1. Get Ready for Home Ownership
• Build a good credit history.
• Get mortgage Pre-Approval, you must get this process started by providing all your information about your finances as well credit check.
• Find out what type of mortgage you qualify for.
• Save up for the down payment (typically 3%,3.5%, 5% depending on the program), and closing cost, it will differ on a case by case basis.
• Listen to your Mortgage Broker or Lender’s advice.
2. Find a Real Estate Professional
• Get referrals from friends, family, and work colleagues, or search on realtor.com.
• Ask the Real Estate Agent professionals you interview about the buyer’s representation agreements and contract, make sure you understand the terms.
• Explain your needs and expectations to the Real Estate professional you choose to work with.
3. Find the Right Property
• Determine what is important to you, such as particular school, neighborhood amenities, monthly mortgage payment, public transportation, etc.
• Make sure you include homeowners assessments, utilities, and taxes when calculating the monthly mortgage payment.
4. Make an offer
• The Agent will create your offer, tailored exactly to your needs. If it’s accepted, The Agent will ask the Mortgage Lender for the time needed. Normally is between 30-45 days. If it’s not enough, The Agent will negotiate with the seller to reach a deal.
• Ensure the property is inspected by a licensed home inspector.
5. Finance the Property
• Contact your Mortgage Broker or Lender, once you get an offer accepted
• Once your information is updated, executed the contract is received then the Mortgage Lender will provide a Good Faith Estimate of closing cost.
• All the loan figures will be assessed and prorated until the day of closing by the Title company and the Lender.
• Make sure you understand the financing terms, ask the Lender for clarification if needed.
6. Getting ready to Close
• While your Mortgage Lender gets your loan approved.
• The Appraisal must be ordered.
• You must obtain homeowners, flood, disaster, and fire insurance.
• The Title company will clear the property title.
• Once your loan is CTC ( Clear to close )
7. Congratulations! You’re a homeowner ready to move in!
• After the closing is done, You must wait until the loan is funded by the Lender, then you can move into your new home. Enjoy it! The Agent and Mortgage Broker normally will keep in touch in case there’s anything else you need. And don’t forget. We will always appreciate your referrals!
Residential Lending Process
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