9 Steps to Home Buying

Mainstream media tells us that it is HARD to get a home loan. The May Mortgage Team is dedicated to helping you understand the process and helping you thorough the journey of home ownership. Stop Paying your Landlords Rent and see how buying a home instead of renting can save you thousands of dollars.

By my calculation, it is a great time for purchasing a new home. Prices are low and rates are the best they have been in 40 years. As a Team we are dedicated to helping our clients understand the process and what to expect when purchasing a new home. Learn the 9 Steps and don't hesitate to contact us if you have any questions.

This is how you “Let May Lead the Way” to your new home:

1.)   Pre-Qualification: this is usually the first time you speak with The May Mortgage Team. After an application is taken and a loan option is chosen we will provide a letter to present with an offer. This letter will provide you with a price range to shop within.

2.)   House Hunting and the Offer: As your house hunting progresses and you find your dream home, you will present an offer to the seller.   We recommend you use a professional real estate agent that knows this area well and has lots of experience. Using an agent makes house hunting much easier and will help facilitate the purchase transaction.

3.)   Ratified Contract: Your offer is accepted because you were Pre-Qualified by The May Mortgage Team. You, the seller, and the agents involved will all sign a purchase contract on the agreed upon terms.   Your agent will schedule a home inspection to take place usually within 3-5 days after ratification.

4.)   Loan Package Signing: We receive the ratified contract and get started on your loan disclosure process. We will review these disclosures with you and make sure you are getting the best program for your specific situation. You will also be provided a list of supporting documentation that will be needed for an approval from the underwriter.

5.)   Appraisal and Title: Upon receipt of the signed disclosures and the ratified contract, we immediately order and appraisal. This is paid for out side of closing and we will collect a check or credit card at this time. Title is ordered and we communicate with them to make sure you get a clean title when the property is transferred to you.

6.)   Processing: your file is submitted to our processor Nancy. She does an initial review of your supporting documents and prepares your loan for underwriting. She may contact you if additional information or documentation is needed.

7.)   Underwriting: Our in-house underwriter does an final review of the loan to give a stamp of approval. We are given a conditionally approved, and at this point Nancy will be in touch to clear the conditions of the approval. These conditions can be simple, but may require updated documents from you. Once conditions are cleared, the underwriter gives final clear to close and we start working on getting a final HUD-1

8.)   Closing Day: The settlement company has scheduled a time for you to finalize the process. They walk you through the transaction, answer all of your questions, and give you the final loan documents. This is the final review of everything that we have done this far through the loan process.

9.)   HOME: Congratulations, you have made it through the home purchase process. One thing is for certain, YOU CLOSED ON TIME! and WE are very happy to add you to our list of client for life.

To get started on your own home buying journey, contact us today and don’t hesitate to look around our website to get more information.

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