Absolute Home Mortgage
Your Guide to Purchasing – The Purchasing Process
If you’re not sure where to start, you’ve come to the right place.
You’re about to make the biggest purchase of your life. But don’t worry we’re here to help you every step of the way. Here’s what you need to know when purchasing a new house:
Stage 1: Get Pre-Approved First (Yes, Really!)
STOP, this is where it all begins. We know you’ve heard it before, but getting pre-approved is absolutely essential. It helps you understand what you can afford before you start searching for “the one.”
At this stage, we’ll equip you with smart tools like affordability calculators to help you get a clear picture of your finances and price range. A pre-approval also helps you:
✔ Know your budget and estimated loan amount
✔ Strengthen your offer in a competitive market
✔ Kickstart the process by reviewing your documents early
Let’s set you up for success from day one.
Stage 2: Meet With a Real Estate Agent (If You Don’t Already Have One) To Find Your New Home
Once you’re pre-approved and know the purchase price of the home you’re comfortable with and qualify for, the next step is to start working with a Real Estate Agent to find you that house! Real Estate Agents offer guided tours of various houses for sale in different vicinities and write up the initial purchase agreement if you were to put an offer on a home you really like. Your Real Estate Agent works on behalf of you, negotiating the terms and acting in your best interest during the transaction.
Stage 3: Negotiation, Attorney Review, and Inspections
Once you make an offer on a home, the real back-and-forth begins. You and the seller will negotiate the price, down payment, and any other key terms until you reach an agreement. From there, the contract goes into attorney review — where each side’s attorney fine-tunes the details to make it official.
After that, it’s time to schedule your home inspection. This step helps you get a clear look at the condition of the home and spot any major issues or repairs that need attention before you decide to move forward. It’s all about making sure you know exactly what you’re getting into.
Stage 4: This Is Where We Step In
By the time you’ve found the home you want to buy, it may have been a little while since your pre-approval, and a few things might have changed. We’ll check in to update your paperwork if needed (think income, credit, or asset changes) to make sure everything still lines up.
Once that’s squared away, we’ll issue your official mortgage application based on the home you’re buying. Your Loan Officer will guide you through the details, walk you through the paperwork, and make sure everything stays on track for a smooth closing.
Stage 5: Appraisal, Rate Lock, and Underwriting
Once your mortgage application is in motion, we’ll order an appraisal to make sure the home’s value matches the purchase price; it helps protect both you and the lender. Around this time, you’ll also have the chance to lock in your interest rate. Your Loan Officer will walk you through a Lock Agreement that spells out the details of your loan and monthly payment.
Meanwhile, your file heads to underwriting. Our team reviews everything to issue a loan approval (also called a mortgage commitment). Sometimes we’ll need a few final documents, but once that’s done, you’re nearly at the finish line.
Stage 6: Closing Day
Once you’re officially clear to close, it’s time to sign the final paperwork that makes your mortgage, and your home, official. Just about 30 minutes of signatures, and you’ll walk away as the proud new homeowner!
What Can a Loan Officer Help You With?
Our Loan Officers are here to advise and guide you into making the most important financial decision of your life – buying or refinancing your home. With us you can sit back, relax, and let our professionals handle it. Check out all of our loan options available to see what suits your goals.
Did you know that in the time it took you to read this page, you could already be pre-approved? Take the first step to getting your new home.
Ready to get Started?
Are you ready to open the doors to your new home, make the right investment, or give yourself newfound freedom by refinancing? Absolute Home Mortgage is ready to guide you every step of the way. Get started with us by clicking the button below. Still have questions? Use the Contact form to the right.