The home-buying process is a long and complicated journey for first-time home buyers. Even those who have purchased homes before may need guidance with some of the more convoluted steps. We've boiled the process down while still maintaining all the critical parts.
1. Loan Pre-Qualification:
Pre-qualification allows you to search for a home that is affordable for you.
Tips for a Simple Loan Approval:
Save and submit all paystubs during our transaction
Save and submit all bank statements during our transaction
Continue to pay all of your bills, loans, and debts on time
Call your lender with any questions
Don't do this:
Don't change employment during process • Don't quit your job
Don't change bank accounts
Don't co-sign any loans during the process
Don't apply for any new credit cards
Do not make any cash deposits
2. Start Shopping for a Home:
Decide your needs and wants-discuss with your REALTOR®. Your REALTOR® will find you properties within your budget and desires.
Once you find a home, the offer to purchase is made. Price is negotiated with the seller. Buyer writes the offer, and the seller accepts. Purchase contract signed by all parties.
4. Application Process Starts:
Once we have received your intent to proceed, submit pay stubs, tax returns, and assets account statements. Initial disclosures will be sent to buyers (these amounts are estimated at this time). Start your search for your Homeowner's Insurance coverage.
5. Appraisal and Property Inspections:
The inspections and appraisals are ordered within the first week of the contract and are paid outside of closing. An appraisal is ordered to identify any discrepancies between the sales price and the appraisal value as well for damage and safety hazards.
6. Processing Review:
A loan processor will review the file, gather information needed, and send all information to an underwriter. Title work, verification of employment, review of assets, and confirmation of homeowner's insurance choice (need agent's name and phone number) are ordered as well.
7. Underwriting Decision:
Keep in mind; should your loan receive approval or conditional approval, there may be certain financial conditions or property conditions that must be met before your loan receives final approval.
8. Clear to Close Issued:
Documents are prepared to be sent to the title company. Closing disclosure is balanced between the title company and Supreme to confirm your final amount to bring to closing.
9. Initial Closing Disclosure:
Issued at least three days before closing.
10. Final Walk Through:
Your REALTOR® will take you out to the property so you can
do a final inspection before closing to approve the condition of the house before signing closing documents.
11. It's Closing Day:
We are at the finish line! Loan documents, including any escrow documents, get sent to the title company to be signed by you, the buyer, and the seller at closing. A wire for the amount of the loan will be sent to the title company for funding.
12. Last Step:
Congratulations! You are now a homeowner! Complete the Homestead Exemption form for Clark County to take advantage of tax advantages of owning a home. Mail into the county clerk's office.
The first step to getting a Las Vegas home loan starts not with playing with an online calculator but understanding your financial position and what you can afford.
Contact Steve Cowan to look at your financial situation, diagnose potential roadblocks before you ever call a REALTOR®, and help you understand your home buying options. Click here to get started.