Home Buying Process
After you have an accepted offer on a home then you need to submit your loan application and supporting documentation to our loan team and we will begin processing your file and performing all the necessary verifications. It is very important that you get all the requested paperwork and information to the loan officer as soon as possible to avoid any delays in the process and possibly your closing date. Also, we will order an appraisal on the home to determine if the property is worth what you paid for it. You should do a home inspection prior to an appraisal being done on home to make sure that there are no major issues with the home which could be a deal breaker. You don’t want to pay an appraisal fee on a home you are not going to buy. Remember, most homes are not going to be in perfect condition and there may be some minor items such as some wear and tear on carpet or undesirable paint job in one or more of the rooms but don’t let this deter you from purchasing a good home which meets most of the criteria on your “needs” list and hopefully, some of your “wants” too.
Once your loan is approved then there are usually some conditions you need to clear with the underwriter such as obtaining final home insurance policy before you can get a “Clear To Close” on your loan file which is the green light that you are ready to close. Some other tasks you need to take care of prior to closing is final walkthrough of the home and going to the bank to get a cashier’s check for the closing funds. Again, don’t do anything to jeopardize your loan like going out and buying furniture prior to closing because if the new monthly payment on this debt somehow is discovered by underwriting and your debt ratios are too high then you will go back to throwing money away on rent for a while or living in a relative’s basement until you pay off the 72 month furniture loan.
Finally, you are at the end of the home buying journey and sitting at the closing signing off on the closing documents and once that is completed you get the keys to your new home. Woo-Hoo!!! Now, you can pick out the furniture and get the grill for the backyard house warming barbecue you are going to throw for your family and friends. Please don’t forget to save a hot dog a piece of apple pie for me and remember to send me an email with a photo of your new home and tell me what you like most about your new home. You deserve to be a happy homeowner!