Mark will spend some time talking with you and answering your questions about various mortgage products that are best suited to your situation and the goal of owning your own home. Also, he will review your various financial statements to determine the maximum monthly mortgage payment that you can afford. Using these figures will be a key factor in helping your Realtor select homes within your price range and assure the Seller that you are able to make a creditable offer worthy of their most serious consideration.

This is the step where you will search for a home within your Pre-Qualified price range with the help of your Realtor. Be as specific as possible with your Realtor regarding schools, commutes to work and other neighborhood issues that are important to you. These specifics will be a big help to the Realtor in allowing them to quickly find suitable housing areas that will be a match for your needs and eliminates lost time.

Once you find a home in your price range that you’re interested in, your Realtor will work with you to write up an offer to the Seller. They may accept the price you have offered, or counter-offer a different price. Your Realtor will guide you and assist you with any negotiations with the Seller during this part of the process. When you do come to an agreement on price and terms, the contract is signed by all parties and forwarded to Mark to begin mortgage processing.

It is important to note that the time between offer and acceptance can vary greatly depending on the status of the sale, (i.e. Private owner vs. Bank Owned (REO / Foreclosure) vs. Short Sale (bank approved) it’s always a good idea to keep in touch with your chosen Realtor and Mark to ensure everyone is on the same page as to what you are waiting for to happen next.

Once the contract is accepted and signed by all parties, we will update your loan paperwork to match the property and any specific terms called out in the purchase contract. At this point we will also make sure all of your financial statements, pay-stubs, etc. are up to date before progressing further; this will also include the signing of any updated consumer disclosures. Your Realtor may also order certain inspections of the property to ensure you clearly understand its condition.

Now that there is an agreed upon price for the property, an Appraisal will be ordered to ensure that this price is indeed at fair market value, meaning you (the buyer) are not over paying. This part of the process can take some time, as the Appraiser must actually visit the property and take photos to document its condition in support of the value being determined. Once a satisfactory Appraisal has been received (one with a value equal to or greater than the Sales Price), we can begin submitting your loan paperwork to Lender for final approval.

Once we have final approval from your lender on all submitted documentation we will begin the transfer of the title of the property into your name via a set of papers that will require your notarized signature witnessed by a third party. Ultimately, these papers will list your name as the official owner in the Public Record. This is also the time we will lock in your mortgage rate and finalize any remaining minor costs and fees. We will now know exactly how much your monthly mortgage payment will be and the amount of cash you will need to complete this transaction.

Title is a third party company that will print the necessary documents, these are sent from the lender, to transfer the home into your name. There is a lot of paperwork to sign at this appointment, which is why it can sometimes take more than an hour to complete it all. I make it a point to attend as many of my loan closings as possible; so I will be there to answer any remaining questions you may have. This is also when you will have to bring in any remaining funds you are required to pay (i.e. your down payment and any remaining closing costs). This can be handled either by electronic wire transfer or certified bank check made out to the title company.

The final step is the electronic transfer (or wiring) of funds between the Title Company and the lender – this is known as “Funding” your loan. Normally, this does not involve any further action from you, but it will have to be completed prior to “Recording” your name in the Public Record as the legal owner. This process can take anywhere from one to three days depending on circumstances.

After all that, the only thing left to do is to meet with your Realtor to pick up your keys to your new home. Congratulations!

The average amount of time to complete this process once a Purchase Contract is received is about 30 to 45 days barring any complications. I want you to know what to expect and be prepared, and I sincerely hope this overview helps you understand the major steps associated with buying a home.