The first step is to make sure you qualify for financing and to understand what your new mortgage might look like. You can do this by clicking on the "Get Pre-Approved" button above or by calling me at 971-225-0595 to discuss your scenario. I will go over how much you would qualify for, as well as shed some light on what your new mortgage might look like in terms of payments, funds due at close, etc. If you qualify for a mortgage, I will send you a pre-approval letter, which you can then provide to sellers with your offer. This shows the seller that you have a serious offer and that you have already been pre-approved for the mortgage.
2. Finding a Home
The next step will be finding the home you'd like to purchase. This can be greatly simplified with the help of a Realtor. If you don't have a buyer's agent and would like to be referred to one, depending on where you live, I can probably help you with that too.
3. Negotiating the Purchase
This is where having a Realtor and having a pre-approval letter really come in handy. Once you've found a home you'd like to make an offer on, your Realtor will draft up an offer, supplemented with the pre-approval letter, and negotiate with the seller on your behalf. Once any counter offers are made and the offer is accepted, the Realtor will provide us with the purchase agreement and we can then start the mortgage process. At this point, we'll finish up your loan application and get it out to you for signature, along with a list of any supporting documents we may need. Once received, your mortgage application will be in underwriting. It usually takes a few business days and then the underwriter will provide the conditional loan approval. At this point we will order your appraisal.
4. Open Escrow / Earnest Money
Within a few days of the seller accepting your offer, the Realtor will open escrow and you will need to provide your earnest money funds, if you have included this in your purchase agreement. You can think of earnest money as a deposit (held by the escrow company) that gets applied to your down payment.
5. Home Inspection/Appraisal
It usually takes a few weeks from the day the appraisal is ordered to the day it is received. During this time, we will be processing your loan. There is typically a 10 day period after the offer is accepted that you can have the home inspected by a professional home inspector. So this is also when a home inspection would take place, should you choose to have one done.
6. Final Loan Approval
After the appraisal results come in, there are typically only a few items left to process on your loan. Once those are completed, your loan file will be submitted back to the underwriter for final approval. Once that happens, you will be issued a closing disclosure, which will be a synopsis of all your final numbers. Once you sign this, it will trigger a mandatory 3 business day wait before you can sign all your final closing docs and close the loan.
After you sign the closing disclosure and wait the 3 business days, you can then sign all your final loan docs either at a title company or with a mobile notary. From there, the new lender will send a wire to the escrow company with the loan proceeds, the escrow officer will disseminate the funds appropriately, and then everything will be recorded with the county. Once recording is confirmed, the process would be complete and you'd be the owner of your new home.