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Start Your Research Early
When you feel you are finally ready to buy a new home, do not rush, gather all your ducks in a row before you start house hunting. It’s natural to want to rush ahead to because let's face it, these are exciting times, but avoiding disappointment by understanding the process. Understand your needs, desires, and budget, but do not forget to have fun in the process,
Determine How Much You Can Afford?
Buying a home for most is the most significant investment of their lives, which means there is some risk involved. Find your dream home within a (realistic) budget. That doesn't mean you should settle for anything less than the home you've been dreaming about, but you must have a clear and precise idea of what you can afford so you can feel confident and excited about making an offer on the home of your dreams.
Get Pre-qualified
To get prequalified, you will need to provide the lender with financial information, such as your income, the amount of savings, and investments you have. The lender will use this information to estimate how much money they may be able to lend you and therefore the price range of homes you can start looking into.
To get prequalified the lender will request a formal credit check. The estimate of the loan amount provided to you does not guarantee you will ultimately be approved for that amount. To get preapproved, you will need to provide the lender with financial documents including W-2 statements, pay stubs, and bank account statements.
The lender will use these documents to verify your financial status and request a formal credit check. A preapproval will help you when shopping for homes because sellers will have more confidence when accepting offers from buyers that are preapproved. Being pre-approved means the seller will understand you will be able to obtain a loan to purchase their house.
When receiving a prequalification, and preapproval, you may want to talk to your lender about the specific property that interests you. The final approval will also depend on the property you are purchasing, the purchase price, your income, your debt-to-income ratio, your credit score, and closing costs.
Find The Right Real Estate Agent
Real estate agents are important partners when you’re buying or selling a home. Real estate agents can provide you with helpful information on homes and neighborhoods that isn’t easily accessible to the public. Their knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable. And best of all, it doesn’t cost you anything to use an agent – they’re compensated from the commission paid by the seller of the house. Remember to consult with your attorney for any legal advice your real esate agent is there to guide you through the real estate process.
Lets Go Shopping! Make An Offer
Finding your dream home takes time. Work with your real estate agent to negotiate a fair offer based on the value of comparable homes in the same neighborhood. Once you and the seller have reached agreement on a price, the house will go into escrow, which is the period of time it takes to complete all of the remaining steps in the home buying process.
Congratulations you are Under Contract
What Now?
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Get a Home Inspection. Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. Your real estate agent usually will help you arrange to have this inspection conducted within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage. Both you and the seller will receive a report on the home inspector’s findings. You can then decide if you want to ask the seller to fix anything on the property before closing the sale. Before the sale closes, you will have a final walk-through of the house, which gives you the chance to confirm that any agreed-upon repairs have been made.
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Work with a Mortgage Banker to Select Your Loan Lenders to have a wide range of competitively priced loan programs and a reputation for exceptional customer service. You will have many questions when you are purchasing a home, and having one of our experienced, responsive mortgage bankers assist you can make the process much easier. Every home buyer has their own priorities when choosing a mortgage. Some are interested in keeping their monthly payments as low as possible. Others are interested in making sure that their monthly payments never increase. And still, others pick a loan based on the knowledge they will be moving again in just a few years.
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Appraisal Lenders will arrange for an appraiser to provide an independent estimate of the value of the house you are buying. The appraiser is a member of a third party company and is not directly associated with the lender. The appraisal will let all the parties involved know that you are paying a fair price for the home.
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Paperwork Load As you can imagine, there is a lot of paperwork involved in buying a house. Your lender will arrange for a title company to handle all of the paperwork and make sure that the seller is the rightful owner of the house you are buying.
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Closing Day At closing, you will sign all of the paperwork required to complete the purchase, including your loan documents. It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender. Once the loan is funded or check is cleared to the seller, you are a NEW HOMEOWNER!
What I Offer
Buyers
The real estate buying process is intense because of the size and amount of your investment and Janet Sardina, your Real Estate Agent will understand this. By working with her, you will benefit from her experience and educated team in the area and the industry, as well as her commitment to assist you to make smarter choices about your investment, better planning, faster timing, and seamless transaction. This allows you to enjoy more of your time and rest assured your transaction is her top priority.
•Market Watch - automated e-mail set-up linked to MLS to receive latest properties listed on the market in your preferred areas
•Prepare and negotiate offers
•Recommendations for mortgage prequalification
•Workaround your work schedule and availability
•Handling volumes of paperwork
•Managing deadlines
•Closing attendance
•No buyers fees