1. First: Get â€œPre-Approvalâ€ letter by reputable lender or mortgage broker.
2. Second: Write up the list of housing desires /wishes (house futures, location and etc.)
3. Third: Get the knowledge of the state of the market and get understanding why it is an excellent time to buy. Search for your home and see them.
4. Fourth: Once you have identified the best property to buy and ready to enter into the bid/ contract process, ask agent to see comparable recent sold homes and provide to you Comparable Market Analysis (CMA) and /or order appraisal. Make an offer for your new home â€“ sign all offer documents an agent provided to you. Write a check for your escrow account (deposit is hold in Trust account until you are ready to settlement and it will be used toward your settlement charges)
5. Fifth: Once contract is fully ratified / executed (signed by sellers and buyers), contact the lender and get a commitment letter from the lender not later then 10 business days from contract acceptance. Lenders are required to provide borrowers with a Good Faith Estimate (GFE) of closing costs and Truth in Lending Disclosure within 72 hours of application.
6. Sixth: Contact the lender to make sure providing all required documents to render a final loan approval. Ascertain that an appraisal has been ordered and the date scheduled.
7. Seventh: Hire licensed home inspector. Get the inspection report. If necessary, re-negotiate contract and provide updated version to the lender.
8. Eighth: Communicate with the lender every couple of days to ensure all elements of the loan process are in order and proceeding in accordance with the contract commitment date.
9. Ninth: When you have received the formal loan commitment, coordinate directly with lender to make certain any and all underwriting conditions have or will be satisfied.
10. Tenth: When the lenderâ€™s commitment letter is received, in coordination with the agent, order title work and schedule the settlement date and time acceptable to all parties.
11. Eleventh: Find insurance company for your new home. Insurance policyâ€™s effective date must coincide with the settlement date.
12. Twelfth: Ask the agent to order Home Warranty for your new home.