THE HOME BUYING PROCESS 101
 

1. Meet With a Loan Officer
By sharing income and other family financial information, you will know the price range for which you are qualified. You will learn of the many loans available to buyers in today's market. Obtain a pre-approval letter. Obtain a truth in lending letter explaining the costs of borrowing money. Learn about closing costs.

2. Begin Viewing Homes
When possible, all decision-makers should visit the various homes. Always be candid with your realtor, it will help them understand your particular needs and desires an enable them to select homes you will want to see.

3. Prepare the Offer
Your realtor will provide you with a comparative market analysis on the property or properties of your choice in order to assist you in making an informed decision. Your realtor will go through the contract with you and complete your offer. Negotiations will proceed until both buyer and seller agree on all terms and sign. All documents will be sent to the title company where a file will be opened, and title commitment and property tax information ordered.

4. Make Your Loan Application
Give your loan officer a copy of the contract and apply for the loan.

5. Inspect the Property
Select an inspector and arrange for both a general inspection and wood-destroying insect inspection. Your realtor also can provide information about other environmental assessments.

6. Appraisal and Survery of the Property
The lender and title company will make arrangements for the property appraisal and survey. Buyer will be provided a copy of the Title Commitment Letter. Buyer will make arrangements for homeowner's (hazard) insurance, and arrange for the insurance agent to talk with the closing officer at the title company.

7. Seller's Closing is Also Arranged
Buyer receives a copy of the closing statement for review prior to closing. Buyer does a final walk-through inspection of the property. The realtor arranges a closing date and time with the buyer and title company. Seller's closing is also arranged. Buyer brings a cashiers check for all closing costs and the balance of the down payment.

8. AFTER THE CLOSING:
Documents are sent to the buyer's loan company for approval and funds are disbursed. The title company receives and funds all money from the loan company. Payment of any accrued expenses in connection with the closing are due including taxes, attorney's fees, professional real estate fees and title company fees. Legal documents will be recorded in the office of the county clerk and mailed to the buyer. Title company prepares and issues the title policy, and sends it to the loan company and new home owner.

9. It is Now Time to Enjoy Your New Home !!!