What to Expect When Buying a Home
- Your lender must have a Pre-approval letter. They will need:
Last 30 days pay stub
2 years of W-2’s and tax returns
Last 2 month’s Checking and savings account statements
It’s important once you start the mortgage process that you do not make any big purchases, try not to charge on your credit cards and do not open any new credit card accounts!
- Must provide Earnest money to seller’s broker and they will deposit the money.
- Home inspection
- Your lender will order an appraisal of the property.
- Secure home owners insurance and it’s important to get multiple quotes.
- Arrange for movers
- Contact the Utility Companies – Electric, Gas, Cable, Phone, Internet, Garbage, Water, Sewer
- Order a Termite Report and/or Wood Infestation Report
- Make sure your lender and/or your bank is set to do wire transfer of funds. Sometimes a form may need to be filled out to give authorization. Be aware of Wire Fraud!
- Check on repairs to make sure they have been completed.
- Request Final Walk Through Date and Time – usually the day before or the morning of the closing
- Review Settlement Statement (Closing Documents)
- Closing! – sign all documents and transfer of funds takes place. This can be done in person or through the mail.