1. Meet with a Loan Officer

• By sharing income and other family financial information, you will know the price range for which you are qualified
• You will learn of the type of loans available to buyers in today’s market
• Obtain a truth in lending letter explaining the costs of borrowing money and closing costs
• Obtain a pre-approval letter

2. Meet with your Realtor®

• During this meeting you will determine the area and features you will want in your home.
• Discuss your time frame – how quickly do you want to close on your home?

3. Begin Viewing Homes

• When possible, all decision-makers should visit the various homes
• Always be candid with your Realtor®. It will help them understand your particular needs and desires and enable them to select homes you will want to see

4. Prepare the Offer

• Your Realtor® will provide you with a comparative market analysis (CMA) on the property you have selected to assist you in making an informed decision
• Your Realtor® will go through the prepared offer with you and explain the terms and conditions
• Negotiations will proceed until both buyer and seller agree on all terms and execute the contract
• All documents will be sent to the title company where title commitment and closing information will be prepared

5. Make Your Loan Application

• Give your Loan Officer a copy of the contract and make official loan application

6. Inspect the Property

• Select an inspector and arrange for a general home inspection. Additional inspections could be recommended by the inspector. Typically inspections are completed within 5-10 days from the effective date of the contract.

7. Appraisal and Survey of the Property

• The lender and title company will make arrangements for the property appraisal and survey to be completed
• You will be provided a copy of the Title Commitment Letter from the title company
• You will make arrangements for your homeowner’s (hazard) insurance policy and arrange for the insurance agent to provide the title company information for closing

8. Arrange Property Closing

• Your Realtor® will arrange a closing date and time with the title company
• You will complete a final walk-through inspection of the property with your Realtor®
• You will receive a copy of the HUD (Closing) Statement for review prior to closing.
• The title company prepares this document with the information provided by your lender
• You will complete a final walk-through inspection of the property with your Realtor®
• You will bring a cashiers check for all closing costs and the balance of the down payment to the scheduled closing

9. Funding the Closing

• Documents are sent to the buyer’s loan company for approval and funds are disbursed to the title company
• The title company receives and funds all money from the loan company
• Legal documents will be recorded in the County Clerk’s office and mailed to you when completed
• Title company prepares and issues the title policy and sends it to the loan company and to you