Buying a home can be one of the most important decisions of your life. Let’s be honest, while buying a home is exciting it can also be stressful. Nothing makes this process easier quite like knowing what to expect on your homebuying journey.
Step 1 – Preapproval
Before you start looking, it’s a great idea to know how much you can spend. Start by finding the right Lender and Loan Officer for you. Zillow reviews and referrals from realtors and friends are great ways to find your perfect fit.
Want to work with us? Find a Homeside Loan Officer in your area by clicking here!
In this stage your Loan Officer will ask you about your financial information, pull credit, request to review your income and asset documents, discuss your down payment and/or possible grants, and go over your mortgage options tailored to your specific situation and price range.
Step 2 – Find a Home
Time for the fun part – now that you know what loan options you have available to you it’s time to find a home! Your real estate agent will play a key part in helping you find the perfect house.
Step 3 – Offer Accepted
You’ve found the one and it’s time to make moves. You and your real estate agent will work together to negotiate an offer. Once that offer is accepted your Loan Officer will work to make that homebuying dream a reality.
Step 4 – Loan Application and Lock*
Your Loan Officer will work to get you a great rate the aligns with your financial goals for monthly payment and loan term. By locking your interest rate, your Loan Officer can guarantee that it won’t change between initial offer and closing date as long as you close on time and there are no changes to your application.
Step 5 – Home Inspection*
Let’s make sure this one is really the one. Having an inspection will give you a total breakdown of the condition of the house you’re ready to make a home.
Step 6 – Appraisal and Underwriting*
A home appraisal will provide an exact estimate of the value of the home you’re purchasing and ensure that you aren’t overpaying. After initial approval, it’s customary for additional documentation or brief explanations to be required by the underwriter for final loan approval.
Step 7 – Closing
It’s time to celebrate! Your loan is approved and you’re all set to close. After the paperwork is signed, you’ll receive the keys to your new home.
How Long Will It Take To Process My Loan?
The time it takes to process your loan varies depending on the borrower, mortgage lender, and its processors. The entirety of the loan process should take approximately a month or so. However, on occasion, it can take longer. The best way to help expedite your loan process is to be attentive, responsive, and diligent when working with your Loan Officer. Click here to see some more dos and don’ts to help your journey go smoothly.
Want to start your homebuying journey with Homeside? Find a Loan Officer that serves your area by clicking here!
*Steps 4-6 may vary in order