Steps in the Home Buying Process
Things to do now:
- Find a mortgage broker/lender. I recommend comparing at least 3 lenders to see who is offering the best terms to meet your needs. You need to get pre-approved no matter what route you decide to go (Conventional, FHA, VA etc.) Here are 3 local mortgage professionals that I have had successful closings with in the past :
Patti Rix, SunBelt Lending Service 386-679-1940
Miles Reynolds, Homebridge Mortgage 386-290-6661
SecurityNational Mortgage, Junior Simmonds, 407-474-4376
Please note you should call all of your selections within a 30 day period to avoid an effect on your credit rating.
- Send a copy of your pre-qualification letter to me, as well as, the contact info of the mortgage broker/ lender you have selected. Keep me updated on the mortgage process – we have 30 days to get approval.
- Do not buy anything expensive or open any new lines of credit including signing up for a new credit card. Pay your bills on time. Things to do once an offer has been accepted (bi-lateral contract):
- Select a home inspector. Typically the contract will allow from 8 -14 days for an inspection period. It is important to schedule immediately. Once a date and time has been scheduled contact me immediately so I can clear it with the listing agent and the sellers. (Clear your schedule to attend the inspection is possible). I will ALWAYS be present. If you are joining me, please bring a checkbook or pay for service with credit card - payment is due by end of inspection. The inspection generally takes 2-4 hours depending on the size of the home. You will also want to consider a 4-Point and Termite inspection, which can usually be scheduled through your home inspector to occur at the same time. Depending on the property, you may also want to consider a septic inspection, if the property is not on city sewer. Here are the names of three home inspectors I have used in the past:
Superior Inspection Service, 386-673-1116
All American Inspection Service, John Mock, 386-615-9794
Home Detectives, Sam DiVita, 386-615-9100
- Make initial escrow deposit, also called Good Faith deposit. If by personal check please let me know so I can provide you with Title Company mailing address. These are usually due to the title company within 24 -72 hours depending on contract terms
- Continue Mortgage approval process. Please be timely in getting the lender any requested documents/information, otherwise it can cause delays in closing, which would require sellers approval for extension of contract.
- You should receive a Loan Estimate (LE) form within 24 hours of sending a copy of the contract to your lender that will outline your closing costs.
- Gather home insurance quotes. Here are three I have worked with in the past:
AllState, O’Quinn Agency, Brent O’Quinn 386-673-9111
Southeast Insurers, Brian Nelson 386-258-9998
Caton-Hosey Insurance, Kerri Harris 386-767-3161
- Lender will request an appraisal. You will not need to attend, but your lender lender will contact you for payment of appraisal, which will range in cost from $350-500, which should be outlined on your Loan Estimate (LE).
- If seller did not have copy of survey for recertification, you will be required to have a survey of the property completed. Here are a few surveyors in our area:
East Coast Land Survey 386-672-3633.
Meyer Land surveying 386-255-6304.
A1A GEO Survey 386-872-5028.
Order of survey approximately 10 days prior to closing (after appraisal is received).
- Confirm time of closing with Title Company.
- Hire a mover and begin packing.
- Call and arrange for utilities to be transferred into your name for day of closing. Hella has a list of contact numbers for these services she will provide you.
- Bind your homeowners insurance for day of closing.
- Schedule time with me for a final walk through of the property usually the day before or a few hours prior to closing.
- Use wiring instruction from the title company to make sure all funds for down payment and closing costs are transferred.
- Attend closing. Bring proper forms of personal identification.
- Consider having locks changed in the home. Reset all security system passwords and make sure all services are transferred into your name.Thank you for selecting me as your REALTOR, it is my pleasure to work with you. Please do not hesitate to contact me via my cell phone at 386-212-1068,or firstname.lastname@example.org if you have any questions during the entire home buying process.
- Service You Can Trust. Hella Rominger, Broker Associate @ Century 21 Sundance Realty