Step 1: Do your homework
The first step in the home buying process is to determine whether you’re ready to own a home. This decision depends on you and your circumstances. Be sure to consider that there are extra costs and responsibilities to owning a home, including home maintenance and repairs, lawn care, etc.
Step 2: Find the right mortgage professional and real estate agent
Once you’ve decided you’re ready to own a home, it’s time to find a realtor and a mortgage professional you can trust. Schedule a no-cost, no-obligation, introductory meeting with each of these professionals. This is an informal meeting, so suggest getting together at your favorite coffee shop if that makes you feel more comfortable. Ask questions and make sure you’re satisfied with the answers. Contact a member of our Western Mortgage Brokers, Inc. team to get started.
Step 3: Get pre-approved
The next step in the home-buying process is getting pre-approved for a loan so you know what you can afford. During this stage, your mortgage professional will determine how much of a home you can afford. Being pre-approved for a loan will also make your offer more appealing to the seller, since your financing is guaranteed. Getting pre-approved doesn’t cost much. Most mortgage professionals will only request that you pay the cost of accessing your credit report.
Step 4: Look for a home
Having received preliminary loan approval, you will begin working more closely with your realtor. Make a list of the qualities you want in a home. How many bedrooms and bathrooms you need, what size yard you’re looking for, types of schools and length of commute to and from work. Consider safety concerns, as well as the rate of home depreciation in the area you’re looking.
Step 5: Make an offer
After finding the home that best suits you, your next step will be to make an offer. Your realtor will handle all of the paperwork and advise you, as needed.
Step 6: Meet with mortgage professional again
After your offer has been accepted, you will meet with your mortgage professional again. At this meeting, you and your loan officer will complete the final paper work, finalize the loan details, lock in the interest rate and prepare for closing.
Step 7: Closing
Closing is the final step in the home-buying process, before you officially own the home. At closing, all legal documents, both those related to the mortgage loan and those related to the transfer of the property from the seller to the buyer, are signed.
Future Buyer Program
If you are not ready for pre-approval, our Future Buyer Program is right for you. This program will accomplish three things at no cost or obligation.
1. You will learn about the process of buying a home.
2. We will analyze your financial situation and make specific recommendations that will help you afford the investment of a new home.
3. You will gain an understanding of the steps needed to improve your credit score to obtain the best loan program and interest rate possible.
Contact us today for your no-cost, no-obligation meeting.