Unlocking Homeownership: From Offer to Keys in Hand

Buying a home, especially for the first time, can be a daunting experience. The myriad steps, from making an offer to finally getting the keys, can overwhelm anyone. But fear not! We've crafted this guide to help you understand the process and make your home-buying journey smoother.

Making Your Offer

• Before you make an offer, ensure you have a pre-approval letter from your mortgage lender. If you're buying the property outright, you'll need proof-of-funds.
• Together, we'll determine the right offer price and discuss any contingencies based on the specifics of the property and situation.
• Once your offer gets the nod, you must make an escrow deposit within a few days. This is usually 1-2% of the purchase price, which will be credited towards your down payment at closing.

Celebrate Your Accepted Offer!

• Congratulations! Once your offer is greenlit, we move into the inspection phase. This is your window to conduct thorough inspections, get insurance quotes, and kick off the mortgage loan process.
• Remember to wire the escrow deposit to the title company promptly. Your escrow deposit will be refunded if you decide to back out during the inspection phase.

Deciphering Inspection Results

• After receiving the home inspection report, there might be a need to negotiate repairs with the seller.
• It's essential to note that mortgage lenders often have specific requirements regarding the 4-point inspection. Ensure all is clear on that front.

Securing Your Financing

• If you opt for a mortgage, initiate your loan application within five days from the contract's execution date. A word of caution: During the loan processing phase, refrain from making significant job changes, hefty purchases, or opening new credit lines. These actions could jeopardize your loan approval.

Ensuring Your New Home

• Alongside securing your mortgage, you'll also need home insurance.
• We understand this might sound like a lot to take in. But remember, we assist individuals in their home-buying journeys daily. Trust us to guide you every step of the way.

Final Thoughts

The home-buying process can seem like a maze with many steps and decisions. But it can be a rewarding journey with the right guidance and understanding. If you ever feel lost or overwhelmed, remember we're just a call or email away. Contact us at hello@loftteamde.com, and we'll turn your dream home into your next address!