Understanding the 10 Steps to Homeownership

22 February 2017
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Are you interested in purchasing a home?

The home buying process can seem overwhelming at first. A home purchase is a major commitment. Buying a home requires a lot of time and effort. If you follow these 10 steps to homeownership you can understand and manage your home purchase more easily.
An informed home buyer will feel less stress and the process will flow more smoothly if you educate yourself early on. But the better you understand the process and the people/parts involved, the less stress you may feel.

#1 – Loan pre-qualification

This is HUGE…. You do not want to waste your valuable time. Pre-qualification allows you to search for a home for sale that you can afford based on your credit, income, and assets. It’s easy and only takes a few minutes!

#2 – Home Search

Once you are pre-qualified, You need to find a reputable and modern real estate brokerage. When you decide on your perfect home, remember that all of the terms of the sale are negotiated. That is why I recommend LystHouse, because they have expert and creative negotiators that you can trust. They will present your offer to the seller and work to get you the best deal possible!

#3 – Formal loan application and product selection

Once the seller accepts the offer, you now need to formally apply for home financing. Get a hold of your loan officer. He/she will work with you and help you select the ideal loan product that best suits your needs.

#4 – Appraisal and home inspection

When your loan application is being processed, an appraisal is ordered. The appraisal is important in that it will help identify any discrepancies between the sale price and appraisal value. You want to make sure that you are getting what you pay for, but are not paying too much either. An inspection of the property is also conducted if you request it. A home inspection is optional, while an appraisal may be required. We recommend doing an inspection to make sure the house doesn’t have any underlying problems that you are unaware of.

#5 – Processor’s and underwriter’s review

This is the longest part and most in depth portion of the process. A loan processor reviews your entire loan file. After inspecting and reviewing the documentation, the processor sends all pertinent information to an underwriter. the underwriter will make the final decision to approve the loan.

#6 – Final loan approval

The underwriter may or may not come back with conditions that need to be met on the loan. Keep in mind that there may be financial conditions or property conditions that need to be met before final loan approval. This is a part of every loan.

#7 – Closing

It is now that the final loan and escrow documents are prepared and signed by you (the buyer) and the seller. This usually takes place in a title office.

#8 – Funding

Time for the money to change hands. A check or a wire for the amount of the loan is sent to the settlement agent.

#9 – Close of Escrow

The loan funds are now disbursed to the entitled parties and escrow is “closed”.

#10 – Confirmation of recording

The documents that transfer titles will now be recorded with the county. This will provide record that you have purchased the home.

Ultimately the final step – you move into your home!

If you used LystHouse, you’ll be getting cash back that you can use to furnish your new abode! I will say that the most important part of the process is “TRUST”. Search out a real estate brokerage like LystHouse, and a loan officer that you feel comfortable working with. Remember – COMMUNICATION is key.

 

As for myself…

The “Four Cornerstones” of my business model are rooted in : Integrity, Morals, Character, and Ethics.
I pride on building relationships with my clients, knowing their business, listening to their goals, and anticipating their needs. I am first and foremost, client focused.
I am a U.S. Marine, a graduate of The University of Texas @ Austin, and a retired Texas H.S. Football Coach.
The knowledge and experience gained in the military, combined with the lessons learned as a coach/educator, have been instrumental in the development of a diverse skill set that allow me to adapt to and flourish in any environment.
Focus, work ethic, and attention to detail are my foundation. For years I prepared for the battlefield and the gridiron. I have now refashioned and adapted the talents that God has blessed me with and refocused them to prevail in a new arena.
I believe that success in achieving any goal is dependent on a full understanding of the objective, a detailed and well thought out analysis of all potential obstacles, and the ability to allocate and capitalize on all available personnel and resources. Additionally, the Implementation of these steps requires strong interpersonal communication and management skills.
I strive to demonstrate character, integrity, and a tireless work ethic in every aspect of my personal and professional life. I will conquer all obstacles, both large and small. I shall never quit. To quit, to surrender, to give up is to fail. I will always surpass failure. I will always do whatever it takes to ensure mission success.

Do not hesitate to contact me.  I will do everything I can to find the right program for you.

Have a Great Day.

JOSEPH WELOCK
Guest Author with LystHouse
Loan Officer – NMLS #1520298
Academy Mortgage
C:   (972) 814-4131
O:  (469) 872-7839
F:   (469) 304-9343
Joseph.welock@academymortgage.com
Webpage: http://www.coachwelock.com
Facebook: https://www.facebook.com/Joseph-Welock-Academy-Mortgage-NMLS-1520298-1445936205433796/?ref=bookmarks
LinkedIn :  https://www.linkedin.com/in/joseph-welock-85086960

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