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First Time Home Purchase

Posted on : September 17, 2019, By:  Grace Chang
first-home-purchase

Ready To Purchase Your First Home?

Taking the step to purchase your first home is exciting, you have spent months browsing through home listings searching for the most ideal place to lay down your roots and you have finally found the home of your dreams. Now it’s time to take the next steps to move forward and begin the purchase process. The first step you should take is to speak to an experienced real estate attorney who can help you get through the process as quickly as possible while also protecting you by ensuring that your rights are protected and that all of the legal documents are in order.

The Home Loan

You may have initially retained a pre-approval which is great to have handy when you’re shopping for your new home. Brokers do like to see that you have been approved for a home loan so as to not waste their time or the home sellers time.  Now that you have made contact, shown your approval, and made your offer, it’s time to contact your loan officer and update them to let them know that you are ready for the next step.  The lender will usually ask for updated financial documents to ensure that you are still within the approval guidelines and ensure that you meet all of the items on your pre-closing checklist.

What’s Next?

Your Real Estate Broker, Loan Officer, Title Company and Attorney will be working together to ensure that certain necessary steps are taken to get your loan to underwriting, here are the initial steps that may be included:

The Home Appraisal

Your lender will want to make sure that the home has been properly appraised by a licensed appraiser.  In this case, the lender may have an appraiser that you can work with. Whether you find your own appraiser or use the bank’s appraiser, keep in mind that you will be baring the cost for the appraisal.

The Home Inspection

The home inspection is important as it should detail the condition of the home.  The inspection will include information about the structure of the home, any roof, electrical or plumbing issues.  The lender will review this item as part of their closing list and it may be a good idea to coordinate the inspection on the same day as the appraisal so as to have all of the requirements completed in a timely manner.

Termite Inspection

Another important item that you will want to consider is having a termite inspection done.  This will ensure that these issues if they are visible, are cured prior to your closing as you may not be able to close on your home with lender approval until such issues have been corrected.

Home Owners Insurance

You must retain a homeowner’s insurance policy prior to closing. In most cases, this will be a requirement of your lender and your loan approval could get help up in underwriting if the policy is not purchased in a timely manner.

Title Report

Your attorney will coordinate with your title company in order to facilitate a full review and reading of the properties’ history. This will include items listed on your appraisal, property lines, property ownership history, liens, taxes and much more.  The Title Report is one of the most important key pieces in the real estate closing and must be submitted to your lender for a thorough review by the lenders’ underwriting department.

Once all of the above items have been completed, your lender will update you as to the next steps which may include:

  • Mortgage payoff of existing homeowners mortgage loan(s)
  • Tax payoffs

Ready To Close

Once the lender has approved all of the items on their checklist, your attorney will be given a clear-to-close. At this point, your attorney will coordinate with the banks’ attorney and all other parties to schedule your closing date.  On the morning of your closing, you will want to ensure that you can do a final walk-through to guarantee that any items that needed to be updated or completed in order to meet the guidelines for approval have been met.  If any items need attention on the day of the walk-through, you will want your attorney to negotiate where necessary to ensure that these items are taken care of in a reasonable and timely manner.

Get Help Today

If you are ready to purchase your new home and are ready to speak to a compassionate and experienced Real Estate Attorney, contact Attorney Chang today for immediate assistance.