If you are just beginning to embark on the purchase process for the very first time, you may be unsure of what lies ahead. That’s why we’ve provided the steps via an Inlanta Loan Road Map to help guide you on your way to homeownership.
Stop #1 – Get Pre-Approved
First, you will submit your application and the documents needed to verify your income, assets, and debts. This includes recent paystubs, W-2s, as well as recent bank statements.
Stop #2 – Home Search and Offer
Next, your Realtor will help you find the perfect home and write up an offer letter to the seller. This document details the price you are offering to pay for a property and any other applicable conditions.
Stop #3 – Purchase Agreement
After your Realtor completes the offer letter, they will write up the contract for you and the seller to sign. This agreement will outline all of the required dates, deadlines, and contingencies. A deposit is generally required at this point in the process.
Stop #4 – Home Inspection
Then, if the offer is accepted, a home inspection will occur. Home inspections are not required, however, a home inspector will look for any issues or violations with the property, so they are highly recommended.
Stop #5 – Application and Disclosures
Next, your loan officer will have you review and sign a number of documents and disclosures. This includes your mortgage application and a Good Faith Estimate, which details the estimated costs of financing.
Stop #6 – Appraisal and Title
An appraisal (an estimate or property value) will be ordered and provided to the underwriting team. Your loan officer will select a title company to research the property title.
Stop #7 – Homeowners Insurance
Proof of insurance is required prior to closing. Your first year’s premium must be paid in full. Have your insurance agent contact your loan officer to ensure they receive the proper insurance binder.
Stop #8 – Final Approval
Underwriting will review all the documentation necessary to approve your mortgage loan and determine if additional verifications are necessary. If all of the documentation is acceptable, you will be clear to close on your home.
Stop #9 – Closing Disclosure
You will get a final breakdown of all costs and money required at closing. For closing, you will need government-issued identification and a certified check to pay closing costs.
Stop #10 – Your Loan Closing!
Finally, it’s closing time! Did you bring your government issued identification? Do you have a certified check to cover closing costs? During the closing, a representative from the title company will review all the loan documents with you. They will get signatures from both you and the seller. After all money is distributed, you will be listed as the new owner of record on the deed. Congratulations, you did it!
Rest assured that you are not on this journey alone. Your loan officer will be with you every step of the way and will be able to answer any questions that arise. Click here to find your local Inlanta loan officer today to get started on your home loan journey!