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 debts from a mortgage standpoint to confirm the initial prequal’s conclusion. You will need a pre-approval.

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.  You will work with the loan originator twice, during this process: First for your pre-approval and last to apply as well as close the loan.

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.

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.  Do not waste your time on properties that you cannot buy or do not want to pay.

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 criteria.  They will also assist with the negotiation and understanding of the contract and its conditions as well as deadlines.

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 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.

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 needs, servicing needs, maintenance needs and even energy saving tips. There are several different types of inspections that you can have conducted on your future home.  Make sure that you choose them wisely.

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, repair needs, replacement needs, servicing needs, maintenance needs and even energy saving tips.There are several different types of inspections that you can have conducted on your future home.  Make sure that you choose them wisely.

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 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 or conditions for closing and assist you with satisfying any outstanding dosumentation for closing.  Once all conditions have been met, you will be issued a clear to close.

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. You will work with the loan originator twice, during this process: First for your pre-approval and last to apply as well as close the loan.

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.

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.

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 previously agreed upon date whether that date or a date soon thereafter.