Have you been thinking about buying a home and become too overwhelmed with the process? Follow this easy to understand guide and you will be on your way to home ownership with no unpleasant surprises.
- Pre-Approval: From the moment you decide you’re going to purchase a home, save all pay stubs, gather all bank statements, W-2’s & tax returns. Make a copy of all submitted documents.
- Find A home: Assess your wants and needs, then let your Realtor® help you find the perfect home to fit your lifestyle.
- Make an Offer: Offer accepted, sign binder & schedule home inspection.
- Application Process: Submit updated documents from pre-approval prior to obligating yourself on contract.
- Contract: Review and sign your contract with your Realtor®.
- Appraisal: Order within the first week of contract, appraisal inspection is completed.
- Processing: Processor completes all updated information verification for credit, employment and assets.
- Appraisal Report: Received & reviewed by processor. Processor will update you regarding outstanding items needed for approval.
- Underwriting: Processor submits file to underwriting department for review and commitment letter. Approved commitment letter will be issued and sent to you and your attorney for review.
- Commitment: Submit ALL outstanding closing condition items for the commitment letter prior to final clearance.
- Title Report: Your attorney submits the title report to the bank attorney for review and clearance.
- Homeowners Insurance Policy: Copy of appraisal & mortgage clause provided to you to secure a Homeowners Insurance Policy.
- Clear to Close: You will be notified that your file is clear to close & a closing date will be scheduled.
- Final Walk-Through: You will do a final walk-through of the property with your Realtor® to approve the condition of the house prior to signing the closing documents.
- Closing: All parties sign the closing documents.
Common Mistakes to Avoid Prior to Buying a Home
Don’t make any cash deposits.
Don’t make any large purchases on your credit cards.
Don’t co-sign a loan for anyone.
Don’t change bank accounts.
Don’t apply for new credit cards.
If you have additional questions, don’t hesitate to call a Bosshardt Realtor® at (352) 371-6100.