PURCHASING A HOME

What does it mean to purchase a home?

Buying a home should not be a complicated process. It should be exciting, not stressful. And this is where we come in.

We always stress the importance of having an initial meeting with a mortgage lending professional a few months before planning to purchase a house. This will eliminate many potential issues that will invariably come up if you are not prepared. Many home buyers make the mistake of signing a contract first and seeing a mortgage lending professional later. But preparation is key! So get your documents in order, review your credit, understand your potential expenses, choose the right program, and get a formal pre-approval to ensure that the process will be much easier. And, who knows, being prepared might even help you secure a better rate.

Where do we go from here?

1) GET PRE-APPROVED (NOT PRE-QUALIFIED) FOR A HOME LOAN

Getting pre-approved for a home loan is the key to a smooth home buying process. And what is even better, it doesn’t take much time.

Pre-approvals involve pulling your credit score and credit history from a respected third-party. With that credit report, your lender can examine if you have a history of making payments on time and in full. As a result, your lender will tell you exactly which loans you qualify for. Now you won’t have to worry about wasting a bunch of time looking at houses that aren’t in your price range.

Mortgage pre-approvals are also a great way to show a seller that you’re a serious buyer and gives you much more standing while negotiating the price of a home. So before setting out in search for a new home, get approved. It will save you time and money.

2) FIND YOUR DREAM HOME

Now here’s the fun part: House shopping. So grab your lender pre-approval and approach a real estate agent you can trust.

The easiest and most convenient way to start looking for your new home is by harnessing the power of the internet. But before you dive in head first, there are a couple things you should know.

First, it’s important to understand that real estate portals rarely ever price listed homes accurately. In fact, you can expect around a 10% difference in most cases. So if you’re pre-approved for a $300,000 loan, set the search parameters to include homes up to $330,000. Second, realize that portals are often not up-to-date and never show every house on the market.

Once you and your experienced real-estate agent have found a house you really like, it’s time to make an offer. The offer, which your agent will help you craft, will include certain conditions that must be satisfied before the deal is complete, such as appraisal costs, home inspections, and final loan approval. If terms of the deal are approved by both parties, then a purchasing agreement is signed by you and the seller.

3) WE PROCESS YOUR LOAN AND SECURE A MORTGAGE LOAN

With all that done, we will do the rest of the legwork for you.

First, to get approved for the mortgage, you will need to send us the binding purchase agreement as well as other information on your employment, income, debts, assets, and financial history. With that, we can find the best mortgage for your specific financial situation.

Next, we will review all your data and the property’s information to assemble a complete package for the underwriter. The underwriter is the key decision-maker on whether your loan gets processed or not. They will evaluate everything to make sure that you and the property match eligibility requirements of the loan and if you can successfully repay the loan.

If the underwriter approves the loan, your interest rate will be locked in and you will be given the keys to your new home.

4) CLOSING

Loan docs will be sent to the attorney’s office or title company. In this big stack of paper will be the closing disclosure, which is essentially the final version of the loan estimate. It will tell you exactly how much you will pay.

After that, there will be a three-day review period that gives you the chance to review the closing disclosure and all the terms of the loan. If nothing big needs change in the the three-day period, you will be allowed a final walkthrough of the home 24 hours prior to signing the deal at the closing meeting.

Assuming all goes well, you got yourself a brand new home. Get the moving trucks ready!

Ready to Apply For A Mortgage Loan?

What our clients say

Eugene and his staff are amazing!! They provided me with the best rates and guided me every step of the process. Eugene and his staff are always available if you have any questions no matter what part of the country or what time it may be. He was a pleasure to work with and being in sales myself he gets the job done no matter what the situation is. He comes highly recommended when it comes to mortgage and finding the best solution for your situation. Call him and you will be happy you did!!
Eric Gorelik
My husband and I had a very challenging loan situation. Eugene and Marta are truly miracle-makers. Not only they made it possible for us to move into our dream home, but they were also a pleasure to work with. We give them an enthusiastic 5 stars!!!
Marina T
The only mortgage broker I will use from now on! Professional, caring, friendly and he brews the best cappuccino in Illinois! Highly recommend!
Jon Gomez
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