Get to know the process
It is my duty and privilege to help you understand what the process of home buying really is. We want to be well educated in the process so we don't have any surprises! The home buying process is detail oriented. We will review what steps are taken as we move forward! A little glimpse of what to expect is: 

• My Duties to you as your Realtor®
• Writing an Offer
• Hiring an Inspector
• Communication is Key

There is more, but i'll be sure not to load everything on you at once!

Understanding the Market
It is essential that we review the current conditions of the market to know what to expect. As a first time homebuyer, it is necessary to understand what the market holds for us. In this segment of the process, we will review what homes are available, what they have sold for, and strategize how to get you into your home! 

​We have enter the season of tax return and self splurging! If you are in the process or maybe you are getting your home buying process started, you may want to keep reading..

The way we spend our tax return may affect your loan program! If we use our refund as a down payment to a new car, guess what? Now we have an additional lability to consider and this may bring down your debt to income ratio. When this happens your lender will be alerted and will result in less buying power. 

Additionally, if you spend your refund on other high price tagged items. This may result in the same predicament. It is recommended to consult with your Realtor or Lender before you spend on other things! 

Here are a few examples for you to consider: 

• Buy a New Car
• Start Purchasing Furniture
• Buying that Huge TV
• Don't Over Spend it 
  • You may need to use it for you closing costs

For more information on how you should use your tax return please contact me! 

Contract Accepted
It all starts with an accepted offer! Lender's often require a fully executed contract to start their process. They will analyze the agreement between the 2 parties and sort out the details on your contract. 
Processing
Once the details have been reviewed and analyzed, they start processing the initial loan details. During this time they send out the contract and details to their processing department where they start processing the buyers assets, income, and employment. 
During this time they make sure the check for buyer loan compliance and eligibility to confirm the loan and loan process. Lastly, the processors will schedule the appraisal to determine property valuation. 
Underwriting
Once the buyer's loan has been process and evaluated, the underwriting team starts to request updated documentation. These documents consist of Earnest Money proof, Asset Verifications, Gift Letters, Explanation Letters, and Verification of Employment Status. During this time the underwriting team will determine if the buyer is fully approved. They will assess the file and determine if any additional conditions have to be met. ex: The lender may require the buyer to have payment reserves. 
Loan Approval
Congratulations, your Loan has been approved! Underwriting has been able to clear all conditions and file acceptance has been granted. The appraisal has met value and you are on your way to closing! 
Clear to Close
We have received the clear to close! At this time the lender will review and send out the Loan Estimate and Closing Disclosures. These disclosure will state, to the buyer, the lender fees, title fees, and closing cost that are needed to close the loan. 
Closed, Congrats on your new home! 
The closing disclosures have been received we can now schedule closing and get you moved in right away! 

For more details on your closing process, contact your lender! 

As we pull through into 2022, there are many of us that are waiting for our income tax return. Many buyers are waiting for funds to come through to put towards the purchase of their new home. In other cases, many of us do not know what our credit profile stands. My first recommendation to any buyer that is looking to purchase a home, whether it is this month or in 6 months, is to run a credit application. 
By doing so we are able to get a glimpse of where our credit profile stands. Many times our profile suggests we are ready to move forward and purchase our home when we're are ready. Other times, our profile needs a little refining. 

The Advantage
This is a huge advantage because if there are a few things we need to work on, it gives us time to work on them. If we decide to run our application when the time comes and we find a home, and we find that we need to improve our credit profile, chances are we wont be able to make the offer, nor go through the purchase. 

It is best to always understand where we stand as buyers, so when the moment comes we are ready to start submitting offers! 

An often misconception is that when we do our mortgage application that we have to buy right away. This is not the case! 

Give me a call when you are ready and i'll be sure to pair you up with the right lender! 

Don't forget to share this article with a friend! 

Many folks say there is still time, let's wait until until February for tax season. The truth in fact, everyone is waiting for the same season to start looking for homes! 

Get ahead of the curve and get your Pre-appoval Qualification so when the time comes and everyone is struggling to get their approval you can already shop for home! ​

Purchase power is classified as the highest value amount a buyer can negotiate on a property within the lenders recommendation. This is subject to change according to talks with the lender, changes in credit availability, and other details. 

As a home buyer, it is extremely important that you consult with you realtor for a lender recommendation. Although a Realtor, cannot provide with set interests rates or fees, they can recommend you to the best lender within their network. It is suggested to work with a Realtor recommended lender, why you may ask? 
A Realtor carries relationships with several industry professionals and allows for comfortable communication across your file. 

It is important to understand what your purchase power is so that, along with your Realtor, you can search within the correct home value!