Preparation Is Key
With so much information available at your fingertips, you may already be doing a lot of your own research, but here are a few tips to keep in mind throughout the home buying process.
With so much information available at your fingertips, you may already be doing a lot of your own research, but here are a few tips to keep in mind throughout the home buying process.
The first place to start when buying a Phoenix home is to find out how much house you can afford. If you don’t have a mortgage consultant that you’re currently working with, your Caniglia Group real estate agent can refer you to one that can assist you with determining how much of a down payment you will need or what type of loan best fits your financial needs.
Serious buyers who are highly motivated should go through the effort of getting pre-approved; not only will this allow you to focus your Arizona home search, but it will also position you as a serious buyer in the eyes of sellers when the time comes to make an offer. Check out our Mortgage 101 section for more information about financing.
Imagine your ideal home and community. Now make a list of everything you’ve envisioned. Then take that list and break it down from high to low priority. High-priority items are the things you cannot live without in your new home. Lower-priority items are those that are an added bonus, but not necessary. Your list can include things such as: number of bedrooms, need for a yard, style of home, and access to schools and shopping.
Some people look at several homes before finding just the right one. And others find “the one” immediately. Thanks to the internet, you can streamline your search process significantly by checking out homes for sale online. And when you’re ready, a Caniglia Group agent can tour homes with you on your schedule and create a personal checklist for each one. If you’re not quite ready to start working with an agent, you can visit open houses and preview everything that’s for sale in your market right here on thecanigliagroup.com or you can fill out our no-obligation FIND MY DREAM HOME form and we’ll do the Phoenix realty search on your behalf.
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This is when your lender takes your application and reviews your credit history. He or she will also discuss your short- and long-term goals and reasons for wanting to become a homeowner. This information is very helpful when evaluating which loan fits your needs best.
With so many loan programs to choose from, it can be difficult deciding which loan is best for your individual situation. During the application process, your lender will walk you through all the options in order to match your needs with the best loan program.
If you have a Purchase and Sale Agreement, you can lock-in your interest rate. In most instances, you have the choice to either lock your loan at a set rate and fee for up to 30, 45, or 60 days, depending on the lock-in period you’ve selected, or you can let the loan float. Your lender can help you with this decision, but the ultimate choice is left up to the individual borrower.
Once you have completed and signed your loan application, your lender will work with you each step of the way to get your loan approved and closed in a timely manner. After you have provided the necessary financial information, your lender will arrange for an independent appraisal and preliminary title report.
In many cases, loan approval can be completed at the time of application. For certain loan programs, your loan file is sent to an underwriter for review. Your underwriter may request more specific details about the property or your financial information before approving a loan.
After your loan package is complete, the file is prepared for closing and sent to your closing agent.
Your closing agent will call you to set up an appointment to sign the final papers. At that time, you will be asked to bring a certified check for the closing costs and down payment.
After you sign, the closer will prepare the final loan papers so that they can be legally recorded. Then, the moment you’ve been waiting for …. receiving the keys to your new home!
Connect with our team for a personalized consultation and discover what makes this community so special.