Communicate your needs and wants in your home search. Disclose any information that will help with your purchase...such as needing to sell of other property, marital changes, job changes and/or anything that needs to be dealt with.
Select your Lender & Submit your Application.
Once you have found the home you want to buy and a lender to work with, the mortgage process begins. Now your lender will have you fill out a full application and ask you to supply documentation relating to your income, debts, and assets.
Order a Home Inspection.
Once offer has been accepted you will need to schedule a home inspection as soon as possible. The inspection will give you peace of mine, during your option period. Once you know results from the inspection report you can now renegotiate with the seller items that need to be repaired or renegotiate contract terms safely protecting your earnest money.
Be Responsive to your Lender.
Ok...you applied and qualify for a mortgage, you’ll receive conditional approval. Keep in mind, your lender may require additional documentation. Stay in close contact and make sure to respond promptly to keep your application moving forward.
Purchase Homeowner’s Insurance.
If you have a homeowner's insurance company you prefer to get in contact with them or as your lender for suggestions. Your lender will require proof of insurance before the loan can receive final approval.
Let the process Play Out.
Even though things might seem they are at a standstill... know that there are many things happening behind the scenes: a Home appraisal is ordered by the lender to ensure that the value of the home you’re buying is in line with the purchase price. The appraiser will visit the home and compare it to other recently sold homes in a similar price range. A title search will also be ordered to make sure there are no outstanding liens on the property. Learn more about the home appraisal process
Avoid taking on New Debt.
Avoid opening new credit cards or making other major financial changes while your loan is in process. New loans or other changes that affect your debt-to-income ratio could get in the way of your mortgage approval.
Lock in your Rate.
Get together with your lender to lock the rate in, if you haven’t already; you’ll want to do so no later than 10 days prior to your closing date.
Review your Documents.
Once your loan is approved and your inspection, appraisal and title search are complete, your lender will set a closing date and let you know exactly how much money you’ll need to bring to your closing.
Arrange to Pay your Down Payment and Closing Costs.
Contact your lender to obtain you're final bring in amount. Get a cashier’s check or arrange to wire money to cover your down payment and closing costs.
Close on your Home.
At the closing, be sure to bring your IDs, cashier's check and read all the documents you receive and ask any questions you may have about the terms of the agreement. Then, after you’ve signed everything, you can unlock the door and celebrate your new home!