Homebuyers Guide: Tips for Purchasing a New Home
First, congratulations! Buying a new home may be your largest financial transaction to date, so it's important to make the right decisions and to keep your eye on the details.
With the assistance of this homebuyers guide, an experienced Real Estate Agent and an expert Loan Originator, your path to homeownership should result in an efficient and ultimately rewarding experience.
If you would like a referral to an expert Real Estate Agent or Builder, we would be happy to share some names with you. The King Team has been originating and closing loans on-time for over 30 years and over that time we have developed close relationships with many renowned professionals in the industry.
If you have any questions, please be sure to reach out to one of our experts for help. We are here to serve you and encourage all questions!
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Why do I Need a REAL ESTATE AGENT?
Many first time homebuyers are often caught asking themselves this question. The truth is your real estate agent can help negotiate the best deal on a home for you.
With a Pre-Qualification from an experienced lender like Get a Rate, 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 unsure which Real Estate Agent to pick feel free to browse some of the recommended Realtors by the King Team at Get a Rate.
WHAT DOES A RESIDENTIAL MORTGAGE LOAN ORIGINATOR / Loan Officer DO?
- Pre-Qualification: Your mortgage loan originator reviews your Credit, Income and Asset documents, should you choose to provide them, for a solid mortgage Pre-Qualification.
- Your loan originator also assists you in selecting & locking-in the best loan program & 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 will also keep your Real Estate Agent & the Listing Agent informed of your loan progress. NOTE: your personal information is always kept confidential between you, The King Team, Get a Rate and our investors; only the progress of your loan is shared.
- And most importantly, your loan originator makes sure your loan closes on time!
Hombuyers Checklist: 5 Things A Mortgage Borrower Needs To Do
If you are thinking of purchasing a home soon but are unsure of what you need to do here are 5 basic but important homebuying tasks for all types of mortgage borrowers.
- Make sure you are Pre-Qualified 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 being Pre-Qualified. See our Loan Document Checklist for documents to send to your loan officer for a Pre-Qualification.
- Provide documentation requested by your Loan Officer / 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.