First Time Home Buyers
it is understandable for you to feel anxious, but solid preparation and knowledge of the process will help you buy the house of your dreams.
1. Saving your deposit
Visit Preparing to Buy a Home it’s important to put in place good money habits before you take the plunge. Here are some tips on how to prepare for the demands of a mortgage.
2. Applying for a loan
Call 786.286.6264 to talk to a Loan Consultant about your situation. We’ll discuss the options open to you after reviewing the documentation you supply us.
Meet with a Loan Consultant to have your application assessed.
Once we’ve assessed your loan application, and you meet all preliminary eligibility criteria, you will receive a Pre-Approval. This provides an indication of the amount a Lender is willing to lend you, subject to a final review and formal approval process before you purchase a property. It can be organized in 5 to 10 business days, and is valid for up to three months.
3. Buying a house
Find a suitable house or community. If you decide to buy, make an offer. Sign the contract ‘subject to finance’ and other conditions of your choice such as satisfactory home inspections or appraisal contingency. Send a copy to your Loan Consultant. Also contact a local realtor which can walk you through the process.
4. Organizing your loan
Start shopping for Home Owners insurance. As the buyer should shop aggressively for an insurance comapny that will satisfy your and the lenders needs. Your lender will then arrange a property valuation. A valuation will help us confirm that the property’s value provides adequate security for your loan amount. This is also the time to let us know if you’d like to fix or split the interest rate on your loan.
Once everything is in order and all eligibility criteria are met, your lender will formally approve your home loan. Read, check, sign then return your mortgage documents to Lender.
5. Celebrating your new home
As soon as your mortgage documents have been executed and witnessed, it is time to proceed to closing. At closing, your title agent and Realtor’s meet to exchange checks and property title documents. Your closing agent then provides you with the keys to your new home.
You can now organize moving in – CONGRATULATIONS!