Last week we went over the importance of working with a realtor and other professionals when purchasing a home. We also went over the first couple of steps in the process. Today, we will finish explaining the home buying process in an effort to help you realize it does not need to be a daunting or stressful time.
After you become pre-qualified for a mortgage, apply for one, and put an offer on a home, things are finally in motion! Someone will process your application and verify all documents for not only completion but accuracy as well. If any additional documentations are necessary, you will be made aware. Your loan officer will be intimate with you and the process. If you have any questions throughout it, they will be there to answer!
Once your application is completed, an underwriter will review all aspects in their entirety. They will also communicate with you throughout the process – as far as disclosures, employment, appraisal, etc. Once everything is completed and final, the loan will be sent to closing. Once you get there, you are almost to the end of the whole process! Exciting times ahead.
At this point, you are at your closing! This means some documents need to be signed by both parties and you are on your way to owning the new home! With the current climate of the world, things may be a little different when it comes to how many people can be in the closing room, masks, etc. You will be made aware of this before your appointment though.
As you can see, the process is not as scary as you may have originally anticipated. The best part of the whole process is that you are working with professionals who are there to give you advice, answer questions, and help you through the process.