Steps to Home Ownership
for a Loan with a Lender you trust and a Program/Budget right for your Goals
Choose a REALTOR
you trust with knowledge and expertise in your area
Start HOME SEARCH
preview homes via MLS, Open House & Showings until you find one that fits
Make an OFFER
Compare neighborhood sales and check your budget with the Lender, then have your Realtor write up an Offer to submit to the Seller
once your offer is Accepted you will Open Escrow with your Realtor and submit your Initial Deposit Monies
Submit LOAN APPLICATION
once Escrow is opened, you will need to commit to a loan with a Trusted Lender
Conduct Home Inspection and review Seller Disclosure;
If all is well to move forward, submit Additional Deposit Monies to Escrow
Your Loan Officer will schedule an Appraiser to confirm the Value of your Home to be equal or GREATER than the agreed Purchase Price amount
Depending on the Home, other inspections or document reviews may be required: e.g. Survey, Termite Inspection, Condo or Association Documents...
Turn in any remaining documents your Lender may need to secure your Loan for Final Loan Approval. This includes confirming your home insurance provider, locking in your rates, and consenting in a timely manner the Lenders Closing Disclosures (typically via email/esignatures).
SIGNING at Escrow
Sign Title Conveyance Documents along with Loan Docs and other important acknowledgements to transfer title of the property in front of a notary. Any downpayment will be due at this time in form of wire or Cashier's Check to Escrow. Funding generally follows the next day.
FINAL WALK THRU
This is a walk thru of the property to confirm the condition is as agreed upon for purchase. If any repairs were to be completed, confirm they are at this time. This is not a time to make any new requests.
at 8:01am on the day of Closing, the title will transfer from Seller to Buyer, and the home is officially yours. Keys will be disbursed after this is completed. Note, keys or property access may not always be available until later that afternoon, so plan moving in accordingly