Buying Process
1. Step one-get pre-approved with a qualified mortgage professional
At Envision Capital, we will not only tell you how much you can get approved for, but we’ll also work with you to establish a payment you are comfortable with. Just because you are qualified for a larger amount, does not mean you need to spend it all. We’ll as that you provide specific documents for pre-approval. Click here for the most current checklist of items to bring to your initial meeting with your Envision Capital mortgage professional.
2. Interview and select your real estate agent
Often, real estate agents are selected because they are an acquaintance or someone your family has worked with. However, there are many things to consider when selecting a real estate agent.
Do they know the area you want to look in?
Are they primarily a listing agent or a buyer’s agent?
Are they part of a team or will you just be working with them?
Face it, you are most likely going to spend a lot of time with this person, you want to make sure that you select the correct agent. Find someone with good references, someone that specializes in what you are looking for and most importantly, someone you can trust. At Envision Capital, we have worked with hundreds of agents and can help make recommendations on the right fit for you.
3. House Hunting
Sometimes this goes quickly and sometimes it can take months. Often times finding your home is as much about figuring out what you don’t want, as well as what you do. Your ideas in terms of style of home, price range, or location could change greatly during your home search.
4. The offer
After scouring the area looking for your own personal hidden gem, it is time to put in an offer! Working carefully with your real estate agent and mortgage professional, you will determine how much to offer, what your payments will be and what, if any, concessions you would like the seller(s) to make. Also, your agent will help you negotiate with the seller(s) to reach a final accepted offer on your new home.
5. Get a home inspection
One of the best investments you can ever make is a home inspection. Not all homes are in perfect condition. In fact, most inspections lead to at least a couple of small concerns. The important thing is making your purchase with full knowledge, and if necessary, asking the sellers to make a few small improvements on your behalf prior to closing. If you need a recommendation for a licensed home inspector, ask your mortgage or real estate professional.
6. Meeting with your mortgage professional
Now that your offer is accepted and the inspection has gone well, it’s time to apply for your mortgage. Remember all those loan options you reviewed with your Envision Capital mortgage professional? Now it’s time to use the guidance you received to choose the loan that best fits your needs and budget.
7. Purchasing home owners insurance
Prior to closing on your new home, you will need to purchase one year of homeowners insurance up front. In the future, your insurance will probably be included in your mortgage payment in what is called your escrow account. However, you will need to provide proof of a year’s worth of insurance up front for your mortgage company. Many people obtain this insurance through the same agent as their car insurance as many times discounts can be obtained.p>
8. Final walk through
This is one last chance to view your new home prior to closing. Your real estate professional will bring you through to make sure that the home is in the same condition as the last time you viewed it and more importantly, that any requested repairs from your inspection have been made.
9. Closing
It’s time to sign some paperwork! If all has gone smoothly, the only things you will need to bring to closing is your driver’s license and of course, a pen. Closing usually takes about an hour and when you leave, you should be the proud owner of your new home, keys in hand!
Step by Step Mortgage Qualification Process
1. Meet with an Envision Capital Mortgage professional
2. Bring in necessary documents
3. Get pre qualified/approved
4. Put offer in on home
5. Sign loan application for property
6. Submit loan to mortgage lender
7. Provide any additional documents requested
8. Bank funds your mortgage