Buying a House 101

Buying a house is an exciting time. It’s also a stressful time. Lenders usually need more documents as the closing day draws near. Sometimes, you wonder if your bank is ever going to sign off on the transaction. It’s important to know what the home-buying process is before setting out. It may help make the waiting game more bearable if you know what to expect.

Signing the Contract

The first step in getting the home buying process started is signing the real estate agreement. Before you sign, you should know what the conditions to close are so you can get yourself prepared. There are certain things the seller will have to provide, such as a property survey pasco county fl. This is an important document for proving that the property description is accurate.

The Loan Agreement

Aside from the real estate agreement, you probably will sign one to get the loan. Whether you use a conventional lender, like a bank, or a mortgage broker, most mortgage agreements are roughly the same. You can start getting all of your financial documents together, such as proof of income. Know that the lender will want to verify all of your financial information up to the point of closing. They will want to see recent bank statements to make sure you aren’t moving money around that they don’t know about.

The Closing Documents

As the purchaser, you have quite a few things to prepare to see on the day of closing. If you do need a mortgage, you will sign all of the lender documents at this time too. Once approved, the facilitator of the closing may contact the lender so that the seller can get the money. Once there is proof that the funds have been received, and all of the documents are signed, then the facilitator will deem the transaction closed and hand you the keys.

There are a lot of overwhelming moments during a home purchase, but they are all worth it to have the keys in your hand.