Select a Top-Rated Real Estate Agent
Selecting the right real estate agent is a critical decision that influences the duration of your home search and the final price you pay. A well-connected and experienced agent can help you find your dream home faster and negotiate a deal that leaves you completely satisfied. A professional agent committed to exceptional customer service can significantly improve your home-buying experience.
Jordan Mott takes pride in his concierge buying experience. Choose Jordan to represent you, and he will guide you through the home-buying process with ease.
The Importance of Pre-Approval
Obtaining pre-approval is a crucial step in the home-buying process, providing an accurate assessment of how much you can afford and enabling you to secure financing for your purchase. Benefits of pre-approval include:
- Gaining a clear understanding of your financial situation
- Knowing your home affordability range
- Enhancing your purchasing power when making an offer
With a pre-approval letter in-hand, sellers will see you as a serious and prepared buyer, giving you an advantage over other potential buyers.
The Pre-Approval Process
To get started with the pre-approval process, you will need to provide your lender with the following documents:
- Current pay stubs (last 2 months)
- W-2s or 1099s (last 2 years)
- Tax returns (last 2 years)
- Bank statements
- Investment/brokerage firm statements
- Net worth of businesses owned (if applicable)
- Credit card statements
- Loan statements
- Alimony/child support payments (if applicable)
Your home search officially starts! Based on your budget, Jordan will send you several available homes that match your preferences and accompany you on home tours to address any questions or concerns. Once you find a home you like, we'll begin making offers and negotiating.
Various factors influence a home's market value. Jordan will provide the insight and information you need to make a comfortable offer.
Factors that Influence the Market Value of a Home:
- Time on the market
- Price reductions
- Comparable market analysis
- Multiple offers
- Included items in the sale
- List-to-sale price ratio
- Seller's reasons for selling
- Assumable loan or financing
Once the offer is written, we'll present it to the seller's agent. The seller can then accept, reject, or counter the offer to start the negotiation process. Jordan will work with you to devise a strategy ensuring the most favorable terms and acceptable pricing for your budget.
After the seller accepts your offer, congratulations are in order. Jordan will notify you that you are now officially in contract! The loan process begins, and any contingencies written in your contract must be met within the specified timeframe. These contingencies include inspections, appraisals, and financing approval. While these contingencies are in place, your initial earnest money deposit is protected. Once they are released, it means you are satisfied with those conditions. Having a trusted loan advisor is essential for meeting these deadlines on time.
After receiving your ratified contract, the lender will send a copy to an Underwriter for review. Once you enter escrow, you will provide the Escrow Officer with any necessary fees or terms. Your Escrow Officer will instruct you on where to submit your initial earnest money deposit, demonstrating your commitment as a buyer. This deposit, a percentage set within your purchase contract, contributes to your down payment. The lender will discuss locking in your interest rate and send over disclosure forms for your signature. Your disclosures will contain the following:
- Information about lender laws
- The terms of your loan
- Details about closing costs and prepaid items
After signing the disclosures, the lender will work with a Loan Processor to prepare your file for submission to the Underwriter for review.
The lender will order your appraisal after you enter into a contract. Jordan can monitor and expedite your appraisal if needed. You'll need to pay for the appraisal upfront. After the Appraiser inspects your home, they will prepare the final report and calculate the appraised value. The final report is typically sent to you and the lender within a few days after the inspection. We will review the appraisal with you and answer any questions you have about the report. The appraisal and your complete loan file will be sent to the Underwriter for review.
The Underwriter will analyze your financial documents and assess your loan file's overall strength and risk. They will review your credit history, assets, income, and debt-to-income ratios to ensure they fall within lender and investor guidelines. After thoroughly reviewing your loan file, the Underwriter will approve or deny your application. If approved, the lender will send a list of conditions that must be satisfied for your loan approval. These conditions include verifying your tax filing records with the IRS, verifying employment information, and receiving your completed appraisal. Ensure you promptly send the requested conditions back to the lender so the Underwriter can review and sign off.
Once the Underwriter receives your final loan conditions and completed appraisal, they will clear your file for closing. The lender will confirm the final terms of the loan and order your loan documents, which will be ready for you to sign. Your signing appointment will be coordinated with either the Escrow Officer or a licensed notary.
During the last five days before closing, you will conduct a final walk-through to verify that the property is as it was when you made your offer and that any agreed-upon repairs have been completed.
Once all contingencies are met, your Escrow Officer will package your documents together. Referred to as your funding package, it is returned to your lender and assigned to a Funder for review. The Funder will sign off on any remaining conditions for the loan. Once the loan is ready to fund, the Funder will wire the final loan figures to the Escrow Officer, who will then disburse the funds to the appropriate parties.
Typically, your loan documents are officially filed and recorded with the county a day after funding. Jordan will inform you when your loan is on record. Once that occurs, you will be the official owner of your new home, and you can make arrangements with Jordan to pick up your keys. Congratulations on your new home!
Demonstrating Jordan's unwavering commitment to providing exceptional service and results for his clients.
A testament to Jordan's extensive experience and expertise in the real estate industry.
Showcasing Jordan's dedication to his craft and his relentless pursuit of success for his clients.
Emphasizing Jordan's commitment to putting clients first and ensuring their needs are met throughout the process.