Buying Basics

Buying your first home can potentially be an overwhelming process.  That is why our trained advisors will personally walk you through the following steps to ensure your comfort and understanding.

1. Qualifying Interview: Initial questions regarding your last 2 years of residence addresses, employment history, as well as your current goals and interests in buying a home. We will also research any grants and down payment assistance programs that meet your criteria for available purchasing assistance.
2. Lenders and Realtors: Based on the consultation, we will offer at least four separate qualified lenders and real estate agents for you to assess and decide which to use.  If you’ve already chosen one prior to our meetings, we will contact them to make certain we’re all working together.
3. Home Search: Once you have decided on your realtor, you can begin shopping and viewing homes on the market.  After you have found a house that meets all of your needs, you can begin writing the official offer with your realtor.  It’s recommended that you thoroughly review the house before finalizing this contract.  For additional tips, please read our guide on 5 Mistakes a Buyer Should Avoid.  
4. Negotiation:  If the seller accepts your contract, you will more than likely begin a negotiation over price and conditions of the deal.  This can sometimes be a tedious process, however with the right people at your side it can be done in a timely and proficient manner.
5. Loan Application/Approval:  Once you and the seller reach a final agreement on the contract terms, you will then meet with your loan officer (LO) to finalize your loan program, interest rate, closing costs and payments.  This requires your signature on all the paperwork.  Additionally, most lenders will require a check at this time to cover the appraisal and credit report fee.  Your LO will then turn in your loan package and personal documents to the processing department of his/her company for review and verifications.  Please be aware that a processor may need further documentation to support the loan application, so we suggest that you familiarize yourself with our 121 Things That May Be Requested.
6. Home Inspection:  Meanwhile, while waiting for your loan application to go through, you and your realtor will meet at the property for the termite and home inspections. We will review the reports generated by examiners and determine the importance of any items needing repair on the report.  Your realtor will notify the seller’s agent of these terms and request for repairs to be made.  If the seller disputes this appeal, another negotiation process begins.  If an agreement is reached, the seller’s agent will schedule contractors to fix the noted items.
7. Final Walk Through:  On the morning of your closing, you will meet with your realtor at the property for the final walk through to make sure all requested repairs have been made (see our helpful guide Final Walk Through – “What am I looking For?”).
8. Closing:  All parties involved (seller, buyer, and agents) meet to sign the final documents. You will be signing the majority of documents while the seller is only signing a few and collecting their check (more details at our Guide to Settlement).  Once completed, you receive the keys to your new home!