home buying process
first time buyers
why use a realtor
obtain financing
search for property

offer to buy

get protection

the closing




Home Buying Process


There are some basic steps that are part of every home purchase.

1. Gather your financial information. You will want to list your sources of income, amount in savings, your monthly expenses, any other short or long term debt, and other cash-flow considerations. This will be needed to obtain financing.

2. Contact a loan officer. In today's market, you don't just "take out" a loan, you will "shop" for a loan. Contact a few mortgage brokers or lending institutions to obtain the best interest rate. Then you should get pre-qualified, or better yet, pre-approved. A Seller will be more interested in your offer if they know that you are qualified or approved for the amount of the purchase.

3. Determine a comfortable monthly payment. Your loan officer will tell you the amount that they will lend you. Using a mortgage calculator, determine the monthly principal and interest payment that you are comfortable with.

4. Contact an experienced REALTOR from MAINGATE. Your licensed and trained REALTOR will act on your behalf, fairly and honestly, representing your interests in the transaction. And remember, the Seller pays the commissions, not the Buyer. So we work for you and the Seller pays for it!

5. Search for potential properties. Using the amounts from your loan officer and your mortgage calculator, look for homes in your preferred areas that not only are in your price range, but match your preference of number of bedrooms, number of baths, with or without a pool, style of construction, age of home, proximity to schools and work, etc. Your MAINGATE sales associate will provide you with a list of homes that match your preferences, or you may search from the privacy of your own computer using our MLS Property Search.

6. Make an offer. Once you locate the home that you would like to purchase, your MAINGATE sales associate will help you come up with an appropriate offer. Using a Comparative Market Analysis, the sales associate will determine a standard market value of the home based on recent sales of similar homes in the neighborhood. This is similar to the appraisal that will be required by the lending institution as part of your loan process. The accepted offer will become the actual contract.

7. Contract to closing. Once your offer is accepted, the wheels go into motion. You will need to select and schedule a home inspector and a termite inspector. And you will need to secure homeowner's insurance. Meanwhile, your sales associate will communicate with the lender and the closing agent to prepare all of the documentation. If any repairs are needed and called for as part of the contract, you will want to contact and schedule a repair person or contractor to make the needed repairs.Your sales associate cannot select or recommend an inspector, contractor, or insurance agent for you, but a list of these and more are offered by the local Board of REALTORS and available from your sales associate.

8. Closing. All of the hard work has been done. The closing agent will have put together "the package" of closing documents, with support from the loan officer and your sales associate. Once at the closing table, the Sellers and Buyers will sign the appropriate loan and title documents. Once the transaction is closed, you are the proud owner of your new home !

For specific questions about the home buying process, ask your MAINGATE sales associate.


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