Home Buying Guide

GETTING STARTED

Knowing where to start when buying a home can be overwhelming. That’s why we’re here to guide you through the process. This guide has been designed as your introduction to all things home buying. Below you’ll find a step-by-step look at the home buying process, an introduction to the different parties involved in your transaction, and our recommended experts for each step of the way. We’ve also provided a number of quick links to helpful tools and resources to better prepare you for your journey. Whether this is your first home purchase or your fifth, our goal is to help reduce any uncertainty and stress you have about the process. We’re always a phone call or email away to answer your questions. Happy Home Buying!

STAGE 1: PRE-QUALIFICATION

Pre-qualification is an informal interview with a mortgage professional about your assets, income, and expenses. The purpose of this step is to give you a general idea of the price range you can afford and provide insight on ways to achieve your homeownership goals.

STAGE 2: PRE-APPROVAL

The pre-approval process starts with a lender looking over your credit reports, employment history, and income to determine which loan programs you qualify for, the maximum amount you can borrow, and the interest rate you’ll be offered. Your loan officer will then submit your mortgage application and the documents you provide to verify your income, current and past employment, bank accounts, and credit report with an underwriter for approval. Your lender then issues a pre-approval letter, including any conditions needed for full approval.

STAGE 3: COMMITMENT

Loan commitment is issued after a lender approves both you and the property you plan to purchase. After careful examination of all relevant documentation, your loan representative will submit your complete application to the underwriter. Your application will either be approved or approved with conditions that must be met prior to closing.

Your inspection contingency period (typically 10 business days after your offer is accepted) gives you the opportunity to uncover issues with your home before moving forward with the transaction. If issues emerge during the home inspection, your buyer agent will attempt to negotiate repairs or consideration for repairs on your behalf. If negotiations fail, you may walk away from the property and receive a refund of your earnest money.

Below we’ve listed our general recommendations for inspections to better prepare you for the process and inspection costs. Note: Costs are approximate, depending on the property and the complexity of the inspection.

GENERAL HOME INSPECTIONS

A visual inspection of a home’s interior, exterior, roof, plumbing, electric, heating and cooling, and unfinished attic and crawlspace. | Cost: $575 (Re-Inspection: $125)

SEWER SCOPE

A video scope to determine the condition and functionality of the property’s sewer line from the house to the city main. | Cost: $125- $150

TANK SEARCH/ LOCATE

Detects the location of an underground heating oil tank or other large metal targets on the property. | Cost: $95- $110

SOIL SAMPLING

Performed when an undocumented underground oil tank has been detected. | Cost: $195 or more

RADON TESTING

Radon is a radioactive gas that comes from the natural breakdown of uranium in soil, rock, and water and emits into the air you breathe. Radon typically moves up through the ground and into your home through cracks and other holes in the foundation. Radon levels can be safely lowered with a professionally installed mitigation system. Click Here for the EPA’s guide to radon. | Cost: $150- $175