Basics of Buying Your Home
If you know what to expect – and you have a trusted team of real estate and mortgage-lending professionals to guide you – finding and financing your home can be an exciting and rewarding experience. Here’s what you need to know.
Obtain Mortgage Preapproval Before You Begin House Hunting
- Learn how much home you can afford.
- Strengthen your bargaining position with sellers.
Choose a Real Estate Agent
- Ask mortgage lenders to recommend agents they work with.
- Select a reputable professional who will listen to your needs and make you feel comfortable.
- Ask agents for references from former clients.
Find the Right Home
- Determine the needs of you and your family.
- Create a list of desirable features and take notes as you preview homes.
Make an Offer
- Your real estate agent presents your offer to the seller, who will accept, counter or reject it.
- When the price is settled, you and seller sign a Purchase Agreement, defining the terms of the sale.
Have the Home Inspected
- Hire a professional home inspector after the offer has been accepted to provide an in-depth look at the basic systems of the house, to reveal any safety hazards and give you a chance to reconsider.
The Home Will Be Appraised
- An appraisal may be required by your mortgage lender and is a formal, written estimate of the home’s current market value.
Title Insurance Will Be Obtained
- This guarantees your mortgage lender that the property you are purchasing is free of liens or confusion in rights of ownership.
- The policy insure your lender (and you, if you request coverage) against any losses to the property that result from defects in the title or deed.
Close on the Property
- Ownership of the property is transferred.
- A closing agent coordinates and distributes all the paperwork and funds.
You Become the Proud Owner of Your New Home
Whatever your home financing needs, we are ready to help with a broad range of programs, money-saving options and personalized service.