7 Steps in the Homebuying Process

 

What to Know Before You Buy a Home

Buying a home is a very rewarding experience. Working with a mortgage expert along the way makes it even more gratifying. These steps in buying a home make it easy and we are here to help.

Step 1

Learn Your Mortgage Options and Get Preapproved

This is a very important step in the home buying process. Know what you qualify for‚ come up with your budget‚ choose a program and payment that is right for you and then get preapproved. The preapproval process involves providing your personal information such as income‚ employment‚ assets and having your credit reviewed as well as sending in documentation. After this step‚ you will know what your purchase price range should be at when shopping for your new home.

Step 2

Consider a Real Estate Agent to Work With

Consider working with a real estate agent in your area of choice. An agent will guide you through the process‚ sharing valuable information and insight. Your agent of choice will know the market that you are interested inand help you navigate the nature of that area.

Step 3

Search and Shop for Your New Home

There is a great deal of preparation involved in determining the needs‚ finding suitable properties and gathering information to help you make decisions. Your real estate agent will assist in showing you homes that you are interested in. Give your agent feedback and make time to go look at the homes you may like.

Step 4

Make an Offer

If you find a home and would like to make an offerto purchase it‚ your agent will review the market and inform you of what a good offer would be. Your agent will guide you through the negotiation and contract processes.

Step 5

Time for a Home Inspection

Once a buyer and seller mutually agree to a sales price‚ any other contractual terms and sign the purchase contract‚ the sale is now pending. Most buyers choose to get a home inspection. For buyers and sellers‚ the sale is not considered final until all inspections have been completed and any additional negotiations are finalized.

Step 6

Finalize Your Financing Options and Be Prepared to Close

Since you have already been preapproved‚ this step is relatively easy. Be prepared for any additional documents needed to finalize your mortgage paperwork. Your real estate agent will coordinate a good time for closing and you will be preparing for your move on your closing date.

Step 7

Close on Your Home Purchase

You and your VA Mortgage Corp team have completed the inspections‚ secured your financing and now you are ready to close.

The Benefits of Using Your VA Loan

  • Buy a home with no down payment
  • Ability to use gifts or seller concessions to cover your closing costs
  • Refinance up to 120% of your home’s value
  • Take advantage of your VA loan benefits even if you’ve used them in the past