Once you have found yourself a realtor, received pre-approval for a loan and found a home you want to buy, there are five more steps to take in order to close a home that you wish to move to.
The first of these is to get your funding. There are thousands of loans available, but the mortgage you choose will be decided by key factors such as how much you can put down, your credit rating, and whether or not you are a first time buyer. In order to get a loan you must fill out a written loan application and offer supporting documentation.
The next step is to actually make an offer. You make an offer via the realtor, who generally presents that offer to the seller and their representative. They can then either accept, reject or sometimes make a counteroffer. Because the latter option is surprisingly common, it is all the more important to stay in close contact with the realtor.
The next step is to get insurance. Insurance protects homeowners in case the worst happens after relocation to your new property and there are various kinds, including title insurance, homeowners’ insurance, flood insurance and home warranties. Closing is the time to get insurance and warranty coverage.
The fourth step is to close the loan, which requires little more than just showing up and signing. After this, the house is yours. The final step is to keep a hold of all of the papers you received at settlement, determine the state of all your new home’s utilities and move in.
Jon Huser
