Knowledge and experience are the keys to successful real estate transactions.
Working as your agent, I can provide you with an enormous amount of valuable information. Such data, combined with my expertise, experience and training, can be an essential key to YOUR success.
One of the keys to making the home buying process easier and more understandable is planning. In doing so, you’ll be able to anticipate requests from lenders, lawyers and a host of other professionals. Furthermore, planning will help you discover valuable shortcuts in the home buying process.
12 Steps to Financing Your New Home
1. Find a lender. ( I work with the best team of professionals lender in town, I definitely can help you out)
2. Fill out a loan application.
3. Get an estimate of closing costs from the lender you choose. By law, the lender is required to provide this statement to you within three days of receiving the loan application. Make sure to ask what type of loan program your lender has selected for you, including the rates, terms and any special information, such as prepayment penalties.
4. Compare costs, fees and terms of loans if you are working with more than one lender.
5. Negotiate fees. Sometimes you can negotiate the amount of fees or loan points (a point is 1 percent of the loan amount) the lender charges you.
6. Consider lowering your interest rate by paying more points. The relationship of interest rate to points paid is an inverse one; the more points you pay, the lower the interest rate.
7. Provide required documentation.
8. Pay any up-front fees. Sometimes the lender requires that the appraisal, or processing fee be paid at the beginning.
9. Review loan papers. Approximately one week prior to closing, loan papers will be ready for your review. Make sure the loan matches the original quote you were given.
10. Sign your loan papers and your down payment funds into your account four to six days prior to closing.
11. Bring a cashier’s check for the down payment to the Title Company, Escrow Company or attorney handling the closing. The lender will send the title company a check for the loan amount.
12. Get ready to congratulate yourself! Once the transaction closes and you have signed off on all contingencies, you will receive a copy of the deed and a set of keys, and you then own the home!
*It is very important to get pre-qualified
Money matters more than ever in today’s home search process. Getting pre-qualified is a great first step, and sellers like strong buyers in today’s market. That way, once a potential home you’d like to make an offer on is identified there will be less chance of missing out on it.
In the past prequalification was an option. now, Getting prequalified is a given.
Drive-Bys
It’s important to realize that while searches and negotiation may happen online and on paper, home is a place where you will have to live in real life. Drive the areas first before a wild goose chase begins. This will help you decide if you still want to see the inside. The independent neighborhood drive-thru can save you time by allowing you to get a real life perspective on a property you wish to buy.
More tips about buying yor dream home? Please feel free to call me at 406-5795013
Luci Edwards,
Opening Doors, Reaching Your Goals…