If your new year’s resolution was to purchase a home in 2016, we’ve got you covered! Here are the steps you need to take to get through the process quickly and efficiently.
Hire a Trusted Real Estate Professional
So you know you want to buy a home this year, now what? Start by hiring a trusted real estate professional to help you along the way! Buying on your own may work when it comes to shoes or kitchen ware, but when it comes to making probably the biggest purchase decision and investment in your life, it is better to hire an expert than go it alone.
Contact a Trusted Loan Officer
It is always best to know what you can afford before falling in love with a home that is way out of your price range. Contact a trusted mortgage professional to discuss your income, finances and credit history to pre-qualify and get an estimate of how much house you can afford. Next, you will want to schedule a one on one meeting to discuss the info and documentation you will need to provide to fill out an application for pre-approval.
You can now breathe a sigh of relief, you’ve been approved! But wait- you are not out of the woods yet. It is important to note that the approval you received is conditional meaning that nothing will change significantly between now and the time your loan is funded. This means that from now until closing, it is crucial that you make no major purchases or radical life changes such as buying a car or quitting your job.
Now the fun part-the shopping! Now that you have your price range in mind and know what you can afford, tell your realtor the type of home you desire and the areas where you’d like to look. Once you’ve found the perfect home for you, place the offer. Hopefully, when this offer is accepted by the seller you will then be able to schedule a home inspection and contact a Home Owner’s Insurance Agent to begin your application and get a quote.
Get an Appraisal
Now that you’ve sent in the proper documentation and are moving along in the process, it is time for your loan officer to order an appraisal on the home you’d like to purchase. Note that an appraisal is an entirely different process than a home inspection and that both are necessary steps you must take when purchasing a home. The appraisal is necessary to determine the home’s value and ensure that the home you are buying is worth the price you are paying. Once the appraisal process is complete, you can request a copy of the report from your loan officer that will contain great information about the community, neighborhood and home itself.
Clear to Close
You’ve been approved, you’ve found the house, it’s passed the inspection, all your documentation has been submitted, analyzed, and verified, your appraisal review has been completed and accepted and you are now clear to close! Congratulations, you’ve made it through the home buying and mortgage process and are now ready to sit down at the closing table.
Call the Movers
By now, you should have the keys to your new home and are ready to start this new and exciting phase of your life. Here are some things to remember as you transition from old home to new:
- Go to your post office and fill out a “change of address” form. Include IRS, magazine subscriptions, etc.
- Stop all newspaper deliveries.
- Set up new banking accounts and cancel old ones.
- Transfer your utility services. This includes tv, internet, water, electric, etc.
- WE Engeries – 1-800-242-9137
- Charter – 1-888-619-5102
- Time Warner – 1-866-461-9843
- Direct TV – 1-855-229-4388
- Dish Network – 1-855-363-7891
- Verify that your trash removal service is covered through your real estate tax bill. In some cases you will need to arrange for private trash removal service.
- Get an updated driver’s license.
Welcome home! If you have any questions or wish to discuss your home purchasing needs, please feel free to contact me today.