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Home Purchase Basics

Buying a house requires time and effort, these steps can help you understand the process.

Step 1: It’s Never too Early to Start Your Research

Start by reviewing web sites that have real estate listings in the areas you are interested in. Take notes on the homes you like and see how long they stay on the market. Also, note any fluctuations in asking prices. This will help you develop a sense of the housing trends in your area of interest.

Step 2: Establishing How Much House You Can Buy (Pre-qualified and Pre-approved)

It is best before you start looking for a home to know how much you can actually purchase. The best way to do that is through prequalification. To get prequalified, you must provide some financial information, such as your income and the amount of savings you have to a loan officer. Directors Financial Group will review this information quickly and tell you how much money we can approve you for. This will tell you the price range of the homes you should be looking at. Later in the process, to get preapproved for the loan you will submit your financial documents (see our mortgage checklist under resources and tools menu) so processing can verify your financial status and credit prior to underwriting.

Call us at 877-492-9173 to get Pre-qualified.

Step 3: Find a Real Estate Agent

Real estate agents can be important partners when you’re buying or selling a home. Their knowledge of the home buying process, negotiating skills, and familiarity with the area you wish to live in can be a valuable resource. And, best of all, it doesn’t cost anything since they are paid by the seller of the house.

Step 4: Shopping for a Home and Making an Offer

Start by going to open houses in your price range. Take notes on the homes you visit. It is hard to remember the details about each house after you visit more than three of them, pictures and video are also great tools to use.

Also, make sure things work. For example:

  1. Test the plumbing by running the shower to see how strong the water pressure is and how long it takes to get hot water
  2. Turn switches on and off
  3. Open and close the windows and doors
  4. Write down anything that is not working

It’s also important to evaluate the neighborhood:

  1. Are the other homes in the immediate area well maintained?
  2. How much traffic activity does the street get?
  3. Is there enough street parking?
  4. What are the nearby places of interest that are important to you: schools, shopping centers, restaurants, parks, and public transportation?

Take your time to find the right home. Then work with your real estate agent to negotiate an offer. Once you and the seller have reached agreement on a price, the house will go into Escrow (usually 35-45 days long).

Step 5: The Home Inspection

Often, purchase offers are contingent on a home inspection of the property to determine if certain parts of the home need repair. Your real estate agent usually arranges the inspection (by a qualified inspector) within a few days of your offer being accepted. This protects you by giving you an opportunity to renegotiate your offer or withdraw it without penalty if the inspection reveals significant repairs are required.

Both you and the seller will receive the home inspector’s report. You can decide at that point if you wish to request the seller to fix anything before closing the sale or proceed without repairs being done. Prior to closing, you will have a walk-through of the house to confirm that all agreed-upon repairs have been made.

Step 6: Work with a Directors Financial Group’s Loan Officer to Select Your Loan

We have a wide range of competitively priced loan programs and a reputation for exceptional customer service. You will have many questions when you are purchasing a home, and having one of our experienced, responsive mortgage bankers assist you will make the process much easier.

Every home buyer has their own priorities when choosing a mortgage, some are interested in keeping their monthly payments as low as possible. While others are more interested in never having monthly payments increase. We have numerous options for each buyer’s situation and goals. We make home lending easy.

Step 7: The Home Appraisal

Directors Financial Group will arrange for an appraiser to provide you an estimate of the value of the house you are buying. The appraiser is a member of a third party company and is not directly associated with our company. The appraisal will let all the parties involved know that you are paying a fair price for the home.

Step 8: The Title and Escrow Company

The documents involved in purchasing a home are numerous. Directors Financial Group will work with the Title and Escrow Company to handle all of the paperwork and make sure that the seller is the rightful owner of the house you are buying.

Step 9: Closing

Signing all of the paperwork required to complete your purchase, including your loan documents, is done at closing. It typically takes one to two days for your loan to be funded after the signed paperwork is returned to Directors Financial Group. Once the funds are transferred to the seller, you are given the keys to your new home by the Real Estate agent.

Directors Financial Group NMLS# 177087
575 Anton Blvd. Suite 880, Costa Mesa, CA  92626
Toll Free:  (877) 492-9173
Copyright © 2018 Directors Financial Group
This is not an offer for extension of credit or a commitment to lend.
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