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Home Buying
| Overview |
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Whether you are purchasing
your very first home or buying an
investment property, it is important
to understand the mortgage process,
as this will probably be one of the
largest investments you will make.
Below are the general steps involved
in purchasing a home. |
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| Prequalify |
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- Complete a mortgage preapproval
application to be qualified for the
maximum purchase price you are allowed.
(Click
here for preapproval application.)
- We will work with you to determine the product that best suits your needs.
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| Shopping For A Property |
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Choose a real estate agent, who you are comfortable
with – ask family, friends or other real estate
professionals who they would recommend. Click
here for a list of local real estate agencies.
- Once you have found a home to purchase, your real estate agent will guide you through the process of submitting your offer to the seller.
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| Mortgage Application |
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- Meet with your mortgage professional to complete the formal application.
- Supply the Mortgage Processor with updated
personal documents, such as paystubs, W-2
forms and bank statements.
- An appraisal of the property will be ordered.
- The mortgage file will then go to underwriting for approval.
- Once final conditions are met, a closing date and time will be established.
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| Closing |
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- The closing – or settlement – on the property will generally take place at the borrower’s attorney’s office.
- Your law firm will inform you of any items required for the closing, including the dollar amount of funds needed. The funds must be in the form of a certified bank check. Click here for a list of local real estate attorneys.
- Closing documents will be signed by all
parties, and the house keys will be provided
to the borrower.
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