Home Buyer’s Resource Guide
The Buying Process
Timelines & Framing Your Decision Making
There is a lot to consider when buying a home. Is now the right time? Consider how long you plan to live in your next home. Is buying your best option, or will you need a shorter-term rental? Not every home will be your ‘forever home’, and that’s okay – keeping that in mind will help you make the best decision for your family, both emotionally and financially.
One of the best things you can do before deciding where and when to look for your new home is to get pre-approved for a loan by a mortgage lender. Pre-approval lets you know how much home you can afford, ensures your credit is in good shape for a move, and can help you settle some questions about the type of mortgage option that might work best for you and your family.
Resource: Talk to one of our mortgage lenders to see how pre-approval might make moving easier for you.
Do’s and Don’ts for the Home Financing Process
If you’re ready to seek pre-approval and start the home buying process, it’s important to follow these recommendations during the financing process. A misstep here could cost you your approval for a mortgage.
|Keep all accounts current||Quit or change jobs|
|Contact your lender with any and all questions||Allow anyone other than your lender to make an inquiry on your credit|
|Make all your payments on or before due dates||Apply for credit anywhere other than with your lender|
|Return all calls and emails from your loan officer as soon as possible||Co-sign for anything, for anyone, ever.|
|Have any lender-required funds to your loan officer or closing attorney before the deadline to do so.||Attempt to purchase anything else on credit, such as a car, boat, furniture, or other real estate.|
Set Your Priorities + Dreams
Before jumping into the home buying process, it’s important that you feel confident about the type of home that works best for you and your family. Its important to be realistic and true to yourself in this stage; a home is a big investment, but also where you spend your time living your life. Make sure you know where you’re willing to negotiate on “wants” vs. “have to haves” so we can help you find the perfect home for you and your family.
The Contract-to-Close Process
It’s important that you are aware of all of the steps between putting in an offer on your dream home and your closing date, especially if you are juggling a home purchase with a life event or the start of a new school year. The contract-to-close process includes:
- Contract negotiation
- Home Inspection
- Disclosure Review
- Home Appraisal
If you’ve done your homework, secured a pre-approval, and partnered with a professional realtor, this process should be smooth and can often be fairly quick. It’s important to remember, though, that unforeseen things can pop up during inspection, negotiation, and financing that can complicate the process. A professional realtor should be well-versed in handling the unexpected, and is a key person to have on your side in the process.
Resource: Talk to one of our professional real estate team members to help you buy your next home. (link)
The closing process is the best part of the home buying process – your realtor can’t wait to hand you the keys to your new home! The closing process includes:
- Your final walk-through
- Signing documents
- Scheduling your move
- Changing over the utilities to your name
Resource: For recommendations on who to call for any of your new home needs, check out our Whole Home Resource Guide.