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Home Buying Steps

Aug 06, 2020

Steps to Buying a Home

So, you’re thinking about buying a home but want more information on what the homebuying process looks like? We’re here for you! The homebuying process can seem overwhelming if you don’t break it down step-by-step. Once broken down, it is much more manageable and remember, we’re here to guide you each step of the way.

Step 1: Consultation

Thinking about buying a home?! Well you’re in the right place. Simply contact us and we’ll talk you through your homebuying goals, your financial goals and the steps we’ll take together to help you cross the finish line.

Step 2: Get Pre-Approved

Now that we’re on the same page with your goals, let’s get you pre-approved. In order to provide you with a true pre-approval, versus a pre-qualification, we’ll need to collect a few things.

1. A copy of your most recent paystub
2. The last 2 years W2s and tax returns
3. The last 2 months bank statements

Additionally, we will pull your credit so that we have an accurate picture of your financial situation. Once we have all of the necessary documentation, we can accurately tell you how much you can afford.

Step 3: Find The Perfect Home

This is the fun part! Go find the home of your dreams. Once you do, we’re here to help you make your dream a reality.

Step 4: Submit Application

Now that you’ve found your home, it’s time to truly apply for your mortgage. We can take your mortgage application in whatever way works best for you; over the phone, in-person, via our web portal or even through our FairwayNOW app. 

We’ll need you to send over your most recent pay-stub and bank statements so that everything is up to date and accurate.

Step 5: Processing and Underwriting

Once you have completed your mortgage application, we will submit everything to our operations team. They will review the file, ask us for any necessary additional information and then approve your mortgage. At this point we will have a more accurate picture of closing costs and how much money you will need to bring with you to the closing table. 

Don’t worry, there are many ways to structure the loan so that you feel most comfortable with your down payment, monthly payment and the cash needed to close.

Step 6: Pre-Closing

Prior to closing we will review the steps you need to take to get your money to the closing table. Make sure you talk with us before you send any money anywhere to avoid any sort of wire fraud scam. We have your back! Any questions you have on the homebuying or closing process, we can answer them and will make sure you are ready to go for closing.

Step 7: Closing

Closing day is here! You’ll sign all of your paperwork and your new home will be yours! Don’t forget to bring your photo ID and the cash to close.
We recognize that buying a home is the largest financial purchase you will likely ever make, and we don’t take that for granted. We are here every single step of the way to make sure you feel supported and confident in your decision. Mortgages are what we do, but to us the homebuying process is about people first.

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Q1 Recap

By Mikaylah Collins • 12 Apr, 2023
We've begun to see signs that the Spring Market is here and could be robust! Here is what we know: According to NAR, home sales were up 14% in February over the previous month which marked the biggest monthly increase since July 2020. While March results are not yet published, the mortgage industry saw an increase in purchase applications for the 3rd straight month; a great sign for the housing market. Driving much of this activity is the stabilization of rates in January & February and lower interest rates this past month. We’re starting to see signs of a slowing economy and the markets are now pricing this in. This week we saw the 10-yr Treasury drop under 3.4%, a level it has not reached for quite some time and the lowest it’s been since September 9, 2022. This is great news for consumers as decreasing rates mean more home affordability. Over the past year, most markets have seen home prices stabilize if not even decline, albeit by a very small amount. This stabilization was still a relief for homebuyers as it helped to offset higher interest rates. As rates continue to decrease, we would expect home prices to again increase due to demand increases. In addition to increased demand, there is still a shortage of homes for sale nationwide and that will continue to worsen as more and more homebuyers enter the market.  So what does it all mean? Now is a GREAT time to buy a home! Rates and home prices are stable, there is not as much competition as there will be when rates do decrease, and buying a home is still extremely affordable for most. Once rates fall, we will likely see home prices rise and the competition for the shortage of homes will increase alongside it making the window of a buyer-dominated market very small.

Q1 2023 Market Outlook

By Sarah Rubin • 10 Feb, 2023
We are well into Q1 and feel confident saying that the market appears to be stabilizing. Before we start looking forward, let’s quickly look back at the end of 2022.

Finding The Right Listing Agent For You

By Sarah Rubin • 15 Dec, 2022
Buying a home is a huge investment and one we talk about often - BUT the flipside is that you have an opportunity to cash in on that investment when you’re ready to sell your home! While you do have the chance to cash-in, a lot more work goes into selling a home than you might think! If you are considering selling your home, working with a listing agent will help you market your home, negotiate with potential buyers, work through paperwork, and ultimately close on your home! So what is a listing agent? In its most basic terms, a listing agent is a real estate professional who represents the seller in a real estate transaction. The listing agent lists the home for sale and works on behalf of the seller to sell the home at the best price and terms for their client. Listing your home is a BIG deal and it is not a place to try and DIY. But why can’t you just grab a sign at Home Depot and try and sell yourself? Well, there are lots of reasons some of which include: Professional consultation: A listing agent will walk you through each step and tell you what to expect along the way! They should understand the specific community you’re in and the current market environment and will help you determine a competitive but realistic asking price for your home. Marketing and selling your home: Your listing agent will list your home on the multiple listing service (MLS) in order to better market your home to potential buyers. They also can make staging recommendations and hire a photographer to best show off your home and its features. They’ll schedule house showings, and can be present to answer any questions. Communication and negotiation: Communication is key to both buying and selling a home in order to minimize stress and misunderstandings. Listing agents take care of this important task, by staying in touch with interested buyers and their agents, fielding questions, handling paperwork, and negotiating the final sale price and terms. Recommendations: Seasoned listing agents might come with a list of professionals who they have worked with in the past that they enjoy working with in order to make the selling process smoother for you! Some of these professionals include: real estate attorneys or title companies, inspectors, stagers, those who specialize in home improvement AND of course trusted Loan Officers. How do I find the right listing agent for my situation? In order to find the right listing agent for you, make sure your agent is licensed and has experience, references, and a professional website where you can learn more about them and their qualifications. Most real estate agents work with both buyers and sellers, but some might specialize in one or the other. Once you find a few agents through referrals or online research, meet with them in person to ensure they meet your needs and work well with your personality. It is also important to ask questions during your meeting with them and it’s imperative that you determine what you’re looking for in an agent so you make sure you are happy with the product being delivered. Selling a home can be stressful, especially for first-time sellers. A listing agent can help by taking on some of the burden and providing the information and resources needed to help sellers make informed decisions. We work with agents on both sides of the transaction – if you have any questions or would like a recommendation for an agent in your area, please reach out to us!
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