The Process
Purchasing a house includes locating a suitable property, getting financing, making an offer, obtaining a home inspection, and finalizing the transaction. Follow along as we walk you through this process.
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Pre Approval
A mortgage pre-approval entails a lender examining your credit report and analyzing your financial status to determine your eligibility for a home loan and how much house you can afford. The lender will want many papers to verify your income, obligations, and assets, including pay stubs, tax forms, and bank statements. If you qualify based on these details, the lender will estimate the amount you may borrow and record it in a letter of pre-approval... read more >
What Is the Difference Between Pre-approval and Pre-qualified? Which One Should You Get?
Getting a pre-approval will allow your lender to dig deeper into your finances to verify your credit, income, and assets. How do you get a...
Does Getting Pre-approved for a Mortgage Take a Long Time?
Exactly How Long Does Getting Pre-approved Take? The first step in buying a home is to get...
The Most Important Step When Buying a Home Is Getting Mortgage Pre-approval
When Buying a Home What Is the First Step? If you are asking this question, you are likely getting...
What Are Your Chances of Mortgage Approval?
Am I Able To Get Mortgage Approval? It can be hard to have perfect credit and great finances, and...
Prequalification vs Preapproval Mortgage: What’s the Difference?
If you're in the process of buying a new home, you've probably heard the mortgage terms...
Inspection
An inspection is a visual examination of a building's structure and systems, you should have it evaluated by an experienced and unbiased professional inspector prior to the final purchase. A thorough inspection involves a top-to-bottom visual evaluation of the structure. The state of the building, roof, foundation, drainage, plumbing, heating system, central air conditioning system, visible insulation, walls, windows, and doors are evaluated and reported by the inspector... read more >
Should I Bail After a Truly Awful House Inspection?
A poor house inspection should only sometimes deter a buyer. The seller may be willing to make the necessary repairs or issue a cash credit at...
Understanding Your Home Inspection Report
How to read a home inspection report? A home inspection report, especially on an older home can be...
What Does a Home Inspector Do?
A home inspection report is very different from a home appraisal inspection. Inexperienced real...
Appraisal
An appraisal is a professional's impartial evaluation of a home's worth. Appraisals are almost always used in real estate transactions and especially prevalent in refinancing deals. In the case of a purchase-and-sale transaction, the appraisal is used to establish if the home's contract price is reasonable in light of the home's condition, location, and characteristics. In a refinancing deal, the appraisal ensures that the lender is not lending the borrower more than the house is worth... read more >
Repair Requirements for FHA, VA, and USDA Home Appraisals
FHA, USDA, and VA Assessment Rules Before approval, FHA loans and other government-backed loans (such as USDA and VA) may require an appraisal and...
What Is a Home Appraisal, and What Are the Costs?
Home Appraisal Are Significant (And Required) A house assessment helps guarantee that you do not...
What Happens if the Home’s Appraised Value Is Less Than My Offer?
The Buyer Home Appraisal Comes in Low This is a rather common nuisance that can throw a monkey...
Benefits of a Home Appraisal
A home appraisal inspection is not the same as a home inspection. The home appraisal inspector...
Closing
Closing is the step of the home-selling process in which money and documentation are delivered to the buyer in order to transfer property ownership. The closing date is the day when the seller formally transfers ownership of the property to the buyer... read more >
Avoid Failing at the Finish Line
The acceptance of your mortgage application does not imply you can rest. Here are three things to avoid for a successful real estate closing:...
The Down Payment Versus Closing Costs: What’s the Difference?
When you are buying a home, there are a lot of different costs to consider. One of the most...
Closing on a House: What to Expect and Closing Day Tips
Your train has finally arrived at the station. Congratulations you have made it to the closing...
Strategies
To increase the chances of finding and purchasing the desired home, buyers can consider strategies such as saving for a down payment, improving credit scores, getting pre-approved for a mortgage, shopping for mortgage rates, negotiating with the seller, and working with a real estate agent. read more >
Your Guide to Real Estate Offers
When you’re ready to officially make an offer and start negotiations, both stress and paperwork may begin to build. However, each can be...
How to Get Comparable Real Estate Values
When buying a home, it’s important to get a thorough understanding of the property’s fair market...
Building Your Real Estate Team
People Involved in Home Buying Process A team, just like in sports, is equivalent to having the...
Offer
Consider your budget and be prepared to negotiate when making an offer on a home. Work with a real estate agent and consider contingencies and closing dates. Careful consideration can help ensure a strong offer on a home you love. read more >
What Happens if My Offer on a Property Is Accepted?
The Seller Accepted Your Offer. What Now? Nothing is more exhilarating — and perhaps stressful — than finally approving your offer on a property....
How Do I Finish My Home Purchase Offer?
There are three prerequisites for purchasing a home: The sales contract must be in writing. There...
Understanding What a Contingency in a Purchase Contract Is
The term "contingent" refers to a condition that must be satisfied before another event may occur....
Understanding a Real Estate Buying Agreement or Contract
What characterizes a real estate contract? Each legitimate real estate transaction must satisfy...
How to Make a Competitive Offer on a Home: Seven Strategies
Making an Offer Is More Complex Than It Once Was Bidding wars are prevalent in the current...
Rates are always changing,
is now the best time for you?
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Refinance Your Home. When Is The Best Time?
Evaluate your financial situation and determine if a refinance could help you save. Consider lower interest rate, shorter loan term, access equity, long-term savings, and costs/fees. The best time is when it makes sense for your goals.
Purchase a Home. Take it 1 step at a time.
Evaluate your needs and finances to make sure you’re ready. Consider down payment, loan terms, monthly payments, closing costs, and other factors. You’re ready when you can afford it and it makes sense for your goals.
Selling Your Home. It’s Not Hard, Let’s Break It Down
Ready to sell? Evaluate the market and make sure you’re ready. Consider home improvements, pricing, taxes, closing costs, and other factors. You’re ready when you can maximize your return and it makes sense for your goals.
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