Purchasing a new home can seem like an incredibly long and stressful process, especially when you’re going through it for the first time. There are several organizations you can look to for assistance, such as a Northern Virginia title company, and milestones like purchasing title insurance that you can use to gauge your progress. Here are some of the events that represent important steps forward during the house buying process:
Select a Real Estate Agent
A real estate agent is an essential ally in buying a home. In addition to finding and showing homes, your real estate agent can recommend a mortgage lender, compile and review paperwork, and guide you through the home buying process from start to finish.
Select a Lender
Once you’ve determined your budget and ideal neighborhood, it’s time to choose a mortgage and a lender. Mortgage lenders are often salespeople at heart, and they may present you with a mortgage plan that appears perfect until further analysis. Always take the time to understand any fees, lock-in periods, qualification requirements, and other information that could alter your perception of the loan. Getting pre-approved for a mortgage can help you determine how much you can afford to spend on a home and shows a lender that your credit and documentation are sound, making this step of the home buying process move more quickly.
Making an Offer
After finding a home you’d like to purchase, you must make an offer on the home based on its price and your own terms. The number should be competitive enough that the seller finds your offer attractive but still within your budget, if not well below it. This stage of the process typically includes some negotiation of contract terms, prices, and other details that will benefit you by saving money and preventing future liabilities.
Contract Review and Closing Documents
If the seller accepts your offer, it’s time to start the closing stage of the sale. Review the contract thoroughly, paying extra attention to clauses that state situations in which you can cancel the sale without penalty. During the closing process, the home will be inspected and any structural issues with the house will be disclosed. If you’re satisfied with the home’s condition, you can submit a mortgage application, pay for a portion of property taxes, and purchase title insurance, which will help you determine if there are any problems with the home’s title that could present a liability.
While the final inspections and negotiations are being conducted, the home is considered to be in escrow. This means that it is temporarily taken off the market while all paperwork, inspections, and other tasks are completed. If there are no concerns with the house, buyer, or seller, the sale will be completed after this stage. Otherwise, the home will be put back on the market for a new buyer, and you will start over at the house hunting and offer stage of the process.
Finally, you can sign the contracts and other paperwork necessary to finalize the purchase of your new home. Buyers are allowed to walk through the home to ensure that nothing has changed after the final inspection. Then, they will sign settlement statements, a Truth-in-Lending Act statement, and final mortgage paperwork in addition to paying final closing costs. Be sure to ask for copies of all documentation to review for accuracy.
Working with a Northern Virginia Title Company
Contact Mathis Title Company at 703.865.7880 for more information about the home buying process and how a title company can help you make the process as smooth as possible. Mathis Title Company provides title insurance, real estate settlements, mechanics lien, contract preparation and review, and refinancing services to home buyers in the Northern Virginia area. Founder Robin Mathis has years of experience in both real estate and real estate law, providing clients with in-depth knowledge and comprehensive support. Robin gives clients individualized attention during the entire process. To discuss your needs and an ideal timeline for your sale, schedule a free initial consultation with Mathis Title Company.