1. Get pre-qualified and/or pre-approved - This should be your first step before ever looking for a home. By doing this, you will know how big your monthly mortgage will/can be. To find out how much you pre-qualify for and to begin discussing your loan options, contact us.
2. Start thinking about the neighborhood(s) where you would like to live. Take into consideration the age of the home, the commute to work, and if you have children, the school districts.
It's good to know what characteristics are important to you:
# of bedrooms
- # of baths
- Square footage
- Older or newer home
- Size of yard
- New, fixer, or remodeled
3. Start looking for homes - contact us to begin the process of looking at homes. We'll discuss neighborhoods, your pre-approved price range, the types of characteristics you like in a house, and much more. As you get into the process, you'll gain a feel for what appeals to you.
Also, set your Sundays aside. They are a great day to drive around, as many agents are holding open houses. And bring your buying checklist with you in order to remember the houses you saw and to take notes for future reference.
4. When you've found "the house" you'll know it - because you'll suddenly get excited and anxious all in the same moment. Let your agent know that you're interested in this property (try to remain "cool" in front of the seller's agent if they're present) and request that your agent run comparables to be sure this house is priced correctly relative to it's neighborhood.
5. It's time to write an offer to purchase. Your agent will complete the purchase contract with you, and will review all of the clauses as you sign. Be sure to ask questions if something is unclear.
6. Your offer has been accepted, a closing date has been chosen, and escrow will be opened. You will be asked to deposit into escrow earnest money to be credited towards your down payment. This money may also serve as "liquidated damages" if you as the buyer breach the contract.
At this point contact your mortgage broker and let him/her know that you have found a property, and give them the pertinent information so they may complete the process of obtaining a loan.
Your Westonhill agent will keep you informed of the time line of events, from inspection to closing.
7. Your agent will order the appraisal and a physical inspection. You will need to pay for these inspections when they are completed. These inspections are very important in protecting your interest.
8. After the physical inspection, you and your agent will review and make any requests for repairs. The seller's response will depend on the seller's motivation and market conditions. Your request for repairs should be for items that are inoperable, or present a health/safety issue. This is not an opportunity to "nickel and dime" the seller for cosmetic items.
9. The loan process will include determining the loan amount, which loan program (fixed, variable, buy down), and locking the interest rate. Your mortgage broker will review these items with you.
You will also need to shop for homeowner's insurance to insure the home in the event of fire, etc. Give your insurance agent's information to escrow, as they will collect your premium as part of closing.
10. Sign loan documents and have all of your remaining down payment and closing funds readily available. Escrow will require either a cashier's check or the money may be wired from your banking institution a few days before close of escrow.
11. A final walk thru inspection of the property to verify that the condition of the property is the same as when you made the offer, to review all repairs completed by the seller, and to find out how the appliances work and other intricacies of the property from the seller.
At least one week prior to closing, contact utilities, water dept, and phone company to transfer these items into your name at your new address.
Notify your family, friends, phone company, post office, credit cards and other lenders, newspaper, magazines, and confirm you moving date with your moving company.
12. Close escrow, move in, CELEBRATE!
If you'd like to begin the buying process, please contact us!.