Buying Made Simple.
Buying a home can be an intimidating experience, and having a trusted resource to guide you is essential. At The McCoy Group, we value our customers and treat them like family. We are here to assist you every step of the way, from "just browsing" to "we're moving in!"
Are you ready to make a move?
Buying Process
Getting pre-approved for a mortgage is a straightforward process that can significantly enhance your experience when buying a home. By consulting with a lender before you start shopping, you can save yourself time and frustration. Understanding your financial situation and knowing how much you can afford from the outset will help ensure that you are confident as you move in the right direction.
Step 1: Get Pre-approved
Once you determine your budget, your real estate agent can begin searching for properties that meet your criteria, such as location, school district, square footage, and number of bedrooms. Your agent will then schedule showings for you and your family to visit these homes. It is essential to select an agent who is knowledgeable about the area and with whom you feel comfortable discussing your needs honestly.
Step 2: Choosing the right home
Now that you’ve identified the house that you want, your agent will discuss various options with you, such as pricing, terms, dates, and your specific needs. The agent will prepare an offer and review it with you in detail. It’s crucial to consider their opinion and discuss the terms thoroughly. A knowledgeable real estate agent will be aware of the current market situation and can guide you in making informed decisions based on the latest data.
Step 3: Making an offer
Offer accepted! Now, you will provide an earnest money deposit and pay for an option period. This option period allows you to conduct inspections and take a second look at the property, ensuring that it is the right home for you. After the inspection, your agent will review the inspection report in detail with you, giving you the opportunity to negotiate any concerns with the seller or arrange for additional inspections if necessary.
If you are satisfied by the end of the option period, you will proceed to step 5. However, if things do not go as expected during this time, you have the unrestricted right to terminate the contract and resume your home search.
Step 4: Under Contract
You made it through option period! Depending on your situation, you may enter either the pending period or the contingent period. The pending period means that you have moved beyond the option stage and are now waiting for the title company and lender to finalize the loan and closing documents. During this time, several things will happen. Most likely, your lender will require an appraisal of the home to ensure that its value matches the price you are paying. It’s also important to be aware of the various costs you will need to cover upfront. Be sure to discuss these items with your lender.
If you have a home to sell, your ability to purchase a new home will depend on the sale of your current property. Your agent will guide you through this process step by step. Once your home is sold, you can proceed to close on your new home.
Step 5: Pending or Contigent
When the lender finalizes the loan and the title company prepares the settlement disclosure and closing documents, you are ready to close! Your agent will assist you in scheduling a time to sign the necessary paperwork. By this point, your lender should have informed you about the amount of money you need to wire to the title company and what items to bring to the closing.
The closing process is straightforward: you'll be signing documents in multiple places. After both parties have signed all the required documents, your lender will fund the loan. The title company will contact your agent once the funding is complete, and then you can collect your keys! Congratulations, you did it!