When your offer is accepted it is just the start of your home buying process. Here’s a quick list of the steps leading to home ownership.
1) Apply For A Loan
- Hopefully you’ve already considered this and looked at your options before you started looking at houses.
Unless you are paying in cash, you will have to have a mortgage loan approved.
- After you’ve applied for your mortgage loan, the lender will require you to get your house appraised by a professional.
A lender won’t give you a loan for more than the appraised value.
- Next on the list is home inspection. A professional home inspection will tell you if the home has any issues.
Inspections aren’t always required, but you would be a fool not to get one. Go over the inspection report with the inspector so you aware of any problems and estimates of the costs to fix them. If the inspector does find unexpected finds problems, you
may be able to get the seller to pay for necessary repairs or lower the price to adjust for the cost.
4) Make Sure Your Funds Are Ready
Make sure the funds you need for closing
and in reserves
are both accessible. If you need to pull money from an investment, do it right away. Keep the paperwork for the transaction to show your lender you liquidated funds to get your down payment.
5) Purchase Home Owners Insurance
Most of the time homeowners insurance is required by lenders before the purchase. Make sure
to take the time to shop around to find the best rates for your situation. Depending on where you live will affect if you need to purchase additional insurance such as flood coverage. Before your mortgage can be approved, proof of insurance will be required.
6) Final Walk-Through
The final walk through happens at least 48 hours before closing. This allows you to inspect the house
with what is on the contract. If you notice any damages or anything missing that was not mentioned on your contract, now is the time to bring it up and the closing may be postponed. It’s important to be thorough on your final walk through because
once you close; anything you find after is on you. Use the final walk through as safeguard to make sure all repairs and promises were made and kept by the sellers.
Required documents on the day of your closing include your driver’s license and certified funds for any payments
that need to be made that day. You will meet the title company to sign all the official documentation, this usually takes less than an hour.
Welcome to your new home!