Home Purchasing Process Guide
Ever since the housing bubble collapse of 2008, many Americans found it hard to secure a loan for a new home or refinance the home they were already living in. However in recent months, economic viability has returned to the mortgage markets, and many have been able to successfully buy or refinance their homes where before they may not have had the opportunity. With interest rates still at extremely affordable levels, and guidelines loosening up allowing more people to qualify, you have more options available today than in the recent past.
At Anderson Financial Group Inc., we offer a comprehensive step-by-step guide for all first-time buyers, subsequent buyers, and existing homeowners to finance a home of their liking. From the first step until the last, we will provide you tailor-made options specifically designed around your personal financial situation. Here’s what you need to know when purchasing a new house:
Stage 1: Prequalification is a Must!
Despite of what everyone might say, getting prequalified is the first requisite towards buying a home. This process enables you to determine the best loan and repayment options, in light of your income level and credit history.
The Anderson Financial Group, Inc. offers a range of tools, such as affordability calculators, to give you an insight to your current position and which price range is best suited for you. Preapproval also aims to:
Provide you with an idea as to the loan amount and purchase price within your range
Enhance your bargaining power and offer made to the seller and the real estate agent
Jump start the approval and documents’ handover process
To know more about the perks of prequalification, please visit our “Getting Prequalified” section
Stage 2: Search up on the Best Loan
For first-time buyers, the market is full of loans: traditional, jumbo, VA, FHA, 30 year fixed, 15 year fixed, hybrid loans, and the list goes on. Each loan has its requirements and conditions. Low interest loans spread over long repayment terms, whilst short-term loans carry high interest rates. It is best to consult a licensed and experienced loan officer at The Anderson Financial Group, Inc. on all the different loans available, before making your final choice.
Stage 3: Get in-touch with a Real Estate Agent
Once you have your credit history verified and locked down on a particular loan option, the next step is to avail the services of a Realtor. These real estate agents offer guided tours of various houses for sales in different vicinities and chalk out the initial purchase agreement. The sellers have several counter offers as well, and Realtor assistance is required at this stage.
Stage 4: Read all Documents Carefully
There is a considerable time lapse since your pre-approval and the day when you decide on the home you wish to buy. In the interim period, your documents may require an upgrade with respect to any changes in your purchasing power and/or income level. Therefore, do review all your documents carefully.
The Anderson Financial Group, Inc. offers review services at every stage of your home purchase. We have a team of specialists to go through your loan application and other documents to ensure any updates on a timely basis.
Stage 5: Lock, Inspect and Sign
Towards the end of the purchasing process, our loan officers will provide you with a Lock Agreement that contains all the terms and conditions of your loan and repayment. Once signed, you are now eligible to apply for home ownership.
Before closing the deal, we recommend that you inspect the property and look for any structural or other damages beforehand. If any appliances are damaged, they need to be repaired before you decide to move in. The Anderson Financial Group, Inc. can arrange your appointment with independent home valuators and Realtors to spot any damages that need repair and to determine the correct market value of the home. These appraisal activities provide an assurance of whether or not the property is worth your investment.
Finally, your Processor will complete and file your purchase agreement to the underwriting department for approval purposes. After approval, the loan documents are ready for signature. 30 more minutes after the signature and the home is yours!
Call of our highly Experienced Mortgage Professionals at 1-800-311-8040, or apply now online with our simple Full online application.