The home buying process is complex and has many variables. It’s easy to let your emotions take over and miss something important. We’ve put together a home buyer’s guide to help you feel in control when meeting with your Advisor, Realtor or even house shopping. This guide will help you to ensure that you have the information needed to evaluate and make the right choices along the way.
Get pre-approved for a mortgage
A mortgage pre-approval doesn’t take much time and provides clarity, confidence, and a starting price point. Your Advisor will pull your credit score, require proof of income, and verify your monthly financial commitments. The pre-approval is typically valid for 90 days from the date issued and since you’ve done your due diligence, you’ll be able to act quickly and negotiate effectively when you find the right house.
Go house hunting
Once you have your pre-approval, it’s time to start searching for a house that fits your budget (house hunting tip: remember just because you’re pre-approved for a certain amount doesn’t mean you have to spend it). Your Realtor’s job is to help make an offer but it’s good to know what an offer looks like especially if you include conditions on the offer like home inspections or financing. Conditions help protect you and your earned money.
Finalizing your mortgage approval
Once your offer is accepted, it’s time to finalize your mortgage approval with your Advisor. Your Advisor will require additional details and the offer of purchase before processing your mortgage application. Here is a mortgage checklist to help keep track: current employment records, income, assets, debts, property information, and any financial blemishes.
Closing the deal
The deal is now ready to close and you almost bought your first home! The work isn’t quite over yet, you will need to arrange utilities contracts, get homeowners insurance, land and title transfer, and meet with your lawyer. Now it’s time to celebrate this big milestone. Whether this was your first home, or you just haven’t done it in a while, this homebuyer’s guide should help put you in the driver seat to homeownership. For more information on the mortgage process, contact an Advisor today.