HOW TO BUY A HOME
Apply for a home loan
Connect with a realtor
Find your dream home
Learn How To Buy a Home Without Breaking the Bank
You’ll want to start the home buying process with getting pre-qualified from a lender. You can complete an online 5-minute eligibility form here. The information you enter is not sold to any third parties. An approved lender will contact you after reviewing your application, providing a free consultation. Together they will review your income, assets and credit and inform you of the best loan products available for your situation
A good lending professional will inform you of all your options. There are many diverse programs available that suit a vast range of individuals. Some programs include zero down payment, first-time homebuyer assistance, rent-to-own, etc. Going through a broker as opposed to a big bank on your mortgage loan will typically save you a few thousand dollars. Banks do not provide down payment assistance loan products because they are considered high risk. Big banks have a large hold on the market and thus do not feel the need to save their clients money through these programs.
Buying a home can seem like an impossible task. We’ve helped 1000’s of clients purchase homes and we’ve perfected the process.
Not sure how much you’re qualified for?
It’s okay. We’ll figure that out for you.
Before you start the home search process, you’ll want to know how much you’re qualified to recieve from a lender. After you complete our five minute pre-approval application a mortgage professional will give you a call to go over all your options.
The Fun Part: Time to Find Your Dream Home
The property market is determined by supply and demand of real estate, which then dictates whether it is currently a Buyers or a Sellers market. Currently in Arizona, the real estate market is in favor of the seller, meaning the demand for a home is higher. This is important because in a “Sellers” market homes are sold promptly because of the demand. You’ll want to move quickly because of this demand. Be prepared to make an offer on any homes you view. If you like a home and are interested in making an offer, it’s likely another potential buyer is as well.
Your realtor should help you negotiate any clauses in your written offer. Such as “the purchase contract is contingent on the home passing an inspection”. At that point, if you are unhappy with anything you can cancel the contract, or further negotiate the price based on repairs necessary. Once an offer is accepted by the seller the contact is sent to the lender.
Your Loan is Approved
Achieving final approval from underwriting is a big deal! Congratulations. You’ve almost got the keys, you just have a few more steps. Your lender will typically do what’s called a ‘quality control check’, which is a final review of your documents, a soft pull of your credit and verifying your employment one last time. Before closing, the lender may require you to provide a copy of a homeowner’s insurance policy for the property, flood insurance and title insurance. You may also be required to submit an inspection report and a survey report of the property which explains the boundary lines, easements and encroachments along the boundary lines.
Afterwards, you’ll receive your closing documents. Included is your closing disclosure, a five-page form that provides final details about your mortgage loan. It includes the loan terms, your projected monthly payment and your closing costs. You’ll bring in your cash to close and sign your final documents at the Title Company. The title of the home is switched over to your name and keys are exchanged.
Have any questions about the process of buying a home,
feel free to email us.
*The Product/Program information contained here is educational only and not a commitment to Lend all Loans have to be reviewed By a licensed underwriter, Rates and available loan programs are subject to change without notice. Eligible Products – Purchase in Arizona Other conditions and restrictions may apply.
Home Pad Lending LLC is a licensed Mortgage Broker in the state of Arizona. NMLS 1857677 AZ MB-1001528. This is not a commitment to lend. All loans subject to credit approval. Guidelines subject to change without prior notice. This information is provided to assist business professionals only and is not an advertisement extended to the consumer as defined by Section 226.2 Regulation Z.-EOE. Equal Housing Lender.
16605 S. 38th Pl, Phoenix, AZ 85048. Main: 480.370.0851
Contact your loan officer for more information.