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 35 years. 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 highly encourage all questions!
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Why do I Need a REAL ESTATE AGENT?
The truth is your real estate agent may be able to negotiate the best deal on a home for you.
Today, real estate agents request a Pre-Qualification letter from an experienced lender like Brighton Bank to attach to an offer on a home. This allows your real estate agent to demonstrate that you are a fully qualified and capable borrower. This will strongly influence the seller and may 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 real estate agents recommended by Your King Team at Brighton Bank.
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 & letter.
- 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 and review the initial and final Loan Estimate with you prior to closing.
- They will keep you informed of your loan status throughout the entire process.
- Your King Team 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, Your King Team, Brighton Bank 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 Borrower Needs To Do TO PREPARE FOR MAKING LOAN APPLICATION
If you are thinking of purchasing or refinancing a home 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 real estate agents will not accept an offer without being Pre-Qualified. See our Loan Document Checklist for documents required to send to your loan officer for Pre-Qualification letter should you choose to provide them. Be sure to send all pages of the documents even if they are blank.
- 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. The title company will send you wire instructions through a secure site. CAUTION: do not forward unsecured wire information via email.
- All borrowers must bring their driver’s licenses to closing.
Please contact us if you have any questions or apply now if you are ready to get started.