What to Expect When Buying A New Home
Congratulations on your decision to purchase a new home!
Buying a home may be your largest financial transaction to date, so it's important to make the right decisions and to keep an eye on the details.
With the assistance of an experienced Real Estate Agent and expert Loan Originator, it should be an efficient, pleasant, and ultimately rewarding experience.
Continue reading to find out what you can expect from your team throughout the process. Please contact us if you have any questions, or apply now if you are ready to get started.
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Why do I Need a REAL ESTATE AGENT?
Your agent can negotiate the best deal on a home for you. With a Pre-Approval letter from us in hand, your Real Estate Agent will be able to demonstrate that you are a fully qualified and capable borrower.
This will strongly influence the Seller, and will make the difference between the Seller accepting your offer or someone else's -- even if your offer is better! If you are not sure who to pick here are some Realtors recommended by The King Team at Highlands Residential Mortgage.
WHAT DOES A RESIDENTIAL MORTGAGE LOAN ORIGINATOR / Loan Officer DO?
- Pre-Approval: Your mortgage loan originator reviews your Credit, Income and Asset documents, should you choose to provide them, for a solid mortgage Pre-Approval. It will be subject to an executed contract, acceptable appraisal, survey, clear title and final underwriting approval.
- Your loan originator also assists you in selecting & locking-in the best loan program and interest rate for you. This single decision could potentially save you thousands of dollars throughout the term of your loan.
- Your originator will provide you with a clear & concise Loan Estimate of settlement charges to be expected at closing.
- They will keep you informed of your loan status throughout the entire process.
- A good loan officer also keeps your Real Estate Agent and the Listing Agent informed of your loan progress (Note: your personal information is always kept confidential between you, The King Team, Highlands Residential Mortgage and our investors; only the progress of your loan is shared).
- And most importantly, your residential mortgage loan originator makes sure your loan closes on time!
What does a Mortgage Borrower Need To Do?
- Make sure you are Pre-Approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home. Listing realtors will not accept an offer without a pre-approval letter. See our Loan Checklist for documents to send to your loan officer for a 4-hour Pre-Approval.
- In order to keep things going smoothly, provide the documentation requested by your Loan Officer and/or Loan Processor as soon as possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details that require your attention regarding your new home purchase.
- Select your Homeowners Insurance Agent and relay their contact information to your loan processor as soon as possible.
- Wire funds for closing to the title company 24 hours prior to closing. Your loan processor will send you the wire instructions through a secure site (CAUTION: do not forward unsecured wire information via email).
- Bring your driver’s license to closing.
Please contact us if you have any questions, or apply now if you are ready to get started.