Although buying a home is exciting, it can also be overwhelming. Between applying for a mortgage, and receiving the funds, there are many tasks.
Potential homeowners should understand the timeline to ensure they meet their closing dates. Here are some examples of milestones that must be met.
Offer on a Home
Next, you will need to make an offer for the house. A home offer contains a lot of information.
These include the price of the property, the amount of the down payment, name of the closing agent, closing date and any other closing costs the buyer would like the seller to bear. Accepting the offer means that you can move on to the next stage.
View The Disclosures on The Mortgage
Buyers must secure a mortgage once they have accepted an offer. The mortgage agreement must include the following key elements: the interest rate, the monthly payments, closing costs, and any prepayments.
This can be done in large part with the Beverly Hills Mortgage Broker. However, this mortgage must be approved before closing.
Complete the Home Inspection and Appraisal
Buyers will need to perform a home inspection as well as an appraisal. The lender may arrange for an appraisal in many cases. However, homebuyers will need to consult a real estate agent to have a home inspection done. If there are major repairs that need to be made, it can be done.
Renegotiate If Necessary
Potential homebuyers might consider renegotiating the house’s price based on the appraisal and inspection. Homebuyers may want to negotiate a lower price, even though it won’t necessarily change. However, the inspector might have identified additional issues that could be covered by the seller.
Close on The Home
After all this has been completed, it’s time to close the deal on your home. Beverly Hills Mortgage Broker will wire the funds to an attorney who will distribute the funds to the appropriate parties. This process typically takes around a month from start to finish.