Home Buying Process
Do you live in Maryland or Pennsylvania and have questions about the home buying process? We break everything down right here for your convenience. If you have additional questions about the often overwhelming process of buying a new property, feel free to contact us. We will help you every step of the way.
- Connect with Homesale Mortgage.
- Loan officer will provide a personal consultation.
- Review your credit and financial standing.
- Homesale Mortgage will issue pre-approval letter that states your buying power.
3 Finding the Right House
- Your Homesale Realty REALTOR® will show you properties based on the criteria and pre-qualification.
- Evaluate each property with your sales professional.
- Choose the right home.
4 Preparing & Presenting Offer
- Review comparable sales to determine offer price.
- Decide on other terms (inspections, possession date, personal property, etc.)
- Prepare earnest money deposit.
- Negotiation of terms and possible counter offers.
- Agree upon sales contract with seller.
5 Contract Accepted!
6 Mortgage Application
- Your loan officer requests all necessary terms from you.
- Loan officer prepares the loan for application submission.
- Your loan officer will order the appraisal.
- Submission of the application to underwriting.
8 Loan Processing
- Underwriting receives and reviews all documents, requests title Insurance, tax transcripts (4506t) and verifies employment.
9 Loan Underwriting
- Within three business days, the underwriter issues a conditional approval list of loan approval conditions.
- The processor works with all parties to obtain all outstanding conditions.
- Once all outstanding docs are submitted back to the underwriter for clear-to-close.
- Loan is approved.
- Home, termite and other inspections.
- Remove any remaining contingencies.
- Negotiate any repair requests.
11 Homeowner Insurance
- Contact your Homesale Insurance professional.
- Order and finalize insurance coverage.
- Homesale Settlement to review the title commitment or preliminary report.
- Order closing exhibits and prepare documents.
13 Preparing for Closing
- Homesale Mortgage closing documents and funds are finalized and sent to Homesale Settlement and buyer.
- Homesale Settlement complies and prepares all paperwork to be signed at closing.
- Homesale Realty sales professional coordinates dates with buyer and seller for utility change over.
- Closing date is scheduled.
14 Closing Disclosure
- You will receive your closing disclosure at least three days prior to closing and must be acknowledged by midnight day of receipt.
- Review closing disclosure.
15 Closing Day
- Your Homesale Realty professional will walk through the property with you so you can approve the condition of the home prior to signing the closing documents.
- Provide balance of down-payment and closing costs.
- Review closing disclosure.
- Sign documents.
- Receive keys from sales professional.
- Homesale Settlement to record the title.
16 Moving Day!