HOME BUYER’S CHECKLIST
for
1ST TIME HOME BUYERS
√ Get Pre-Qualified with a Broker!
Your first move when entertaining the idea of purchasing a home is to find a broker like myself. When you reach out I can answer any questions you may have and we can begin working together to get your base line for what you can afford, or what you need to do to be able to purchase down the road.
While we work on your pre-qualification, I will take an application, request a soft pull on one trade line of credit. Having access to the soft pull is wonderful when looking to get your baseline as this will drive the timeline of how quick or how long it will take to move into the pre-approval phase. After getting this initial information, we will have a better idea of the program and terms of the loan that will best fit your situation.
√ Get Pre-Approved
After working on the previous step and working through any issues in the game plan the next step is to be pre-approved. Much like getting pre-qualified we will revisit your application. In getting a pre-approval, we will be doing a little more vetting. I will begin to collect documentation to verify income, assets, and we will request the official hard pull on credit. This way we have a higher chance of getting your file through underwriting and to the closing table. In this step together we will decide on the best product for you based on your debt to income and assets available for down payment and closing costs.
√ Work with a real estate agent
After you receive your pre-approval letter, which is generally good for about 90 days, you can begin shopping with a real estate agent. I have access to a list of wonderful agents I can pair you with or, if you already have an agent in mind that works too. In the shopping phase, it is important to stay in the price range that we have on the pre-approval – going above this or to a different area of taxes may affect the approval. So make sure we always work on the details to make sure we have an accurate pre-approval.
√ Find a Home and Inspections
Amazing, you have found a home! Once you find a home, you will make an offer. Once you are lucky enough to have your offer accepted. You are entitled to a satisfactory inspection of the home unless you waived the inspection with the offer. From an accepted offer, fully executed contract and satisfied inspection process (if applicable). We are headed to the lender for underwriting.
√ Underwriting
Welcome to underwriting! Now that we have all updated documents, like paystubs, bank statements, signed contracts, and other items we need for submission we can pin down a lender and send in your info to be underwritten. Once reviewed by an underwriter we will have a conditional approval. Through underwriting we will work on clearing the conditions off of the appraisal such as title, insurance, appraisal, etc. Once all the conditions are cleared we will be issued a clear to close by the lender.
√ Closing!
Awesome, you are at the last item on your checklist, CLOSING. For closing, you will meet with your attorney to sign the closing documents, which is a lot. Also, you will be informed prior to this meeting on the final number you will be bringing to the closing. For this part, patience is appreciated as there are many parties involved when getting to the closing table. Your patience will be greatly rewarded with the keys to your new home!
If you have any questions on the home buyer checklist, or you are interested in purchasing a home, please feel free to give me a call, shoot me a text or write me an email!
Ashley Socquet
Office: 844.788.7237 x7627
Email: Ashley@northeast-mortgage.com
