Tips and community information

Get financially prepared

There are a few things that are necessary to prepare yourself financially prior to even starting your search for a new home.

• Check your credit: Your credit scores are a main factor in qualifying for a mortgage loan. However, loan approval doesn’t necessarily mean you’re ready to purchase. Look at your scores, evaluate what you qualify for and check interest rates.
• Plan your budget: Determine the home price range you can realistically afford — not your budget based on the amount your loan was approved for. Think about your total budget with the mortgage, insurance, maintenance and other living costs such as vehicles, groceries and entertainment.
• Get loan preapproval: There’s no point in getting started looking at homes if you don’t qualify for a mortgage loan. Preapproval ensures you know what price ranges to explore and, when you’re ready to make an offer, the seller is confident you’ll be able to secure financing to close the deal.

What to do when you’ve found “the one”

• Put Your Deposit Into An Escrow Account: Your earnest money deposit will be put into an escrow account that is managed by a neutral third party (typically a title company or bank) who holds the money for the duration of the escrow period. They will manage all the funds and documents required for closing, and your deposit will go towards your down payment which is paid at closing.
• Schedule A Home Inspection: Home inspections are optional but highly recommended to make sure that the home is in the condition for which it appears. Inspections are typically completed within 10-14 days after signing the sales agreement.
• Renegotiate If Necessary: The home inspection will tell you if there are any dangerous or costly defects in the home that need to be addressed. You can then choose to either back out of the deal completely, ask for the seller to make repairs, or negotiate a lower price and handle the repairs yourself.
• Complete Your Mortgage Application: Once you’ve come to an agreement on the final offer, it’s time to finalize your loan application and lock in your interest rate if you haven’t done so already. You may need to provide additional documentation to your lender upon request.
• Order An Appraisal – Lender Ordered Unless Cash Offer: An appraisal will be required by your lender to confirm that the home is worth the loan amount. The appraisal takes into account factors such as similar property values, the home’s age, location, size and condition to determine the current value of the property.

Closing day

Closing day can be exciting yet stressful. Check with your agent/contact to ensure you bring everything you need, from identification records to payments. Most of closing day is spent signing legal papers that serve as an agreement between you and your lender and an agreement between you and the seller. Read all documents carefully before signing and do not sign any forms with blank lines or spaces.

After everything has been signed and you take possession of the home, it’s time to move in! Gather family and friends to save money on moving costs, and make sure everything is organized and all boxes are clearly labeled for an easy, streamlined move-in process. Hiring a moving company? Be sure to read through customer testimonials and do your research to ensure your belongings will be carefully handled.