If you’re wondering “what is the home buying process?” and want to understand the steps needed to purchase a new home, you’ve come to the right place. Guild Mortgage has a variety of loan types such as VA loans, conventional mortgages, loans for new or second property, renovation loans, refinances, and reverse mortgages.
Our experienced loan officers can walk you through the home buying process, including the necessary documents, the next steps to get your dream home, the possibility of down payment assistance, and the pre-approval process, which will give you the buying power to find the properties that meet your individual or family’s needs.
Just beginning your home buying journey? Here's how to get started on the right
track. First, you'll need to know your budget. An experienced loan officer can get you pre-approved and help determine how much home you can afford. Your loan officer will ask you to fill out an online application, or you can easily upload the required documents like tax returns and bank statements. Once approved, you'll be ready to start your home search. Now comes the fun part! Home shopping! Ask friends, family and your loan officer for trusted real estate agent referrals. Check reviews to make sure you're choosing a partner who has your best interest in mind. Now is not the time to be shy. If you have questions, make sure to ask them. Once you've found the perfect home, you'll make an offer. Depending on the competition and the condition of the home, you may want to offer more or less than the asking price. Your agent and lender can help guide you. If your offer is accepted, you'll sign the sales contract. This sounds like the end, but it's actually where our job really begins. Your lender will send your initial loan disclosures which, by law, need to be signed within 24 hours. Don't forget to check your email inbox during this time. Once you sign, our underwriting team will review everything you've submitted to make sure nothing was missed. At this point your lender will order an appraisal to get a true valuation of the property. They'll look at features of the home along with how much similar homes are selling for in the area. Now is a good time to schedule your home inspection. It's best to try to be there if you can, but if you can't make sure to review the inspection report thoroughly. The inspection will let you know if there are any major issues to be aware of. As the buyer, the inspection report cost is in your court, but it's also in your best interest. It will help you decide whether to continue moving forward, to ask the seller for any repairs prior to purchasing the home, or to walk away. Homeowners insurance: it may not be glitzy but you have to have it, and should you need it, you'll be glad you did. Also called hazard insurance, homeowner's insurance helps protect you and your home in case of any major damage, such as a fire or flood. It's important to note that you may need special added coverage depending on the location of your home. Your lender can help you determine this. We're almost there. Once your home inspection and appraisal are complete and all the required paperwork has been processed, your lender will send you a closing disclosure. This will give you a good idea of the complete details of your loan, though you can still make minor changes should you need to. It's important to note that by law the closing disclosure must be signed by midnight of the day it is issued. Once you've signed the disclosure, the lender will begin the three-day waiting period which is required before you can sign your closing documents. While most signings are done in person at the title office, Guild does offer an e sign option. Ask your loan officer for details to determine which would be best for you. After the lender has reviewed your signed documents they will wire the funds to the title company, and the county recorders office will record you as the new owners of the home. Congratulations! At this point you will receive the keys to your new home and you can begin to celebrate! Not already working with a Guild loan officer? Visit GuildMortgage.com today to search for a branch near you.
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Guild Mortgage Company is an Equal Housing Lender, NMLS #3274 (www.nmlsconsumeraccess.org). For licensing information, visit www.guildmortgage.com/licensing. All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice.
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