Buying a home isn’t simple. It’s stressful. It’s demanding. It’s a multi-phase process; and, it’s a process that demands a huge amount of energy. Here at MortgageBase, your jumbo and super jumbo mortgage provider, we understand that homebuying is everything but easy. After all, buying a home is likely one of the biggest decisions (if not the biggest decision) in your life. It’s also likely that it is one of the most expensive purchases (if not the most expensive purchase) that you’ll make in your life. That’s a heavy burden. That’s why, for today’s article, we’re going to break down the homebuying process. Let’s look at each step that you’ll have to follow in the homebuying process – perhaps it’ll be an easier process to understand once we’ve cut it down to bite-size pieces.
First Things First, Determine Your Funds
Before you start shopping for the ultimate home, ask yourself how much money you have to spend, and how much home you can afford. Consider a down payment that’s viable for your current financial stance, and start thinking about a mortgage that makes sense for you. If you’re thinking about attaining a jumbo or super jumbo mortgage loan, feel free to give us a call to learn about our options, the amount of down payment that may be required to purchase a home, and an estimate of our current mortgage rates.
Next, It’s Time to Search the Market
It’s likely that you have a general location in mind where you’d like to settle down. Seek out a realtor to aid you in narrowing down your search. Make a list of some of the priority items that you are looking for in a home. Are you looking for a home to raise a family? Or, are you looking for a home with plenty of property to house some horses? Perhaps it’s your priority to live near a thriving city that has plenty of nightlife and entertainment. Regardless of your priorities, you’ll want to share them with your realtor to ensure that you’re looking for the right property in the right location. As you begin your search, keep in mind how much money you’re willing to spend. Your finances may be your overall priority.
While you’re touring the homes that you like, take a moment to check a few things around the house. Feel free to check the water pressure and the heat that the water heater is producing. Check the lights in each room to make sure that all of the electrical infrastructure throughout the home is sound. You can even take a moment to check the windows to make sure that they open and close properly. Take a look at the appliances and HVAC system, and take note if any equipment is outdated (some funds from our jumbo and super jumbo mortgage options can be utilized to upgrade your home upon its purchase).
Now It’s Time to Make an Offer
So, you’ve found the perfect property! Now is the time to coordinate with your realtor to make an offer that makes sense for your finances, as well as the value of the property that you’re seeking. Be aggressive only if the home has been on the market without an offer for some time (these sellers are more prone to drop their listing price). If there are other individuals placing bids on the home that you like, you may be forced to offer a price that is at or above the listing price.
Seek an Inspection
You’ll likely make an offer that is contingent on the seller allowing for a home inspection. A home inspector will navigate through the home and look for signs of damage throughout the property. If, for instance, the furnace doesn’t operate as it should and it will need replacing within the year, that’s an expense you won’t want to absorb. Or, if all of the appliances in the kitchen have been there since the 60s, they really don’t hold much value. You can use the inspection information as leverage to ask the seller to make fixes, repairs, or changes around the home as necessary. The seller will also receive the inspection report. Once you’ve agreed upon a price point and the terms preceding the sale of the home, it’s time to seek out a viable mortgage option.
Find a Mortgage
It’s time to shop around for a mortgage. With mortgage providers strewn throughout the nation, you’ll want to find a mortgage broker that understands your needs. Seek a lender that has many mortgage product options that can suit your financial stance. If you’re looking for a jumbo or super jumbo mortgage, you can count on Mortgage Base. We provide home loans, including jumbo and super jumbo interest only mortgages; 30-, 20-, and 15-year fixed rate mortgages; and we provide adjustable rate mortgage options. We offer competitive rates on our jumbo and super jumbo loans. It’s our goal to connect you with the home of your dreams.
Time for an Appraisal
Next, it’s time to get your upcoming home appraised. Your mortgage lender will work with you to assess the market value of the property that you’re purchasing. This aids to ensure that the investment that you’re making is sound.
Sign & Close
Finally, it’s time to close on your home! You’ll work with your lender, the seller, your realtor, and a title company to collect and sign the proper documents and contracts. It’s a lot of paperwork to make sure that the deed ends up truly and squarely in your hands. But, at the end of the day, you’ll have the home of your dreams! Again, it’s a long process, but it’s all worth it once you’re handed the keys to your new abode. Welcome home!
We hope that all goes smooth as you navigate through your home-buying process. Again, you can call on MortgageBase if you have any questions surrounding the home-buying process or our jumbo and super jumbo home loan products. Let us help you connect with the home of your dreams!