Home Buying 101
Important Questions When Buying a Home
- How long do you plan to own this home?
- Do you want to buy a home or condo?
- What areas are you interested in buying a home?
- How many bedrooms & bathrooms do you need?
- What features are most important to you, dining room, garage?
- Would you consider a home with a family room verses a basement?
- Do you need to stay in a specific school district?
- Do you need a fenced yard, master bedroom on the first floor?
- Have a list of questions to ask when you see a home that you like.
- Collect financial information for your lender
- 1 month -check stubs, 2 years income tax forms, 2 months bank statements, driver license or state id, SSI paperwork or 401k info.
- Decide how much money that you have for a down payment & closing costs.
- Crunch numbers to find out the monthly payment will you feel comfortable with.
Get Pre-Approved for a Loan
- Call Jody for recommendations for loan officers.
- Set a time to talk to the loan officer to get a pre-approval letter.
- Discuss closing costs with your lender.
Sopping for a Home or a Condo?
- Jody will set up an automatic home search for you in the areas that you chose.
- Or you can chose to set up your own search on your Mobile Device
- Once the homes are sent to you, check off the ones that you like as interested.
- Jody then receives an emailed with the homes that you want to view.
- Then she will set up a time to view the homes.
Making an Offer
- Jody will prepare the contract with the price that you will offer to the seller, the amount of earnest money, dates that you need to get approved for the loan, closing date and any closing cost credits that we ask the seller to pay.
- When making the offer ask yourself if it is more important to ask for closing costs or to get the best price.
- Keep in mind that on the homes that are in excellent they most likely will be multiple offers for other buyers.
- When making an offer Jody will search for other homes that have sold in the area.
- She will walk you every step of the way.
Your Loan Approval
- When your contract is accepted & signed buy the seller it will be submitted to your lender.
- You will then meet with your lender to complete a loan application.
- They will help you chose a loan that works best for you.
- Your lender will lock in your interest rate & explain the closing costs.
Choosing an Attorney & Home Inspector
- Within 5 business days you will have time to complete a home inspection.
- On important tip- don not wait for the 5 th business day to do the home inspection.
- Your attorney will need time to discuss the inspection with you & to send out a letter asking for repairs from the seller if they are not selling as is.
- Your attorney will have 5 business days to review your offer/contract.
- After the appraisal is complete your lender will contact you to tell you the value of the house & if there are any repairs required to be completed before the closing.
- If there are repairs requires most of the time the sellers will be responsible.
- Once the repairs are completed if needed then the appraiser will come out to re inspect.
- Then the loan goes into underwriting to get approved.
- Once you have what the lender has the clear to close, the attorneys will set up the closing.
- Either the day before or day of closing we will have time to do a final walk through at the property.
- If the possession is at closing you will get the keys to your new home.
To get pre approved contact Linda Winge http://lwinge.inlandhomemortgage.com