First Time Home Buyers (The Process)

Step by Step

1. Decide on a method of purchase (Mortgage or Cash)

2. Get Pre-Approved / Pre-Qualified

· Consult with a mortgage professional to discuss loan details and specifications. Discuss financing options, learn about the different types of loans, and the benefits of different down payment amounts throughout the duration of the loan. Ask questions!

· Once you have spoken with a lender and have been pre-approved, CONTACT your realtor.

3. Pick an area and begin search

· Be sure to utilize the MLS database, as well as the free property search engines such as Zillow, Trulia, Redfin, Realtor.com, MLS, and your agents personal site

· Go to open houses and have your agent set up showings.

4. Make an OFFER!

· Once you have found that special house or condo, be sure to contact your agent and put in an offer!

· Now that you have made an offer, you will most likely go through a period of negotiation. Be sure to let your agent do the negotiating for you.

5. Go Under Contract

· Once you, as well as the sellers, sign the contract, you will shortly need to give your Initial Earnest Money. This amount will be agreed upon prior to the signing and will be used towards your down payment.

· You are now in the Attorney Review Period. This is the time where you will have your inspection and your attorney and agent will discover and inform you of all the specific details associated with this property. Up until this point you have the right to cancel the deal at any time. If you chose to cancel the deal, your earnest money will be refunded and you can begin searching again.

6. Finalize your decision

· Now that you have decided 100% that this is the right choice for you, the 2nd earnest money is given (also put towards down payment). At this time, you will sign out of attorney review.

· During this period - DO NOT lease or buy anything without speaking with your lender first. If you do, you could affect your debt to income ratio. This could result in a denied loan. Your lender will explain the fine print here.

7. Loan Approval

· At this point, your loan has been secured and you move to the closing stage.

· Your Attorney will schedule the closing and your agent will schedule the final walk through.

8. Final Walk Through

· This is the last step before closing. This is your opportunity to make sure that; the property was not damaged when the previous owners moved out, all the appliances work, all repairs agreed upon have been made, and the property has been left at a minimum cleanliness of broom swept condition.

9. CLOSING DAY

· On this day you will sign all proper and necessary paperwork, pay your last installment to your down payment, get your keys, and TAKE POSSESSION of your new home!