Step 1: Take a Look at Your Finances
Including your debts, income, monthly expenses and your credit score, to get an overall look at your financial health. When taking a closer look at your financial picture, make sure to factor in your down payment and closing costs.
Feeling a little overwhelmed? Don’t worry! That’s why we are here. We would love to help you find out how much house you qualify for and what loan option would work best for you.
Step 2: Find Your Team
Generally, at this point, you’re ready to look for a real estate agent and lender that will help you through the entire process. These professionals are critical to a smooth homebuying experience, so it’s important to contact a trusted Sierra Pacific Mortgage Loan Officer to ensure you receive the best service possible.
Step 3: Financing Your Purchase
Get Pre-approved! A pre-approval letter from Sierra Pacific Mortgage will tell you how much home you can afford and the maximum amount you are qualified to borrow. Having a pre-approval letter in hand while home-shopping can help you gain an edge in competitive markets.
Learn About Your Down Payment Options. Working with us means understanding all of your options. Don’t think that you have to put 20% down in order to purchase a home, there are lots of other options, let’s go over them!
Choosing Your Loan. There is a vast amount of options when looking for a loan, but the only one that’s important is the one that works for you. Our team will research your wants and needs and give you the best options possible. Sounds good? We think so too!
Step 4: Finding Your Home
Arguably the most fun step in the real estate transaction process is looking and eventually choosing your home! You’ll work with your chosen real estate agent to help you find a house in your desired location that you’ll want to call home. Don’t know any restate agents that you can trust? We work with top agents all the time and we’d be happy to refer you to a few we think you would work well with.
Step 5: Make an Offer
Your real estate agent will help you determine an offer price that’s fair, based on comparable homes in the neighborhood. Your agent will then submit an offer letter to the seller’s agent that will include a deadline for them to respond, typically one to two days.
Step 6: Closing
After you’ve negotiated the offer and completed a successful home appraisal and inspection with the help of your agent, it’s now time to close! Closing is the final step toward homeownership that involves all parties signing final documents and legally transferring the property, and most importantly the keys, to you. Congratulations on your new home!