Have you been thinking of purchasing real estate?
To help you understand what to expect as a buyer, I have provided a small overview of the Loan, Home Buying and Title processes and what is required of you during this time.
Choose a Lender
I recommend looking at the Finance page on my website to view my preferred lending partner, Jer Cox with Academy Mortgage. Once you have decided upon a lender to use for your purchase they will begin the pre-qualification process. This is a very important step, it helps you find a price range that you can afford and a payment that you are happy with. By being pre-qualified, you will be able to look at homes in your price range. The pre-qualification is necessary to have when submitting a contract, the Arizona Association of Realtors approved real estate contract requires a pre-qualification (called a loan status report) letter be attached to each contract.
Find a New Home
After you are pre-qualified, now it is time to find your new home. Your Realtor will show you all the properties that fit your needs and are within your price range. If you would like to start the search process, you can view homes for sale in Flagstaff, Munds Park, Mormon Lake and Kachina Village. Once you find the home you are looking for, your Realtor will draft a purchase contract for you. Your Realtor will then submit and negotiate your contract. Upon successful negotiation, your Realtor will open escrow at the chosen title company. Next you must do all of the inspections to ensure this is the home for you. Your Realtor will help you through this process and discuss it in more detail. While the above steps are in process, the loan officer is preparing the documents and ordering an appraisal (if one is required or requested) and the escrow officer is preparing the title paperwork and researching the title.
Prepare To Close
Next, the loan officer gives their underwriter the paperwork. Once the underwriter then gives final approval, they draw the loan documents and sends them to escrow. Sometimes, things can come to light during this process which is why you want to disclose everything about your financial past. You and your Realtor will then go in to sign. After all conditions are met, congratulations it time to close!