The home buying process can be intimidating, and it’s common to be unsure of what the process can entail. After all, so much goes into your decision to make a home purchase. We understand that, which is why we are here to guide you through each step, keeping you informed at every turn!

With our step-by-step timeline below, you’ll get a clear picture of how the home buying process works and what you’ll need to make your home buying dream come true:

  1. Gather your photo ID, pay stubs, bank statements, and tax documents. You will need these for official documentation.
  2. Consider getting pre-approved. A pre-approval provides financial verification of how much home you can afford. Generally, this will lead to a smoother home buying experience and can give you a leg up against other sellers. Your Premium Mortgage Corporation Loan Officer will be able to assist you through our FREE pre-approval process.
  3. Hire a real estate agent. Having a real estate agent who is informative, reputable, and puts your needs first is invaluable as you look for the perfect home.
  4. Locate and view homes for sale in your desired area and price range. Keep track of the houses you view, weighing the pros and cons of each. It may be helpful to tour a home twice to make sure you’ve covered every nook and cranny.
  5. If you think you found your dream home, it’s time to put in an offer! Your agent will walk you through the negotiation process and provide you with details that inform your asking price
  6. Offer accepted? Congrats! The next step is to hire a real estate attorney.
  7. Get a home inspection. A home inspection is not required, however, it’s recommended.
  8. Determine your best mortgage loan option and submit your mortgage application. This will be done with your mortgage loan officer.
  9. Get an appraisal. This is generally required for an estimate of the property’s market value.
  10. Choose the best homeowners insurance plan for you. This is necessary to protect against possible damages.  
  11. Review your mortgage commitment letter. This outlines the terms of your loan and will contain any conditional requirements for approval. It will be done with your mortgage loan officer.
  12. Continue to the processing stage. You’re almost done!
  13. Underwriting. This is when your credit, employment, and debts are reviewed to confirm your ability to pay back the loan.
  14. Review the TRID Disclosure. Before closing, you will receive an initial closing disclosure. You will need to review this document before you can schedule your closing, as it will give you an estimate of how much money you will need for closing.
  15. This is it! This FINAL walk-through!
  16. CLOSING! You made it! Finally, sign your paperwork and close on your new home!

If you’re ready to begin these steps toward homeownership, call your local experts today to get started!