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First-Time Homebuyer Steps

The steps to buy your new home!

Mortgage Pre-Approval: It is highly encouraged to get pre-qualified for a mortgage even before you start to look for a home. This way, you know the price of the home you can afford and should be researching.

Loan Application/Documentation: The mortgage application will be completed with information about your income, assets and the type of mortgage you are applying for. At this time your credit report will be pulled to determine credit worthiness. You will be required to provide a variety of information to support your mortgage application. Visit the Skogman Mortgage website to see a breakdown of this information. It’s important to supply the requested information in a timely manner to ensure quick mortgage approval and a smooth home buying process.

The Hunt: You can now begin to look for your new home. Once you have found the right one, your realtor will help negotiate the terms of the sale, including price, possession date and any seller’s concessions, if applicable. You will submit your pre-approval letter along with your offer to the seller, which in a competitive market can tilt a sale in a buyer’s favor. Please discuss the details of the negotiation process and the details of the purchase agreement with your realtor.

Final Application/Locking your interest rate: Once your offer is accepted your Mortgage Application and Good Faith Estimate is revised to reflect the details of the real estate contract. Locking in an interest rate should be discussed.

Insurance: Mortgage companies require fire and hazard insurance on the replacement value of your new home. Flood insurance will also be required if the property is located in a flood zone. Please contact your insurance provider as soon as you have a finalized offer. You will be required to pay the first year’s home owners insurance premium directly to your insurance agent before closing.

Inspections: Most purchase loans require an inspection for termites. If termites are found some problems may need to be repaired before finalizing the sale. In addition you will also be given the opportunity to do a whole home inspection. Please discuss your inspection options with your realtor.

Appraisal: Mortgage companies require an appraisal on all home sales. The appraisal justifies the price you paid for your new homes. In the unlikely event the home does not appraise for the purchase price, you may have the ability to renegotiate your purchase agreement.

Abstracting/Title Opinion: The abstract is a document that will show the history of the property and any liens it might have against it. Liens consist of mortgages, judgments, mechanical liens, etc. An attorney will provide a Title Opinion and will require all liens clear before closing to convey clean title.

Processor’s Review: A loan processor performs a final review of your mortgage request; making sure all documents are collected and filled out correctly. Your mortgage packet is then forwarded to the mortgage company for final loan approval.

Underwriter’s Review: Based on the information sent by the loan processor, the underwriter makes the final decision to approve your mortgage. At this time additional information may be request before final loan approval is granted.

Approval: The underwriter gives the final approval for financing and the closing time and location are chosen.

Closing: Final mortgage documents are reviewed and signed. This will take approximately one hour. If you are required to bring funds to closing, a certified check will be required. Your photo ID will also be required.

Move in and enjoy your new home!

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