loan process

 Apply for a mortgage loan. The lender will likely need your paystubs, W2, tax return, bank statements and other income.  Your credit report will also be analyzed.  

 An experienced realtor can also assist you with your home buying needs. It's a good time to research schools & shopping.   

 Once you have identified a property, your realtor will assist you with presenting an offer. An escrow deposit will be needed with the offer or within a specified time.  .

 This is the first official step towards owing your first home. Without an executed sales contract, nothing happens.  So, this is the beginning of your happy moment.  

 Update your mortgage application. This is the formal process of submitting your mortgage application. Send updated documents you submitted during the pre-approval process. 

 An inspection is ordered to determine the condition of the property. The following items are likely inspected during inspection. (Roof, foundation, electrical, plumbing and AC units. 

 The lender usually orders an appraisal to determine the value of the property. The property should appraise for at least the sales price or further negotiation will be necessary. 

 Title company performs lien and title search on the property. The lender requires insurance for the property. HO-3 policy is usually needed for a single-family home and HO-6 for a condominium. 

 After analyzing all the documents, the lender usually issues a conditional loan approval.  After all documents are resubmitted a final loan approval is issued, and all parties prepare for closing.  

 The closing is simple exchanging the keys for funds.  Closing usually takes place at the title company.  

 Contact Comcast, Blue Stream, FPL and your alarm company  & water utility company. 

 Enjoy your new home. Did you forward your mail?

Did you update you auto pay zip codes? Did you change your banks accounts, update credit card autopay?