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 and/or promotions 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 :
Rose Pinto, Loan Officer @ Homebridge Mortgage Loan Service #386-295-4674
Jack May, Loan Officer @ HEROESFIRST Home Loans #720-480-0779
Junior Simmonds, Loan Originator, Security National Loans #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 5 days to chose a Lender and usually 30 days to get approval, unless specified in your Purchase Contract.
- 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:
Southern Home Inspections, Joe Brewer, #386-506-7820
All American Inspection Service, John Mock, #386-615-9794
Dream Home Inspection, Sean Skittow & Chris Costa #386-383-3270
- 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
State Farm Insurane, Tony Pearson #386-673-3611
- 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:
Meyer Land surveying #386-255-6304.
A1A GEO Survey #386-872-5028.
Order an appraisal if you are cash buyer:
Halifax Appraiser #386-673-6290
- 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
