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Health & Fitness

11 STEPS TO MAKING THAT HOME YOUR OWN

While the process of buying a home can seem somewhat overwhelming, it often helps to break up the process into steps which can help guide you along the way.

1.) LOAN PRE-APPROVAL: The first thing that will need to happen during the process is loan pre-approval.  While it’s possible to search for homes without it, pre-approval helps you seek out a property which sits within your means.  For this to happen, you must first contact your loan officer and supply them with all the necessary pay stubs, account statements, and tax returns.

2.) PROPERTY SEARCH: Ideally, once you have gained pre-approval and are certain of what price range is affordable, then you can begin scouring the market for that perfect home!

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3.) PURCHASE AND SALE AGREEMENT: So you’ve found your dream house—now begins the process of negotiating the terms of sale and presenting your offer to the seller.

4.) APPRAISAL AND PROPERTY INSPECTION: While not the most glamorous step, the inspection is absolutely one of the most important.  Not only will the property be checked for safety hazards, as well as water and termite damage, but an appraisal will be ordered which will make sure the sale price matches the home’s actual value.

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5.) PROCESSOR’S AND UNDERWRITER’S REVIEW: Although an underwriter has the final say in whether your loan will be approved, a loan processer will be in charge of reviewing your file and making sure that all the necessary information is included.

6.) FINAL LOAN APPROVAL: Even though you’ve already been pre-approved for a loan, there may still be financial and/or property conditions which will need to be met before final approval is granted.

7.) SIGNING: Today is the day!  At this point, all of your final loan paperwork and escrow documents will be signed by both you, as the buyer, and the seller.

8.) FUNDING: Now that all of the fine print has been accepted, a transfer of funds must be sent to the property’s title company.

9.) CLOSE OF ESCROW: As the property changes hands, a record needs to be filed with the county documenting the title transfer.

10.) CONFIRMATION OF RECORD: Once all of the title company’s paperwork has been taken care of, payment for the seller will be authorized.

11.) CONGRATULATIONS! YOU’RE A NEW HOMEOWNER: From here, the property is yours.  Now you can begin the exciting process of making it your own!


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