Home Purchase Process
Whether you are buying for the first time or are an experienced home owner, the process of buying a home is very involved. We want you to know that lenders are not created equal in this area. A satisfying home buying experience requires a lending team that knows what they’re doing at every stage and one that is available to you when you need help or questions answered. We are known for always meeting deadlines, providing a smooth ride and for being a pro-active problem solver, where applicable. Below is an overview of the five stages of the home purchase process. We hope you find this to be helpful and we would be happy to clarify any points of interest or answer any questions you have.
Stage 1: Pre-Approval
The very first step in the home buying process is securing your financing and obtaining your pre-approval. In this process, you learn what you can and cannot do your max purchase price and payment, your loan options, the documentation necessary to complete the purchase and the funds you will need. What sets us apart from other lenders is our thoroughness and attention to detail. Our buyers’ loan files are reviewed by the underwriter who remains your underwriter throughout the entire process.
Stage 2: Select your realtor and shop for your home
There are many real estate agents to from and your task as a buyer is to select an agent who will make every effort to do a great job for you, from beginning to end. We recommend considering and interviewing full-time agents from reputable firms who also have raving online customer testimonials. As you home shop, we will update the loan examples specific to the home or homes you are interested in. We will work alongside your realtor towards a strong, well-prepared offer strategy. Once a seller accepts your offer to purchase, you are a mere 14-45 days away from home ownership.
Stage 3: Show Time - the transaction begins
On a typical transaction, there are at least 24 people involved in a purchase transaction. When a transaction goes live, the first week will have a lot going on; locking in your interest rate, loan disclosures, real estate disclosures, escrow paperwork, property inspections, loan documentation, and so on. It’s common for buyers to feel overwhelmed but don’t worry, we will be guiding you closely each step of the way.
Stage 4: Final approval
Final approval is achieved when your underwriter has signed off on all required documentation. Is during this time period when you will receive a copy of the appraisal and any other inspection reports which allows you and your realtors to request and negotiate and items needing repair. There are usually two passes through underwriting and our goal is always to reach the point of final approval as early in the process as possible.
Stage 5: Closing
Once the final approval is in, your loan is moved to the closing department to generate and send your loan documents to escrow for your loan signing. At this stage, you will wire the required funds to escrow and your agent will schedule the final walkthrough of the property to confirm the condition of the home is as it should be. Once escrow and our funding department have handled all closing details, your loan is finalized, and escrow records you as the new owner at the county recorders officer. Congratulations, you are now the official owner of the home!!