and Loan Officer, it should be an efficient, pleasant, and ultimately rewarding experience.

Obtain A Mortgage Preapproval Before You Begin House Hunting

  • Learn how much financing is available to you

  • Strengthen your bargaining position with sellers

Choose a Real Estate Agent

  • Ask mortgage lenders to recommend agents they work with

  • Select a reputable professional who knows the market and will listen to your needs

  • Ask agents for references from former clients

Find the Right Home

  • Determine the needs of you and your family

  • Create a wish list of desirable features

  • Take notes as you preview homes

Make an Offer

  • Your real estate agent presents your offer to the seller, who will accept, counter or reject it

  • When the price is settled, you and the seller sign a Purchase Agreement, defining the terms of the sale

Have the Home Inspected

  • Hire a professional home inspector after the offer has been accepted to provide an in-depth look at the basic systems of the house, to reveal any safe- ty hazards and give you a chance to reconsider the deal

The Home Will Be Appraised

  • An appraisal, required by your mortgage lender, is a formal, written estimate of the home’s current market value

Obtain Title Insurance (where applicable)

  • This guarantees that the property you are purchasing is free of liens or confusion in rights of ownership

  • The policy insures against any losses to the property that result from defects in the title or deed

Close on the Property

  • Ownership of the property is transferred

  • A closing agent coordinates and distributes all the paperwork and funds

And you become the proud owner of your new home!

Count On Your Real Estate Agent To:

  • Preview available homes to weed out those that are overpriced, or undesirable in some other way.

  • Present the homes that suit your needs as you’ve defined them.

  • Help you determine the difference between a “good buy” and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future.

  • Negotiate the best deal for you. With a Pre-Qualification letter from us in hand, your Real Estate Agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the Seller, and may make the difference between the Seller accepting your offer or someone else’s — even if your offer is lower!

Count On Your Mortgage Broker and Loan Officer To:

  • Assist you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars throughout the years!)

  • Keep you informed of your loan status throughout the entire process.

  • Keep your Real Estate Agent informed of our loan progress (Note: your personal information is always kept confidential between you and us; only deal points and progress are shared).

  • Get the appropriate loan for you at the best rates and fees. This will save you significant money “up front” and throughout the years to come.

Count On Yourself To:

  • Keep your Real Estate Agent informed of any questions or concerns as they develop.

  • Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.

  • Enjoy purchasing your home, but do remain objective throughout — to make the business decisions that are best for you.

  • Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.