Before you begin to make offers on properties, it might be in your best interest to get pre-approved for a loan. Pre-approval means you have met with a loan officer, your credit files have been reviewed and the loan officer believes you can readily qualify for a given loan amount with one or more specific mortgage programs. Based on this information, the lender will provide a pre-approval letter, which shows your borrowing power.

The need of every family is different, so it is important to formulate a list of the features and benefits you want in a home. Consider things such as pricing, location, size, amenities and design. Then, meet with one of our REALTORS® to discuss the Local Market, receive an Agency Disclosure, receive a homebuyer guide, discuss the Offer to Purchase Process, and coordinate the best times to see potential homes.

Once you make the decision to buy a particular house as the prospective buyer, you must sign a WB11 Residential Offer to Purchase, Lead Based Paint Disclosure (Addendum S), Seller Real Estate Condition Report, and possibly other Addendums. These are extremely important documents. Nevertheless, when the seller accepts an offer, it becomes a contract and you can be compelled to buy the property on the terms stated.

Once your have a contract is time to make your lender aware of your accepted offer and start your formal mortgage application and processing. After you receive the Accepted Offer documents; you must provide a deposit also known as Earnest Money. Contingencies like proof of a merchantable title, inspections, testings, financing, and appraisal have deadlines. Your reThought REALTOR® will work closely with you and local service providers to ensure your best interest while deadlines are met. Contingency deadlines are extremely important!!!

From the moment your loan officer receive the Accepted Offer documents by your reThough REALTOR® until 3 days before closing, there are many things that happen in the background to achieve a final approval. The loan officer will provide you with a Loan Estimate that showcases the money you will potentially need at closing. Verification of employment and tax returns will need to happen. It is vital that you do not get or use any credit cards/account. The Loan Officer will let you know through a Loan Commitment Letter once your loan has been APPROVED!

Once you have a FINAL APPROVAL, your loan officer will send or show you a FINAL DISCLOSURE. The final disclosure will show how much money you would need to bring to closing. Once the final disclosure are signed by the prospective homebuyer, closing can take place. Not without first waiting 3 business days per the TRID rules. At closing you will sign many documents including but not limiting to a promissory note, and more copies of disclosures. Once the seller receives the funds, you can officially receive YOUR HOUSE KEYS!