What is the overall Home Buying Process? Of course there are lot of moving parts, but the entire process can be broken down into a few major points that you will need to understand and be prepared for as you start working with your agent and your Arizona mortgage lender.
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Step 1 – Filling out a Loan Application so you can get Pre-Approved before you begin shopping for a home
Of course you need to know how much you can afford, the down payment budget you have as well as what type of AZ mortgage loan program you'll be involved in. A personalized strategy session with a trusted mortgage lender should address all of your initial loan approval questions as well as uncovering and addressing any potential issues. You can start this process by clicking here to take a loan application.
Step 2 – Assemble your Home Buying Team
There are many players involved in the home buying process including your agent, title company, insurance agent, lender and possibly an attorney…and they all play an important role.
Remember, no one buys a home on their own. It's a team process since there are so many tasks, so many documents, and so many minute details to know which all need special attention. It's imperative that you develop a team that you trust and that the individual players will have the ability to communicate well and execute things on time.
Step 3 – Submit your purchase offer
Assuming you've already got the mortgage approval, your agent will submit your purchase offer to a listing agent or seller. Once your offer is accepted the "due diligence" period begins with a series of events including the final mortgage approval, appraisals, inspections and any other requirements that need to be met before signing on the dotted line.
Step 4 – Conditions and Paperwork
Lenders, processors, insurance agents, sellers, real estate agents…everyone will have their share of documents for you so keep yourself well organized and well informed.
Step 5 – Closing
This is when all of the team players come together at the same time with the same agenda…to make sure all of the documents and figures are good…so you can put pen to paper and buy your home!