When buying a home there are five people who you want to save in your phone. Heck you should save them as your favorites, those numbers that ring through even when your phone is set to Do Not Disturb. These five people are the lifeline between you and your new home.
Before you start looking for homes or putting in offers, you should do a little research and find a lender that you trust, get some ideas of interest rates, and get pre-approved. This will be one of the most important steps in purchasing your new home. Once your loan officer has determined what you qualify for you can start looking for a realtor and looking at homes. Being pre-approved will make you appear more serious to sellers, giving you a leg up on the competition. I like to make sure that my clients fully understand the process that they are about to begin. Keeping them informed of each step of the process eliminates a lot of questions and concerns later on in the process.
Once you have been pre-approved it is time to contact a realtor and begin your search. Your realtor ideally will work full time in the area that you are looking to purchase your future home. They will know the surrounding area and can help steer you in the right direction of homes that will work for you and fit into your price range. Your realtor should be easy to get a hold of and in constant communication with you. Choose someone you will work well with and has your best interests in mind.
Loan Officer Assistant-
On my team Duggan, my assistant is someone who you will hear from regularly. Duggan will keep in constant communication with you and request all of the documentation needed for your loan. He will send out updates to you, your realtor, your escrow officer, and myself. This communication is vital during the purchase of your home, it takes out a lot of the guess work.
Your new mortgage will require a lot of paperwork, and your loan processor will guide you through that. Michele, my processor and Duggan work hand in hand to get your loan done efficiently and in a timely manner. While Duggan works at the front end of the loan, Michele is in the trenches day in and day out working hard to get your loan submitted to an underwriter and approved. Once your loan is approved your processor will request any additional documentation that the underwriter may request. This is completely normal. The key to successfully completing your loan without any problems is being an active participant in your loan. When the processor requests documentation or information, be prompt and respond quickly. Return requested documentation within 24 hours of being requested.
When buying your home and going through the loan processes you will also work with an escrow company. The escrow company acts as a neutral third party between the seller and you. They will be holding the money that you will be providing to purchase your home. Your escrow officer will make sure that the terms of your contract are met and that all monies in the transaction are distributed accordingly. This would include pest inspection, appraiser and lender fees and any other fees associated with the loan. Your escrow officer will also be the one who will call you at the end of the loan and set up a time with you to sign loan documents.
These five people are going to be the most important people to you while going through the process of buying your home. It is important that you do your part and keep in communication with them throughout the process. You all have a common goal, to complete the purchase of your home quickly and efficiently.
If you are thinking about buying a new home and aren’t sure what you qualify for give me a call today and lets have a conversation about what you qualify for and get you started on the road to home ownership.