What to expect - Mortgage Español

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Deciding to buy

The Decision to buy a new home usually stems from one of the following:

Family Growth creates need for larger space
Job Promotion or transfer requires geographic move
Aging - "the empty nest" – downsizing your living space

In each of these cases, it is possible simplify the process of buying a home by using the power of the internet.

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Determining a price range

Pre-qualify for a mortgage before you search for a home. (pre-qualify)

A common mistake made by new homebuyers is looking for a home without knowing how they intend to finance the property or how much they can afford. We have developed a quick tool to assist you in determining a maximum loan amount and sales price.

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Search listings

As the saying goes, "when looking for a home three most important things to consider are, location, location, location". This basically means proximity to work, schools, stores, hospitals, etc. Once you have determined what you can afford (pre-qualify) review listings by location (find a home), then price, to narrow your choices

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Find an agent

Once you have an indication of the sales price and location, you should find an agent to represent you. (search for an agent).

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Offer / acceptance

Before making your offer, consider the details. Do not rush to make an offer until you have contemplated all of the terms of the deal. Your agent can advise you (based on his or her experience) as to market conditions that may require your immediate action, however, make sure you understand the complete offer you are making and your responsibilities in fulfilling the terms. If you feel that you cannot live up to any requirement, discuss it with your agent; He or she will help tailor the transaction to suit your needs.

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Escrow / Closing

Once you have negotiated and signed a purchase agreement (a contract to purchase the home) the agent will deliver the contract and your earnest money deposit to the closing agent. Depending on the laws of your state, this might be an escrow company, real estate lawyer, or title officer. This individual will insure that the transaction is carried out per the terms and conditions of the purchase agreement, including meeting the requirements of the lender, inspecting and "accepting" the condition of the property. Once you have complied with the terms of the contract, the closing agent will record the Deed (proof that you own the property) and disburse the proceeds of the loan and the deposits to the proper parties.

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Move In

Once the Deed is recorded, you own the property!

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