The Home Buying Process: Simplified

    Have you been thinking about buying a home and become too overwhelmed with the process? Follow this easy to understand guide and you will be on your way to home ownership with no unpleasant surprises.

    1. Pre-Approval: From the moment you decide you’re going to purchase a home, save all pay stubs, gather all bank statements, W-2’s & tax returns. Make a copy of all submitted documents.
    2. Find A home: Assess your wants and needs, then let your Realtor® help you find the perfect home to fit your lifestyle.
    3. Make an Offer: Offer accepted, sign binder & schedule home inspection.
    4. Application Process: Submit updated documents from pre-approval prior to obligating yourself on contract.
    5. Contract: Review and sign your contract with your Realtor®.
    6. Appraisal: Order within the first week of contract, appraisal inspection is completed.
    7.  Processing: Processor completes all updated information verification for credit, employment and assets.
    8. Appraisal Report: Received & reviewed by processor. Processor will update you regarding outstanding items needed for approval.
    9. Underwriting: Processor submits file to underwriting department for review and commitment letter. Approved commitment letter will be issued and sent to you and your attorney for review.
    10. Commitment: Submit ALL outstanding closing condition items for the commitment letter prior to final clearance.
    11. Title Report: Your attorney submits the title report to the bank attorney for review and clearance.
    12. Homeowners Insurance Policy: Copy of appraisal & mortgage clause provided to you to secure a Homeowners Insurance Policy.
    13. Clear to Close: You will be notified that your file is clear to close & a closing date will be scheduled.
    14. Final Walk-Through: You will do a final walk-through of the property with your Realtor® to approve the condition of the house prior to signing the closing documents.
    15. Closing: All parties sign the closing documents.

    Common Mistakes to Avoid Prior to Buying a Home

    Don’t make any cash deposits.
    Don’t make any large purchases on your credit cards.
    Don’t co-sign a loan for anyone.
    Don’t change bank accounts.
    Don’t apply for new credit cards.

    If you have additional questions, don’t hesitate to call a Bosshardt Realtor® at (352) 371-6100.

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