Steps to Buy A Property
To be ready to shop for a new home, you need to first be Pre-Approved. What does this mean? You can have me review your actual documentation which will be required for the loan so I can see what the underwriter will see. I will pull credit and recommend a purchase price and a loan program based on your whole financial picture as well as your goals. I will have your loan submitted to an Underwriter so that if there are any questions, we can address them before you go under contract on a home. This gives you confidence that once you find a home and apply for the final financing that it will go smoothly.
Step 1: Meet with me via phone or in person. This will help me get to know you and your goals
Step 2: We request that you bring the following documents to the meeting. This will expedite the getting to know you process and get you toward your goals of Pre-Approval
- Last 2 years Tax Returns
- Last 2 Years W2s
- Most recent 2 months’ pay stubs
- Most recent 2 months’ asset statements (checking, saving, etc., all pages, please)
- Name and Phone Number of your Homeowner’s Insurance Agent
- Please let me know if you are ok with us pulling your credit report
- If you are self-employed, please supply your business returns and supporting items (K1s, 1099s, etc.)
Step 3: We will have a follow up meeting to discuss the remaining items that may be requested in order to submit your file to Underwriting
Step 4: After Pre-Approval, notify your Realtor that you are ready to go looking for your home
Step 5: Once you have found a property and your offer is accepted, I will receive your Purchase and Sale agreement. This will tell me your purchase price, the closing date, and other important information about the property and transaction
Step 6: We will send a Loan Estimate, Intent to Proceed and other upfront disclosures reflecting closing cost, rate and other fees needed to close your loan
Step 7: Once I know the home inspection is completed, I will request an appraisal. This will be a neutral third party to review that the sales price is supported by the market
Step 8: While we are waiting on the appraisal, we will update the file if necessary
Step 9: Once we have a full and complete updated file along with the appraisal, we will submit the file for final underwriting approval
Step 10: Once we have final approval, we will request and start your loan closing process
Step 11: You go in to escrow to sign your final papers!
Step 12: Once the loan is funded and the final paperwork is filed with the county, this will now be a closed transaction!
Step 13: Move in and enjoy your new home!!
Rhonda is an extremely professional and efficient agent, very pleasant and easy to business with. She communicates very efficiently so you are aware of the status of your project at all times.