In this digital era, where people are accustomed to instant deliveries and happening, a question that arises in mind is how long will it take to receive your new home keys. Understand the home buying process to gain an idea of the time, you will take to close the deal.
Loan pre-approval
Before, you start searching for a new home acquire a loan pre-approval document.
It will help –
- To keep the timeline of buying process small
- To confirm the amount, you can borrow
- To determine your purchase budget
- To prove sellers, you are serious
The loan pre-approval application takes 2 to 3 days for assessment. If you are approved the estimated loan details including the interest rate and amount will be outlined. However, before you start a preapproval process there are several things to consider like credit reports and ongoing loans because the lender will ask for this information.
Before, you submit a loan pre-approval application start saving for the down payment at least six months in advance. It allows showing lenders you got the means. Avoid taking new loans because there is a need to keep finances in the status quo. Assess if you can afford monthly loan payments.
You can work with a Mortgage Company like Sammamish, which is licensed and has experience of 28 years, in the lending sector. Sammamish Mortgage has been serving the community around Bellevue to purchase their own home. The rates offered are affordable, you can approach them!
Explore for a suitable home
With a loan pre-approval, you can start the real buying process. You know your affordability and budget, so work with an agent. Attend open houses with the estate agent at this stage.
Make an offer
The moment you find a suitable home; you are interested to buy make an offer through the agent. The agent will ensure that the offer made is competitive and aligns with property rates in that area. The offer will even include contingencies that help to protect you in case you withdraw from the offer.
Pay a deposit
If the offer is accepted, then progress in signing the purchase agreement and make an earnest deposit. It assures the seller that you are serious about purchasing and working towards closing the home deal.
Schedule home inspection
After acceptance of the offer, it is time for a home inspection. Generally, after a purchase agreement is signed the home inspection needs to be finished within 10 days but it depends on the specific state law, so check it! In case, there are major concerns like septic tank replacement than repair negotiation with the seller for credits will delay the closing process.
Wait for closing
The lender needs time for underwriting the loan, so you will need to wait. You will need to submit the necessary documents to the lender for loan clearance. The lender will even ask for a home value assessment.
Depending on the loan type, assessment and paperwork will be different, so will the length of the closing process. Even if you got a loan pre-approval, the new home is appraised to find out if financing is a good risk or not.
Close the deal and receive keys
Ultimately, you will need to sign some paperwork and pay a closing cost to complete the purchase process. The closing process takes a couple of hours.
To make the home buying process simple iron your finances and get loan pre-approval!
