The great aim of education is not knowledge but action.

– Herbert Spencer

ACT NOW

Pre-Qualification VS. Pre-Approval

The first step is determining how much home you can afford.  A pre-qualification is a quick analysis of how much you make, spend, and owe to determine purchasing power.  A pre-approval takes the process one crucial step further from a prequal and is an in-depth analysis of your documentation confirming your income, assets, credit history and […]

Loan Originator

Your loan originator can work for a mortgage brokerage company, mortgage banking company or bank.  They will assist you with determining your maximum qualifying purchase price and issue a pre-approval for said amount. Once the contract has been signed, the loan originator will head the efforts to submit, process, approve and clear your home loan for funding. […]

Credit repair (If applicable)

If credit repair is required, the process can take as little as 45 days to more than several years.  You will need to begin this process as soon as possible if erroneious information appears on your credit.

Property Search

After acquiring your pre-approval, it’s time to begin the home scouting process.  Be sure to provide your agent with as much information as possible, regarding whats most important to you in a home, including the pre-approval.  This will allow them to filter out properties that do not meet your criteria on all fronts, including financing. […]

Real Estate Agent

Real Estate Agent’s can work solely for you and represent your best interest or work for both you and the seller with no fiduciary duty to either party.  Make sure you know where loyalties lie.  The R.E. Agent assists you with your home buying effort by supplying you with a list of homes that meet your […]

Contract

Once you’ve found the right home at the price you can afford, it’s time to be decisive.  Move quickly to secure the property by way of contract.  The last thing you want is to lose the property of your dreams, because you were unrealistic or indecisive. Keep in mind that once the contract is in […]

Inspections

A home inspector’s examination of your home is a necessary cost.  If a home is the biggest investment most Americans will make in their lifetime, then it’s safe to say that you should thoroughly know what you are getting into, before purchasing a home. Inspectionscover everything from structural-electro-mechanicals, systems operations-conditions, safety needs, repair needs, replacement […]

Inspector

A home inspector’s examination of your home is a necessary cost.  If a home is the biggest investment most Americans will make in their lifetime, then it’s safe to say that you should thoroughly know what you are getting into, before finalizing the purchase of your home. Inspections cover everything from structural-electro-mechanicals, systems operations-conditions, safety needs, […]

Loan

You must make mortgage application within the amount of time stipulated on the contract, which is usually 5 calendar days from signing.  First you will be sent your disclosure package detailing the terms of your loan, next the appraisal will be ordered, once everything is received and your the loan is ready for underwriting submission, your […]

Loan Originator

Your loan originator can work for a mortgage brokerage company, mortgage banking company or bank. They will assist you with determining your maximum qualifying purchase price and issue a pre-approval for said amount. Once the contract has been signed, the loan originator will head the efforts to submit, process, approve and clear your home loan […]

Insurance Agent – Homeowners

You will need to insure your home against damage.  Insurance is required when financing a home.  Insurance costs can be severely impacted by the quality of home construction as well as age and current condition.  Be sure to have the proper inspections done within the first five days of signing your contract. Immediately provide these […]

Title, Closing, Settlement Company

A Title Agent’s primary concern is to insure against any claims made, because of past owner’s debt, fraud, heirs and/or the history of the property does not affect the new owner moving forward.  While a considerable amount of research goes into this task before issuing a title insurance policy, the work and cost are worthwhile.

Closing

You will meet with a representative from the Title/Closing/Settlement agent to sign all of your documentation pertaining to the purchase of your home and at this point you will need to pay the necessary funds to close on the property.  Once you have completed these tasks you will own the home and take possession at the […]

Pre-Qualification VS. Pre-Approval

The first step is determining how much home you can afford.  A pre-qualification is a quick analysis of how much you make, spend, and owe to determine purchasing power.  A pre-approval builds from a prequal and is an in-depth analysis of your documentation confirming your income, assets, credit history and debts to confirm the initial prequal’s conclusion. You will need a pre-approval.

Credit repair (If applicable)

If credit repair is required, it can take as little as 45 days to more than several years.  You will need to begin this process as soon as possible if erroneious information appears on your credit.

Property Search

After acquiring your pre-approval, it’s time to begin the home scouting process.  Be sure to provide your agent with as much information as possible, including the pre-approval.  This will allow them to filter out properties that do not meet your criteria on all fronts.  Do not waste your time on properties that you cannot buy.

Contract

Once you’ve found the right home at the price you can afford, it’s time to be decisive.  Move quickly to secure reasonable terms.  The last thing you want is to lose the property of your dreams, because you were unrealistic or indecisive. Keep in mind that once the contract is in effect, you must meet all deadlines otherwise you have defaulted and your deposit may be in jeopardy.  Time is always of the essence when you are under contract.

Inspections

The contract will dictate how long you have for the inspection period.  Request your inspection from a reputable company.  You want to make sure there are no hidden damages to the property that may cost you in the long run.  I the inspection uncovers something you did not expect, now is the time to renegotiate the terms of your contract.

Loan

You must make mortgage application within the amount of time stipulated on the contract, which is usually 5 business days from signing.  First you will be sent your disclosure package detailing the terms of your loan, next the appraisal will be ordered, once everything is received and your mortgage professional can submit a complete loan package, your information will be submitted to an underwriter for suspension, approval, counter-offer, or denial.  Your loan originator or processor will work to communicate these findings and assist you with clearing outstanding conditions for closing.  Once all conditions have been met, you attend the closing and sign all of the mortgage documents necessary to borrower the funds for the purchase of your home.

Closing

You will meet with a representative from the title/Closing/Settlement agent to sign all of your documentation pertaining to the purchase transaction and pay the necessary funds to close on the property.  Once you have completed these tasks you will own the home and take possession at the previously agreed upon date whether that date or a date soon thereafter.

PARTIES INVOLVED IN TRANSACTION

Loan Originator

The loan originator can work for a mortgage brokerage company, mortgage banking company or bank.  They will assist with determining the maximum qualified purchase price and issue a pre-approval for said amount. Once the contract has been signed, the loan originator will head the efforts to submit, process, approve and clear your home loan for funding.  You will work with the loan originator twice, during this process: First for your pre-approval and last to apply and close the loan.  

Real Estate Agent

Real estate agent’s can work solely for you and represent your best interest or work for both you and the seller with no fiduciary duty to either party.  Make sure you know where loyalties lie.  The R.E. Agent assists with the home buying effort by supplying you with a list of homes that meet your criteria.  They will also assist with the negotiation and understanding of the contract.

Title/Closing/Settlement Company

A title agent’s primary concern is to insure against any claims made, because of past owner’s debt, fraud, heirs and/or the history of the property does not affect the new owner moving forward.  While a considerable amount of research goes into this task before issuing a title insurance policy, the work and cost are worthwhile.  

Insurance Agent – Homeowners

You will need to insure your home against damage.  Insurance is required when financing a home.  Insurance costs can be severely impacted by the quality of home construction as well as age and current condition.  Be sure to have the proper inspections done within the first five days of signing your contract. Immediately provide these inspections to the agent for a quote.  Prices and service can vary from agent to agent.