The Homebuying Process

This post is a resource for anyone thinking of buying a home. Some situations may be a little different but in general, these are the steps involved in the homebuying process.

• Get a prequalification from a loan officer. Ask friends or your realtor for suggestions if you do not know anyone.
• Write down your wishlist. Your must-haves must be separate from your nice-to-have.
• Prequalification will give you a fair idea of your price range. When working with a realtor, talk to her/him about your list and your price range.
• Visit as many open houses as possible and further refine that list. Talk to your realtor and find possible matches.
• You’ve found your dream home! Make an offer. When it’s accepted, the earnest money cheque is cashed. Pay attention to dates on the contract.
• The next step is to perform an inspection.
• Inspection results are A -ok! You proceed to Purchase & Sales signing. and you start your loan application.
• Send a copy of the offer contract and Purchase and Sales contract to your loan officer.
• An appraisal is ordered on the property by the mortgage company.
• Pay attention to the mortgage commitment date on your offer contract.
• You provide all documents necessary for loan processing. The loan goes through Underwriting and if any additional information is needed, you’re asked for it.
• Once all information has been approved, your loan is ‘clear to close’.
• Closing Documents are sent to the title company.
• You’ll be receiving final figures and info from your mortgage company.
• IT”S CLOSING DAY! Meet to sign the closing documentation at a pre-agreed location. Bring a cashier’s cheque and a photo ID!
• Loan is funded and YOU OWN A HOME!
• CONGRATULATIONS!!!