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Home >
Loan Programs
> Home Buying Guide
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HERE
IS ONE POSSIBLE LIST
of steps in the process of buying a home:
-
Decide
that you would rather own a home than rent.
-
Decide
how much you can afford.
-
Given
your price range, decide what kind of home you want/need: size,
location, special features (such as fireplace or fence), etc.
- Call
COMMONFUND
MORTGAGE and get "pre-qualified"
for a loan. This means the lender or real estate broker will
informally qualify you for a loan by getting basic information on
your income, debts and possibly your credit. By getting
pre-qualified, you can usually get a good estimate of how much money
you could borrow for a home.
- Begin
looking for a home. Allow time (up to several months) to see a
number of houses so that you have a good basis for making a final
decision. Contact a real estate broker to help you with your search.
- When
you find a home that you like, carefully give it your own personal
inspection.
- If
you're comfortable with the home, make an
OFFER
TO PURCHASE,
including a partial down-payment. Make sure the Offer allows you to
get your money back if a professional inspection reveals problems
with the house, or in case you aren't able to get approved for a
loan.
- Apply
for a mortgage loan.
- Get
a professional inspection of the home. Your lender also will require
a professional appraisal of the home to decide its market value.
-
CLOSE
the loan (also called "Loan Settlement"). That's when you
make the rest of your down payment, pay loan fees, sign all
necessary legal documents and get the keys to your new home.
- Move
into your new home!
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