Did You Know?

Your Coldwell Banker Select Agent will watch out for your best interest - be your personal "adviser" - at absolutely no charge to you.

The Home Buying Process in Detail

• •Your first step is to line up a personal "advocate" for you in purchasing your home. Your Coldwell Banker Select Agent is experienced with watching out for a first-time homebuyer's best interest.
• •While your Coldwell Banker Select Agent is your personal advocate - watching out for your best interest - he or she is customarily paid for by the seller. But despite being paid for by the seller with no out-of-pocket cost to you, your Coldwell Banker Select Agent is your trusted adviser in the entire process.
• •Learn more about the wealth of knowledge your Coldwell Banker Select Agent brings to the table by Contacting us
• •You also need to begin the qualification and mortgage pre-approval process with a trusted and reputable lender. With many of the bank failures of 2008 and 2009, this is now more difficult than it used to be. Coldwell Banker Mortgage can provide stability, great rates and very competitive closing costs.
• •Paperwork you will want to have handy during your preapproval meeting with your lender includes:
• •Your most recent W-2s from the past two years
• •Your 2 most recent pay stubs
• •Your Social Security card and driver's license, or state-issued ID
• •Your two most recent bank statements that have your name on them
• •Down payments can vary. Plan on a minimum of 3.5% of the sale price as a downpayment. Certain exceptions can apply, such as if you are eligible for a no-money-down VA (military) loan, or perhaps if a family member will "gift" you the money for your downpayment. Be certain to discuss this at length with your lender.
• •Once you are pre-approved up to a certain and comfortable price point, it is now time to begin your home search. With higher-than-normal inventory levels at this moment, there is a wide selection of homes for you to choose from. Ask your Coldwell Banker Select Agent to begin setting up "showings" for homes that match your needs and wants.
• •Once you have identified your desired home, it is now time to write an offer for that home. Your Coldwell Banker Select Agent is very knowledgable on the needs of first-time buyers, and can work the contract to minimize your out-of-pocket closing costs (money you have to spend to "close" on the house).
• •Often-times, negotiations may go back and forth between you and the seller, called "counter-offers", until you both agree on sales price and terms of the contract.
• •At this time, you will also need to submit an earnest money check. This can sort of be considered to be a "down payment on your down payment", and shows the seller that you are truly serious about purchasing their home. Often-times, this can be between $500 and $2,000, depending on the sale price of the home, but is refunded back to you at the time of closing.
• •Once the offer is accepted, your Coldwell Banker Select Agent will work with your mortgage lender to ensure additional required paperwork is submitted, such as a copy of the deposited earnest money check, and all paperwork from the signed contract.
• •Inspections are typically done now during the "Inspection Period", where you can have licensed and certified inspectors take a look at the home to ensure that no habitability issues exist in the home. Any costs to repair these habitability issues can often-times be negotiated between the buyer and seller as to who will pay for them.
• •An appraisal is ordered on the home. An appraisal is a formal valuation of the home where a state-certified individual helps the bank to ensure they do not loan you more than the home is worth. While this is in the lender's best interest, it is also in your best interest, to ensure you are purchasing for fair market value or below.
• •Once the appraisal has been completed and accepted by the lender, your loan will go through "underwriting", which is where the lender performs various actions from a checklist. This includes making sure all required documentation has been received, the appraisal is inline with the loan amount. In addition, final paperwork for you to sign is prepared at this time.
• •A "Closing Date" will be determined from the contract. Customs for this closing process vary by market, but at a high-level involve:
• •Receiving a "Settlement Statement", one to two days prior to your closing date, so you can review the charges and credits made in association with the closing of your new home.,
• •Signing the rest of your mortgage paperwork. This includes the actual mortgage itself where you promise you will make payments until the loan is paid off in the original terms, or through a refinance or sale of the home. It is very important that you read these in detail as you sign them. Ask your closing officer or attorney ANY questions that you may have - that is why they are there!
• •Depending on the language of the contract you and your Coldwell Banker Select Agent wrote, you may receive the keys to your new home at closing and take occupancy immediately, or there may be a later date that you and the seller have already agreed to.

Are you ready to begin the process? Let us help you make it easy. Either call us at (800) 521-2152 or Click here to contact us online!