* Get prequalified by your mortgage broker!
* Shop for homes with your Realtor
* Make an offer.
* Negotiate until you have a contract, or until you walk away and find another
* Either “lock” or “float” your interest rate for the period of time until closing. Your loan officer will explain this to you. Stay in close touch with your loan officer in case updated documentation is needed.
* Once your loan file (with a property address and contract) has been submitted to the actual lender, your loan officer can order the appraisal of the property.
* Choose a homeowner’s insurance agent, and introduce that person to your loan officer via email.
* Wait to hear from your loan officer or processor that your loan has received initial approval by the actual underwriter at the lender. You’ll receive a list of items the underwriter wants (called “conditions”) and you’ll scurry to
provide each and every one to your loan officer or processor as quickly as possible. (And you won’t tell the loan officer or processor why it’s not really needed!!! ) Among other items will be the front and back of any earnest money checks you gave to your realtor (typically one when you submit your offer and often another one a week or two later). The underwriter will want to see those canceled checks and also an official printout of your bank account showing the checks coming out of the account. Ask your loan officer or loan processor what makes a printout acceptable.
* When your items are in, and the appraisal is in and satisfactory, all is sent back to the underwriter with a request for a “clear to close”.
* Once you have a “clear to close” you can schedule the closing with your realtor. Your loan officer will remind you to have photo id with you at closing (two forms if possible, such as passport and drivers license) and a cashier’s check from the account you provided to the lender (statements along the way) made payable to the title company you chose. The exact amount needed won’t be known until the settlement sheet is prepared by the title company. That is often not done until a few days prior to closing. Plan to get the check a day or two before closing and plan to have off work on the day of closing. Otherwise you will surely jinx yourself and the closing will be hours long for some reason instead of the typical one hour.
* GO TO CLOSING, SIGN THE DOCUMENTS, TURN OVER THE CHECK, AND GET THE KEYS TO YOUR NEW HOME!!!! Now it is ok buy a refrigerator or a sofa or whatever (since you did not do that during the loan process because it could have created a problem).
YOU ARE A HOMEOWNER!
DON’T FORGET TO TELL YOUR FRIENDS AND FAMILY WHAT A GREAT JOB YOUR REALTOR AND LOAN OFFICER AND TITLE COMPANY DID IN HELPING YOU TO PURCHASE YOUR HOME!