California Home Team
Tips for Home Buyers
The Home Buying Reference guide is one of the many resources that I provide Buyers to help them navigate their way through the journey of finding, financing and ultimately successfully closing a new home. Throughout this process, I am referencing steps to help you learn and prepare you for the exciting prospect of your new home.
Together, we will find that New Orange County Home for you and your family’s Lifestyle!
A bit of homework on your part will be the easiest for us to help gather the best listings and options in finding that home. Foremost a few key steps will help unravel the details to putting you on the path of home ownership. The following bullet points can be some examples of the items necessary to meet with a lender.
Understanding the Process; these are key steps that you as the Buyer should prepare before you meet with me…
1. Calculate a budget!
Take into account the miscellaneous items so that you are not surprised in the end. This would be all items, credit cards, car loans, student loans, child support and anything that would be like a personal loan or line of credit. It is a good idea to check your credit score at this time too in order to make sure there is nothing incorrect.
2. Apply for a mortgage/paperwork and a loan application
I can give references as well check with your bank for a reputable lender.
Shop around, this is a long term loan and best to make sure you have a great team of professionals working on getting you the best loan and conditions that work best for you.
Obtain a Pre-Approval from a lender to determine that actual mortgage you are eligible for. Once you decide on the lender they will find and guide you through the pre-approval process to help pick the mortgage and lending package that you will be most comfortable with.
Determine the budget for Home Purchase Price Based on the mortgage and the down payment. Time to really start…. Make sure the funds are available in liquid form and not tied up in such a way that you will not have direct access to the funds for the time of a closing.
If you have any questions, please reach out to me and let’s talk.
First thing is let’s talk basics…how many bedrooms, how many baths, location, any other items that might suit your specific needs.
Determine what we will look at as well over the area neighborhoods, towns, schools and other criteria’s that will help zero in where we should focus on.
With the Northwest Multiple services, we will have direct access to any and all listings on the market.
Setting up times and tour the homes and getting the feedback so we can narrow it down to a property, eventually you will find one that work!
Negotiate and price to make and offer.
Writing a contract with the terms and conditions including the price, earnest money and any considerations you may have to prepare as a contract to the Seller.
Scheduling the inspection, Surveys, other service inspections including Service Specialist and Appraisal.
Review all Inspections and Surveys.
Review Title Policy as well as the RE-Sale certificate, Home owner Association Documents, Budgets and By-laws and or Covenants.
This is the steps to arrange and agree to what repairs if any are necessary as well as who shall be responsible for paying for this work.
We got an accepted offer now it is the lender’s turn again to get in and start processing a loan application.
Lender provides booklet of estimated closing and costs associated with the loan.
Lending institutes will request an appraisal of the home.
Lender will pull your credit report.
Lender will verify Employment.
Lender will verify Funds for closing.
Estimate of your loan and closing costs will be delivered in the Truth in Lending Disclosure Statement.
Final loan approval is given by the underwriter and delivered to you as the Buyer committing to the loan.
Final steps to close include the inspection and some other contractual deadline maybe interspersed during the loan process.
Closing is now scheduled and the title company will have the seller and buyer scheduled for a closing to sign the paperwork.
The lender will disburse the funds to the closing agent along with your cash at closing amount.
Appropriate documents are recorded. The home is sold and now you can Call it HOME!