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Hi, this is Dave Holland with Veterans National Mortgage.
Everyone asks what happens next once I find my house. So, let’s take a look at the purchase step by step to your sale. The first purchase step is going to be the application. So, you’re going to apply for a mortgage so that you can get pre-qualified to know how much home that you can purchase.
That’s the very first purchase step; the second purchase step is that pre-qualification. Once you’ve submitted your documents to your lender. You’re going to have them take a look at your credit income and assets and give you a pre-qualification amount. And the letter, a lot of times in this market, the listing agents will ask for a proof of funds, which is how much money you have for assets to be able to put down.
‘”You’re going to have them take a look at your credit income and assets and give you a pre-qualification amount.”
And they’ll ask for your pre-qualification. Those two are very important after you’re pre-qualified if you haven’t found one yet, you want to look for your real estate agent. We can recommend one to you, or you can find one on your own, but that’s your really your next purchase step. So, you can start having them send you properties to look at and you can begin to view homes.
Next is the fun part. Go find a house. So, you’re going to be touring properties, going to open houses. You’re going to look and see what neighborhoods are good for you and your family. See which one that you like. Hopefully this is our next purchase step. You’re going to make an offer on the property that you love.
You’re going to have an earnest money deposit in your contract that you give them. And with some luck, you’ll have your offer accepted by the seller. Once this offer is accepted, then you open up asking. And then the real fun begins. Your agent will call us, and they’ll say we have an accepted offer and here is escrows information.
“So, you’re going to be touring properties, going to open houses. You’re going to look and see what neighborhoods are good for you and your family.”
At this point, we’ll reach out to you and figure out what lender is going to best suit your needs. And then we register and submit your file. The first part of that is your registration. Once we register the file with the. Then we’re going to send out disclosures to you that you can sign that have an estimate of the fees and what it’s going to cost to do the loan.
After you look at that and you sign those disclosures, then we can submit your file. What happens? Once we have the disclosure signed within those disclosures, that’s called an intent to proceed. So, we can look at ordering your appraisal. It’s important to order the appraisal quickly so that the seller’s happy and you find out what the value of the home is.
Next is going to be all of your other inspections. You’re going to have several inspections that you do that are the appraisal, the physical inspection, and anything else such as terms. Or any kind of other environmental inspections that you may choose when you’re doing your other inspections, you’re going to find out what is wrong with the home or what you may want repaired.
“It’s important to order the appraisal quickly so that the seller’s happy and you find out what the value of the home is.”
This will allow you to make your request for repairs to the seller, and you guys can negotiate after that, to see what they may fix for you. Very, very important. In the beginning of this transaction, you want to start looking for insurance. I would suggest choosing three insurance companies, including the one that you have now and get quotes from them, let them know that you’re going to be purchased at a home, the size of the home, what it looks like and see which one comes out better.
You’re going to send that to us so that we can begin with the insurance portion for you. Once all of this is in, we’ve got the conditional. The conditional approval is once the underwriter has reviewed your file, they’re going to say you have been approved. We just need these items for final approval. So, the conditional approval is you are approved based on these conditions.
So if you get us, this, this, this, and this, then we will find, we will give you a final approval. So, if you give us these items, You will receive a final approval and get what’s called a clear to close for your file. The next purchase step is the closing disclosure. The closing disclosure is the final look at all of the fees, rebates, everything that goes with your file.
“The conditional approval is once the underwriter has reviewed your file, they’re going to say you have been approved.”
Um, the closing disclosure is one of the most important documents because it’s going to have your interest rate payment, what your cash to close it. Everything, the whole picture of what this is going to cost you to complete. Next is the final approval. The final approval the lender has said, you are good to go.
You’re going to get a house. They will send out documents for you to sign the loan docs that they send out. You’re going to sign in front of a notary, and then those loan documents will be sent back to the lender so that they can review them. And then fund your deal. Once the lender has funded your transaction, you’re all good.
As far as your loan is concerned, the last and most exciting part of the transaction is keys. So, a lot of people ask, when do I get the keys? Typically, what happens is your lender will fund the loan and then they will let title know. And then the documents that you signed; the seller is going to sign a grant.
And your deed of trust, which has how you hold title to the property will be sent to the county recorder. Once everything is recorded with the county, then you’re the legal owner and you could have keys to your property. We all know that’s exciting.
Hopefully this helps with the purchase steps. If you do have any further questions, please reach out to us.
You can go to our website at veteransnationalmortgage.com. Click apply now to get a free interest rate quote and pre-qualification with no hard inquiry. You can also call us directly at (888) 922-2022.
We look forward to hearing from.
Veterans National Mortgage | NMLS #2006604 – NMLS Consumer Access Portal
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