What is the Home Buying Process?
Buying a home can be a very intimidating process, especially if you’ve never done it before. So the very first thing you should do before you start the home buying process is to figure out whether owning a home is right for you. It may or may not be and this decision depends on you, your family, your lifestyle and what your circumstances are. Take into account that if you do buy a home, there are extra responsibilities and costs that go along with owning a home, such as lawn care, home maintenance and repairs that take up your time.
I’ve outlined a summary of the “Home Buying Process” below; you can view the full details by clicking here.
Step 1: Check Your Credit Score
Start with a credit check! Scores range from around 300 to 850. The higher the score, the better loan you’ll qualify for. 700 is considered “Good”. Chad can help you with all of this in step 2!
Step 3: Find the Right Real Estate Agent
Once a lender like Chad has gotten you pre-qualified, you speak with a real estate agent. My role as a REALTOR® starts here, so feel free to send me a message or call/text me!
Step 5: Make an Offer on the Home
Each time we find a home you’re interested in, we make an offer in a “Purchase & Sales Agreement” (P&S). I’ll provide you with information about comparable homes in the area so that you can make an informed offer. We’ll also ask for a home inspection to ensure there aren’t any issues with the home, and we’ll specify a closing date.
When making an offer, it’s important to remember that the seller can counter-offer or reject your offer. At that point, you and I will discuss your options, such as meeting in the middle or requesting home repairs prior. Once your offer is accepted, you’ll need to make an earnest money deposit, which goes into escrow to give to the seller as a sign of good faith.
Step 7: Close on Your Home
We inspect the home and review the results. A home inspection helps you understand the property’s structural soundness and overall condition (and can be the start of the “honey-do” list).
Timing of the close is dependent on a few factors, such as your financing coming through, your rental agreement running out, or the seller having to wait until they close on their new home.
Closing costs will likely include (but are not limited to) your down payment, title fees, appraisal fees, attorney fees, inspection fees, and points you may have bought to buy down your interest rate.
Step 2: How Much Can You Afford?
Speak with a Lender. I recommend the amazing Chad Conley, whom I’ve listed below. Together, we’ve been able to get every person that’s come to us from pre-qualified to home ownership! If you’re a teacher or veteran, make sure to ask him for any special programs you may qualify for!
Step 4: Look for the Right Home
I’ve created a “Wants Vs Needs” check list for you. Using it will help you decide on how much home you should actually go for, in what neighborhood, with what schools, distance from work, and more! Make sure you’re specific, because a home purchase is a long-term investment and you’ll want to be as comfortable as possible while living in your new home.
Step 6: Get the Right Mortgage for Your Situation
There are many different types of mortgage programs out there. If you’re a first-time home buyer, ask your lender about the three basic types: adjustable rate, fixed rate, and interest only.
Step 8: Move In!
CONGRATULATIONS! You’ve got your mortgage, closed the deal, and now it’s time to move in! I’m happy to provide you with referrals to amazing professional moving companies.
Now, you can start unpacking and enjoying your new home!
Hi, my name's Chad. I'm Evie's Go-To Mortgage Banker!
The mortgage industry is very competitive, so setting myself apart from my competition is very important. I do this by operating with complete transparency and providing my clients with a very high level of service. I take pride in setting proper expectations with my clients and walking them through the loan process every step of the way. I’ve successfully closed over 2,000 loans in my career and I’m very proud to say all of my business has come from past clients and referrals from my Realtor partners.
As a mortgage banker, all of my loans are processed, underwritten and funded in-house which gives me complete control over my files and allows me to close loans with great efficiency. This is certainly not the case with mortgage brokers. At the end of the day, all mortgage companies have very similar rates and fees, but it’s my level of service that keeps my clients coming back to me time and time again. The mortgage process doesn’t have to be a difficult and tedious one, let me prove this to you!
I have worked with Chad and Lori since my beginnings. We’re a real power team and we absolutely love working with each other. Because our communication with each other is unmatched, the eight steps above are simple and stress-free for you, the home buyer.
I’m always here to answer your questions, so feel free to Text or Call me at (602) 577-7410! – Evie