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Get Qualified. Find out how much house you can afford, If you have great credit and a good size down payment ask your bank to qualify you for a home mortgage, if you have had a few dings on your credit over the years and have a small down payment ask George Edwards to recommend a loan broker, unlike high street banks, loan brokers work with many different lenders and will find one that has a program to match your needs. Even if you’re not ready today a good loan broker will advise you on how to clean up your credit, what debt you should pay off before you apply for a mortgage, and how much money you will need as a down payment, plus what closing costs you will need to pay (Escrow fees, any points origination fees etc.) with a government backed FHA loan you can put down as little as 3.5% Did you serve our great nation? Then you may qualify for a VA loan with just $1 down.
Once you get qualified it’s time to go home shopping with George, together we will find the right house at the right price, often we can negotiate with the sellers to pay some or all of your closing costs.
Step 2 Make an Offer
When we find the perfect home, together we will decide what to offer; George will do all the paperwork and submit the offer.
Don’t get attached just yet, one of 3 things will happen
Our offer is rejected normally because someone else bid more. We find another house.
The seller counter offers. We accept, reject, or counter back again.
Our offer will get accepted (yippee) we open Escrow.
Step 3 Open Escrow
Once our offer is accepted, things get busy, we open Escrow! You put a money deposit in to escrow. (Escrow is a neutral 3rd party who basically and I am being very basic when I say this. Takes the money from the buyer, checks the seller has the authority to sell, then transfers title of the house to the buyer and money to the seller.)
Once escrow is open I will send a copy of your accepted offer to your loan agent.
Step 4 The 17 Days Due Diligence
17 days that’s an important number. We have 17 days to do our due diligence; we will schedule a home inspector, a termite inspection, get a natural hazard report (this tells you if the city is planning to build a freeway across your back yard, if your house is built in an earthquake fault zone flood zone or high fire hazard area.) During the 17 days the seller must disclose to you any know defects or other issues for example grandma passed away in the spare room, or they were busted by police for the meth lab in the garage, the seller has to tell you anything about the home that may change your mind about owning it. The 17 days is our time to negotiate any repairs needed and to make sure this is the home for you, once we have passed the 17 days from the date the offer was accepted, and you change mind you risk losing your deposit money from escrow.
By this time your loan should be moving along nicely. DO NOT do anything that can change your credit during this time, do not buy a new car, do not open or close any credit cards, do not buy furniture or appliances, do not change jobs, this is a very critical time for your loan, your paperwork will be sent to an underwriter (an underwriter is a mystical creature that live in the forest that no one gets to see) The underwriter will look at every inch of your loan file making sure every I is doted and every t is crossed that you employment is current and your credit has not changed, don’t do anything with unusual with your bank account until after close of escrow, so if your favorite Aunt Dotty is giving you a large check as a house warming gift and it was not a part of your application don’t deposit it until after escrow closes. Remember these mystical creatures know as underwriters are very skittish and scare easily.
The underwriter is happy everything checks out now it’s time for you to sign the loan documents. Don’t be surprised it’s a lot of paperwork.
Normally by the end of the next business day escrow will call me, once they have record title in your name at the county of riverside.
Step 5 Get Keys
Congratulations you are now a home owner. Yippee!