- Determine your budget
A down payment of less than 20% usually requires private mortgage insurance.
Take into consideration that closing costs amount to around 5% of the home’s value (i.e. $10,000 for a $200,000 home).
- Select your lender
Provide financial details to your lender.
Save time by getting pre-approved for your mortgage rate and amount.
- Find your home
Discover homes in your desired location by working with a real estate agent or by using free mobile apps like Zillow, Redfinor Trulia.
- Secure your offer
Identify the right home for the right price with help from your real estate agent, and submit an offer.
If the offer is accepted, you are ready to begin the closing process.
- Select your title insurance company and closing agent
Your title professional examines land records to ensure the seller can transfer title to the new owner.
A closing agent is the neutral party who coordinates among the seller, buyer and lender to transfer all documents and disburse funds.
- Get title insurance for peace of mind
Owner’s title insurance protects your property rights.
Remember, lender’s title insurance only protects your bank’s financial investment.
- Review closing documents
By law, you must be provided a five-page Closing Disclosure three business days prior to closing.
The Closing Disclosure contains the actual terms and costs of your transaction.
- Sign closing documents and transfer funds
Everything is in order, so it’s time to close on your home!
- Buy with confidence at closing
You sign the remaining legal documents on closing day.
Receive your keys and peace of mind!
- Receive your owner’s title insurance policy
Don’t forget to check the mail!