The 7 Steps of Buying a Home!

Step 1: Save some CASH!

Building your savings will not only assist you in covering your down payment and a portion of your closing expenses but also in addressing costs associated with inspections, appraisals, and other fees involved in the homebuying journey. - Ask your lender about any financial questions you may have.

Step 2: Know your credit score!

Credit Karma provides an estimate, not your actual credit score used by lenders. Consult a lender for accurate information. Your credit score impacts your buying power; a low score may mean higher interest rates, while a higher score could offer better rates. 

Step 3: Matchmaking!

Finding the right lender is key! Not all lenders offer the same services or rates. Consider factors like loan options, promotional rates, and convenience. Your Realtor® can provide lender recommendations, but the choice is yours.

Did you know there are different types of lenders?

• Mortgage brokers: Provide various loan options like VA, USDA, and FHA loans, plus assistance programs.

• Direct lenders (e.g., banks, credit unions): Originate their own loans, often offering limited products.

• Secondary market lenders like Fannie Mae & Freddie Mac: Loans may be sold to other companies after purchase.

Remember, until closing, expect credit checks and employment verification

Step 4: Get with your Realtor® to begin your home search!

Now that you've determined your budget, it's time to find the ideal fit. Compile a list of your non-negotiables and areas where you're open to compromise, unless a fully customized home fits your budget. Ivis Andrade can personalize a search just for you !

Step 5: Make an offer!

Once your Realtor® has assisted you in selecting your favorite home, it's crucial to craft a compelling offer! In a seller's market, ensuring your offer is robust is paramount to securing acceptance on the first attempt. Often, there's no opportunity to revise your bid. Therefore, presenting a single strong offer and making it appealing is the optimal strategy to outshine competitors. Ivis Andrade can assist in identifying any existing competition to enhance your chances of success! 

Step 6: The In between!

After your offer is accepted and before closing, your Realtor® will support you with the following:

• Facilitating the delivery of Option & Earnest Money to the title company.

• Assisting in ordering any required inspections.

• Aiding in necessary negotiations.

• Overseeing payment for the appraisal, which your lender will arrange on your behalf.

• Coordinating with the title company to order a survey, if needed; ensure to review it.

• Assisting in selecting and ordering your Home Warranty.

• Helping you choose a home insurance provider.

• Finally, scheduling a closing time in accordance with the agreed-upon date.

Step 7: Closing Day!

Before your closing appointment, you'll receive a Closing Disclosure, also known as a HUD or settlement statement, for your review. It's crucial to go over it carefully with your Realtor and address any discrepancies. The Closing Disclosure will specify the amount you need to bring to the closing table and will be provided by the title company. Select an early closing time to increase the chances of funding and receiving the keys on the same day.

All parties involved, including buyers and sellers, will sign the necessary paperwork to finalize the transaction. Once all signatures are collected and the title company confirms closure and funding, you can finally get your keys!

iPhone Tip: Since all documents will need to be submitted in PDF form, you can use the Notes app on your iPhone, to do so. 

Create a new note - open camera - select scan document - capture a clear image of the document/s you would like to scan - select “save”. Now that you have your scanned document, open it by selecting it, then go to the top right and select the share button and email it to lender.