“The Housing Market Is Hot Right Now!”

You’ve probably been hearing that a lot recently. At the start of 2020 no one predicted the housing market to take the turn it did and continues to take as I am typing this. As such, we are seeing a lot of people entering the housing market that have either never owned a home or haven’t gone through the process in awhile. That’s ok! That’s where this post comes in.

Tracy Lent, from Axia Home Loans, was kind enough to join me in creating this step by step video regarding the home buying process. We broke it down into the following 7 steps:

1) Get Pre-Approved – In this market a pre-approval is crucial! With so many people vying for a limited amount of listings most offers will not even be looked at without a pre-approval letter. Plus a pre-approval tells you and your agent (hopefully me!) what your budget is.

 

2) Find Your Home– This is the fun part, shopping! After receiving your pre-approval and using your criteria for your home we will begin the search for your home. “There’s an app for that.” I’m not talking Zillow or any of the other home search apps. I am talking about my personal app that is synced to my MLS to give you the most up to date information on houses in your market. You will see houses the day they enter system. Once you favorite a property it gets added to your list and when you’re ready we will view your top properties. Apps not your thing? That’s ok! I will work with you to create the best system for your home search. Once we find the ideal property for you we submit an offer.

 

3) Woohoo! You’re Offer Got Accepted! Now What?– Once your offer is accepted you will work with your loan officer to choose the best mortgage product that will work for you.

 

4) Home Inspection & Appraisal– Before you finalize your purchase a home inspection is recommended to ensure the home is in good condition. Once the home passes the inspection then an appraisal will be ordered to determine the fair market value of the home. What happens if the home appraises for a different value then what you offered? – Buyer must pay the difference in cash.

 

5) Final Review of Loan Documents– Almost there, stay with me! You have gotten through the most stressful parts. Good job! So now that the home inspection and appraisals are complete your loan officer will review your entire loan file and send all pertinent information to underwriting for the final approval. The underwriter ensures that the package selected and your monthly mortgage payment is right for you as well as making sure that all tax, title, insurance, appraisal and required documentation is complete.

 

6) Closing Time– The underwriter has concluded all the loan conditions have been met! Your loan officer will prepare and send your Agent your final loan documents to obtain the final signatures. Once all documents are signed you have officially closed on your loan and can get your new home!

 

7) Welcome Home!– You did it! You have just been handed the keys to your new home! Congratulations!

 

Thanks for sticking with me through this whole process. I hope this helps you with your future home purchases. If you would like to get pre-approved or have questions regarding this process please reach out! We’d love to help. If you reach out to Tracy let her know I sent you!