Get Pre-qualified for a home loan

The first step to take in buying a home is to get pre-qualified for a home loan, which lets you know what price home you can afford and the maximum loan amount that you qualify for. Being pre-qualified also gives you a clear picture of what to expect as you move forward with the transaction, the documentation you may need to provide and any other issues you may need to resolve prior to moving forward with the transaction.

Get Home Loan Pre-Approval

After you have been pre-qualified for your home loan, you are now ready for step two: getting pre-approved for the home loan you choose. This will give you the peace of mind of knowing that, once you find the home of your choice, you are already qualified to purchase it.

Getting pre-approved also gives you an advantage over offers other people may present. Basically, a pre-approval is almost the same as being a cash buyer because you, the borrower, are already approved for a home loan prior to making an offer. This means that your financing is in place and the lender has given you a written conditional loan approval, subject only to an appraisal, title report and purchase contract.

Locate a real estate agent

The third step is to locate a real estate agent. Taking time to locate a good one is very important: this may be one of the largest purchases you will make in your lifetime, so hiring someone who is experienced and has your best interests at heart is of great benefit to you. A good real estate agent will help you to find the property you want to buy, negotiate the purchase price, make sure all the proper contracts and disclosures are signed, and inspections of the property are performed. In addition, they will ensure that any repairs that need to be made to the property are performed and that all this is accomplished in the time frames agreed to in the original offer.

We believe that referrals are always good and can assist you on this issue.

Find your new home

The fourth step is the fun step ... looking for your home or property. Now that you have been qualified to buy and you have a pre-approval letter, your real estate agent can be of great help in locating the right property for you.

Make an offer

Once you've found the property of your choice, you and your real estate agent will get together to write an offer.

Open Escrow

After you have reached an agreement with the seller and your offer is accepted, escrow will be opened and your deposit check will be deposited into the escrow trust account. "Escrow" is a system by which a disinterested third party handles legal documents and funds on behalf of the seller and you, the buyer.

Order an appraisal and preliminary title report

I will receive a copy of your accepted offer, order an appraisal of the property you are purchasing and request a preliminary title report from the escrow company. After your loan company receives these items, they will submit your home loan for final approval.

Final approval of your home loan

We will notify you that your home loan has received final loan approval.

The rest of the papers

Upon receiving an okay from escrow, your loan company will order your loan documents, which will be delivered to escrow. The escrow officer will review the documents and prepare an estimated closing statement reflecting any loan charges, escrow fees and title fees associated with your home loan transaction.

Funding your loan

After you sign the loan documents and escrow documents and have brought any required money to escrow, your loan will fund, a deed to the property will record — and you'll be a homeowner!