Buying a home is one of the most exciting times in our lives. At Effective Mortgage Company we work very hard to make sure that you have a positive, fulfilling experience.
Here’s a simple, helpful walk-through of the entire home buying process from start to finish.
- Decide on your new neighborhood.
Spend some time researching the cities and neighborhoods that appeal to you. Be sure to think about your “must haves” – for example, do you want to be near a good elementary school, or shorten your daily commute? What about county, parish or township taxes?
- Apply for home financing.
This is an essential second step. Be sure to do this before you begin viewing homes – your Effective Mortgage Company, Loan Consultant can pre-qualify* you for financing so you can limit your search to affordable properties. You’ll also receive a Loan Estimate with details of your proposed financing.
- Find the right property.
Hiring a REALTOR® to assist you can save you time and money. In addition to sharing his or her knowledge of neighborhoods and available properties, a REALTOR® can help negotiate a better price with the seller.
- Discuss your financing options with your Loan Consultant.
Depending on your credit score, down payment, and other factors, you may qualify for more than one loan product. Your Loan Consultant will help you decide which one is the best fit.
- Arrange for a home inspection.
Even though Effective Mortgage Company will have your home professionally appraised, it’s always a good idea to hire a professional home inspector – especially if you’re buying an older home. If any major problems are found, you may be able to negotiate repairs or a repair allowance with the home’s seller.
- Get ready to close on your home’s financing.
Your Loan Consultant will present you with a Closing Disclosure. This document clearly states the true cost of your home’s financing, the funds owed at closing and any applicable conditions. You’ll also need to shop for homeowner’s insurance before closing.
- The big day’s here!
During your closing, you’ll sign your loan documents and present funds to cover your down payment and other costs. Depending on your state, you may receive a deed of trust that secures your mortgage note and other documents related to your purchase.
Now … all that’s left is to collect the keys to your home and celebrate!
*A pre-qualification is not an approval of credit and does not signify that underwriting requirements have been met.