Steps of the Home-Buying Process

a general step-by-step of how the process works.

Get prequalified.

Contact Accurate Mortgage Group today and let a seasoned professional help you get started. It only takes a few minutes to complete the initial questionnaire and we can quickly have a Verified Buyer prequalification letter sent to you if you want to make an offer on a home the same day.

Determine an appropriate price range.

Being pre-approved for a certain dollar amount does NOT mean you need to, or should, spend all that money. Plan ahead for that new roof, HVAC repair or kitchen remodel that may cost you a lot of money out of pocket in the future and look for a home in a price range that fits comfortably in your budget.

House Hunt!

Many begin their search online. Once you have a few properties in mind, set up an appointment with a realtor to view the properties. (If you’d like, we know many reputable realtors we’d be happy to recommend.) It is not uncommon to view up to 20 homes before making a decision to put an offer on one.

Make an offer.

Your realtor will negotiate with the seller’s realtor until an agreement can be reached. Final price and closing costs can all be negotiated, in most cases. You will get the best deal if your realtor truly understands the market and can value the property and associated closing costs correctly.

Sign loan documents from your lender.

At this time, your lender will talk to you about locking your rate, and your signed loan documents will be sent to processing and underwriting for conditional approval. Your lender will also order the home appraisal.

Schedule an inspection.

With a reputable home inspector. Your realtor will also help you negotiate the costs of any necessary repairs prior to closing. You may choose to have the seller repair everything, or you may choose to make some repairs yourself and purchase the house for a lower price.

Arrange for homeowner’s insurance.

We recommend you shop the coverage with several insurance companies to compare rates. (We’d be happy to offer recommendations here, too.) Bundling your home with your car insurance frequently offers a better rate. And, you may not know it, but insurance companies pull your credit score and use the FICO number to determine your rates on car and homeowners insurance. Just one more reason to have your credit in the best shape possible before purchasing your home.

Consider a home warranty plan.

There are many pros and cons to a home warranty plan, particularly depending on the age of your home. Consider your options and plan for the amount of time you anticipate being in the home.

Closing Day!

This is the exciting day where you sign the documents and are handed the keys to your new home.

Here are critical things to remember about the process:

Establish a budget that you are comfortable with before purchasing the home. Know that there will be unexpected costs throughout the life of your home loan and have an emergency fund for these instances.

Use a trusted realtor to help you with your search and all negotiations. This can save you thousands of dollars over the life of your loan.

Don’t apply for new loans after being prequalified for your loan. This can affect your credit worthiness at closing time.

Don’t close on the house until all items on the punch list have been completed. Once the builder or seller has closed, you will have a very hard time getting them to complete any additional work, particularly small projects.

Carefully compare loan programs considering ALL costs. Different mortgage companies present costs in different ways, which can make it challenging to truly compare. At Accurate Mortgage Group, we walk you through every detail of the loan and make sure you understand all costs associated with it.

Before you start house-hunting, find out how much home you can afford to buy.