The Road to Buying....

The Road to Buying....

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Once you've decided that you're going to be purchasing a home of some sort there are a few things you need to start doing differently.  The better prepared you are for the process the easier and quicker it will be.  It could take a week.  It could take a year. Cash is king, and a good credit score makes for a much better loan. Here's an outline of what the path to owning your own home should look like.  Countries and states are different, but generally these guidelines will fit many areas, and are applicable to New York.

Expect to:
  • Save and submit all future paystubs/ income receipts and invoices
  • Save and submit all future bank statements (complete with all pages)
  • Keep copies of all documents submitted during processing
  • Continue to pay all your debts and loans on time
  • Call your loan officer with queries or concerns

Try to avoid:
  • Making large deposits without documentation
  • Making large purchases on your credit card
  • Co-signing a loan for anyone
  • Changing bank accounts
  • Applying for new credit cards
  • Gaps in employment
Road definition and meaning | Collins English Dictionary   START with...
  1.  PRE-APPROVAL : Income and asset documents and credit reports are analyzed to determine the amount of financing you will be qualified to receive from a lender.  
  2. FIND A HOME: Let your agent help you to find the perfect home for you and your loved ones.
  3. MAKE AN OFFER: Present a pre-approval letter. Offer is accepted - sign binder and order inspection.
  4. CONTRACT: Review and sign contract of sale with your Real Estate Attorney.  Provide down payment check.
  5. APPLICATION PROCESS: Submit fully executed application contract of sale and required documents. Sign application and disclosures.        
  6. PROCESSING: Receive your welcome email. Your processor/ lender will order your appraisal, verify your credit, employment and assets. 
  7. APPRAISAL REPORT: Received and reviewed.  Processor/ lender updates you on outstanding conditions pending approval.
  8. UNDERWRITING: Processor/ lender submits file to underwriting for review, and when issued you receive a Commitment Letter.
  9. TITLE REPORT: Your Attorney submits a Title Report to the Seller's attorney for review and clearance.
  10. CLEAR TO CLOSE:  Submit all closing conditions, insurance noted on Commitment Letter for final clearance.
  11. SCHEDULE CLOSING:  All parties are notified that the loan is cleared to close.  Closing date is scheduled.
  12. CLOSING: All parties sign closing documents. Certified check instructions issued prior to closing.   Keys are transferred.

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