Just last week, we shared with you the second segment of this three-part guide. We encourage you to read it before going into this next piece. There you’ll learn a bit more about the importance of professional help, and how it can help you achieve those home buying goals faster and clearer. It’s not only about realtors, it goes way beyond that, we talked about inspectors, mortgage/financial counselors, and more.

Well, the day has come, and we’ve decided to close this comprehensive map with style. Let’s talk about the final steps involving the purchase of a property, how can you have the best results, and why you need to be precisely bold with your decisions. So, without further adieu, here we go.

Believe It, This is What You Came For

Do not lose any more time, once you have found the right home, through extensive research, stick with it and make a solid proposal. This will need (as we mentioned before) your pre-approval letter, proof of funds in case any down payment contingency arises, and a personal statement letter in which you commit to a precise amount to be paid, accompanied by your true feelings behind the effort. That will make a strong difference between you and other buyers.

Don’t be afraid of rejection, it might be your common experience after all. On the other hand, if your proposal gets approved by the owner, you’ll need to pay about 1 percent of the total home price in the following days, in that way you are expressing a profound interest, and total seriousness in regards to the whole deal. And let me tell you that sellers will appreciate that.

Then, home inspections. This is a very important stage of the overall process, in which you can go in or out of the deal. You need to be sure that the home you’re buying, is in the right conditions. If not, you can ask the seller to make further changes or repairs. Also, there’s no need to go by yourself, an experienced inspector can get things done right and quick, and provide you with some crucial advice before closure comes.

Don’t forget that at that point, your lender will be filling and indexing all the paperwork you provided. The process can take up to one month to finish, because it involves the precise analysis of your tax returns, financial movements, income, credit scores and so on. So, you must be very transparent and detail-oriented, any drastic changes can create a hard mess, throwing everything out of the window.

After all things have been done correctly, you’ll get a call from the bank, they will communicate the final status of your loan, and a concise deadline. Once this lapse has been completed (mostly 4 business day), you’ll get a document called “closing disclosure”, a file that collects all the information needed to proceed and finalize the deal, details like: 

  • Monthly payments.
  • Annual percentage rates.
  • Fees.
  • Interest rates.
  • Down payment info.
  • And more.

Now, the exciting part, D-day. One of the most important dates of your life, in which all parts will attend; you, your realtor, the seller, and a representative from the lending institution. The perfect opportunity to check for any errors in the whole paperwork. Then you’ll be ready to sign, wire the funds, and to have the keys of your future, the place where your children will grow and memories will last forever.

Are you halfway through this process? Does closure seem to be getting away from you? Here at AFTHA, we have the right experts that can help. Your dream of homeownership is possible, want to know how? Call now to (833) 478-1396, or write us an email to support@afthaprogram.com.  We are ready to assist at any time, anywhere.

AFTHA’s Guide to Buy Your First Home — Part III

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