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Connecticut Home Buying Process

The Home Buying Process:  What To Expect

 

 Hello, I am Patrick Walsh with Northeast Financial and today I wanted to share with you how the process unfolds when you are purchasing a property in Connecticut.

 

  1. Pre-Approval: Before even going out and looking at homes, you should always speak with a Loan Officer to provide a pre-approval. This pre-approval serves as proof of your ability to purchase a home and is necessary when writing an offer. The Loan Officer will also help you to determine the cost of the house that you can afford while applying the latest rates and mortgage programs.   The biggest mistake a first time home buyer can make is to start looking at homes they can’t afford. This is a recipe for a disappointment. Your Realtor can recommend a few good mortgage professionals for you to speak with.

  2. Good Faith Estimate and Agreement to Purchase: After viewing homes with your Realtor you are now ready to make an offer a home of your choice. At the point of writing the offer, you should be prepared with a personal or bank check to put as a deposit towards the home (typically 1-3% of the purchase price). Once you have signed the contract, your Realtor will now present the offer to the seller.   The seller has the right to either accept, reject, or present a counteroffer.   At this point you, as the buyer, now have the same right to accept, reject, or counteroffer.   It is extremely important to work with your realtor throughout this process as it is their job to get you the best possible deal for your purchase. Once both parties agree to the terms, the contract is signed by both parties.

  3. Home Inspections: I highly recommend that inspections for Home/Pest/Radon are performed. They need to take place within 15 days of the signed contract (these terms should be written in the Agreement to Purchase). I also recommend inspections for items such as septic systems.   Once the inspection reports are received, it is then the job of your Realtor to work with you and the sellers to request repairs or credits to the purchasing price. As a buyer, you will be expected to pay for the inspection at the time of the inspection. Your Realtor will help you decide what inspections are appropriate for the property you are purchasing.

  4. Mortgage Commitment: Once there is a signed contract you should contact your Loan Officer and begin the mortgage commitment process. It is important that you begin this process as early as it may take several weeks until you can get approval to close on the house. During this time, your Loan officer will order an appraisal of the home. This is required to verify the value of your home. If you have questions about the appraisal process your Realtor or your Loan Officer will be able to assist.   During the mortgage commitment process your Loan Officer and/or your Attorney will review the costs associated with your mortgage and/or your closing costs. These include attorney fees, taxes, and insurance.

  5. Closing: Prior to the closing, your Realtor, Attorney, and/or your Loan officer will have worked with you so you know what funds you need to bring with you.   Typically 24 hours prior to the closing you will perform a final walk through of the property with your Realtor to make sure everything is in the condition that you expected (inspection issues repaired, no damage done in the moving process, etc). Once all the paperwork is reviewed and signed, you will receive the keys to your new home.

If I can help you in anyway with your mortgage on your upcoming purchase please do not hesitate to contact me today.

 

Thank You,

 

walsh

Patrick Walsh
Mortgage Loan Originator/NMLS 99004
860-213-1398
Patrick@northeast-mortgage.com
210 S. Main St Middletown, CT 06457

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