Homebuying Process & Milestones
At Fairway Independent Mortgage Corporation, it is our job to make sure that our customers have a simple and rewarding home buying experience.
Not sure how the home-buying process works? Here’s how with milestones:
You’ll learn how much you qualify for, and discuss your loan options. Once you get pre-approved you’ll need to meet with an experienced real estate agent to find the type of home you are looking for within your budget.
The agent can help with negotiating, writing contracts, and is knowledgeable about the local market.
Once you find a home, your agent will help you make an offer.
A Real Estate Agent
- Has Negotiating Skills
- Writes Contracts
- Has Local Area Knowledge
A seller can accept, reject, or counter your offer.
The buyer can also accept, reject, or counter the sellers offer.
The amount of earnest money is determined during the negotiating process. You will typically provide this to a third party like the title company.
Next is a home inspection, that can save you money and give you peace of mind. Features in a home inspection include; structure, roofing, electrical wiring, plumbing, and insulation.
Unlike a home inspection, an Appraisal will determine the value of the home, and how much the lender is able to loan for financing. The report is based on a number of factors.
Loan Goes to Processing and Underwriting
Once the appraisal is complete, your loan will be submitted to processing and underwriting. An Underwriter will analyze your risk, to determine if the terms of your loan are acceptable and meet program guidelines.
Cleared to Close
Once all of your conditions have been met, the underwriter will issue a final approval, which will clear your loan to close.
At least 3 days before the closing date, the closing disclosure will be sent for you to review the final numbers. The closing package will also be sent to the title company. You will follow the wire instructions provided by your settlement agent to send the required funds transaction.
On closing day, with your photo ID in hand, you will meet at the settlement agent’s office to sign the paperwork. After the closing documents have been signed and approved by all parties, the loan will fund.
Congratulations you are now a homeowner!