Buying a home can seem overwhelming at times, but with the proper knowledge of the process, the experience can be fun and exciting. In order to insure the best experience, you should become familiar with the entire process of buying a home.
Steps you will need to take:
- Consult a Loan Officer
- Submit an Application
- Discuss financing options
- Find out how much you can afford
- Consult a Real Estate Agent
- What do you need in a home?
- Find your home
- Submit Offer
- Closing
- Funding
Once you know your price range and payment options, you can then contact a real estate agent to show you homes in the price range you are looking for. If you do not find what you are looking for in that range, there are loans that may lower your payments so you can get into the home of your choice. Some of the loan options would be an adjustable rate mortgage (ARM), interest only loan, 40 or 50 year mortgage or a pay option ARM.
Having your agent understand what you are looking for in a home will help with the overall experience of your home search. You should be confident that your agent is aware of your expectations.
In most cases, a real estate agent will want to be certain that you have been approved for financing before they take you to look at properties. Your mortgage professional will be happy to pre-qualify you and write a mortgage loan commitment detailing the conditions of your approval, which can then be given to your real estate agent.
Your loan officer is a critical part of your home buying team. The loan officer will help you identify the best programs for your financial needs and goals. Consulting a loan officer early in the process will give you the security of knowing how much you can afford by getting you pre-qualified to buy.
In order for your loan officer to accurately pre-qualify you, he/she will need to take an application, on which you will supply current employment, income, assets, debts, credit, and housing information. Once the application is submitted, your loan officer will be able to present you with loan options that will benefit you and help you meet your financial goals.
