Contact your preferred Mortgage Lender and obtain a mortgage preliminary approval before you begin the house search. This will help you learn how much home you can purchase, as well as strengthen your bargaining position with sellers when you go to make an offer.
If you are not already working with a REALTOR®, now would be the time for you reach out to one. An experienced agent will help determine your needs and create a wish list of desirable features to look for in your home search. Work with them while you are previewing various homes and make sure to take good notes on each property you visit.
Once you find the home of your dreams, make an offer! Your Mortgage Lender will issue a Pre-Approval Letter to show exactly how much mortgage you have been approved to borrow and can offer on the house. Your REALTOR® will present your offer to the seller, who will then choose to accept, counter, or reject the offer. When you and the seller come to terms with the purchase price, both parties will sign a Purchase Agreement to define the terms of the sale.
Once you are under contract on your new home, you will need to contact your Mortgage Lender and complete the mortgage application process. Your Lender will update your loan application and help you to proceed with the home financing next steps.
As soon as you go under contract on your new house, you should also select your Closing Attorney. Title Companies conduct the real estate closings in most states. However in North Carolina, a Closing Attorney will perform the closing for your new home. The Attorney will also conduct a Title Search on the property to make sure you are taking title free and clear (see step 8). Your REALTOR® will have several great attorneys you can choose from.
Obtain a home inspection. After the offer has been accepted, consult with your REALTOR® on hiring a professional home inspector to provide an in-depth look at the basic systems of the house, which can reveal safety hazards and give you a chance to reconsider the deal.
The appraisal on the home will be completed at this point in your home buying process. An appraisal, required by your Mortgage Lender, is a formal, written estimate of the house’s current market value. This is an essential step, as your Lender wants to make sure your new house is worth the money they are lending you.
Obtain Title Insurance. Title Insurance guarantees the property you are purchasing is free of liens or confusion in rights of ownership, and it also insures against any losses to the property that result from defects in the title or deed.
Close on the property. Closing Agents, an impartial third party who oversee the final details of a real estate transaction, will coordinate and distribute all the paperwork and funds. Ownership of the property is transferred from the seller to you, the new homeowner.
Congratulations! You are now the proud owner of a new home!
About FM Lending.
FM Lending Services is a full service mortgage banker specializing in residential purchase and refinance loans in North Carolina since 1992. FM Lending Services offers a wide range of mortgage products and is consistently awarded the highest rankings by the North Carolina Housing Finance Agency and USDA. We have built a strong reputation in the Carolina’s for service, on time closings and professionalism. We pride ourselves on serving the lending needs of real estate professionals and their clients and many of our originators consistently rank in the TOP 1% of Mortgage Originators in the country*. It’s our mission to create an extraordinary customer experience through the efforts of our knowledgeable and caring mortgage professionals where relationships are valued and the focus is on treating every client with white glove service. We’ll work closely with you throughout the financing process, helping provide valuable information so you can make informed decisions.
FM Lending Services (Prosperity Home Mortgage, LLC dba FM Lending Services), *Ranked by Loan Originator Magazine