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An
overview of the steps involved in purchasing your home:
- Mortgage
Pre-Approval
-
Select an Agent
-
Find A House
- Offer
to Purchase
- Earnest
Money
Now that you
have found your home and the sales contract has been signed and
accepted by all parties, you are now ready to begin the mortgage
loan process.
MORTGAGE
PRE-APPROVAL - The first step in buying a house is determining
how much you can afford. Knowing how much you can afford to pay
in mortgage payments will help determine which homes are in your
price range.
Obtaining a
pre-approval is easy. Here's what you'll need to do to get started:
- Gather the
materials you'll need to apply by reviewing the application
checklist.
- Get Pre-Approved
by contacting a DKMC Mortgage Planner
or by applying on-line now.
SELECT
AN AGENT - Your decision to work with a successful professional
to assist you in finding the right home will help assure that your
home buying experience is satisfying and trouble-free.
If you choose
a real estate agent, your agent will represent you as a buyer's
agent. This means that the agent will work exclusively on your behalf
and in your best interests. Other types of real estate agents, both
selling agents and listing agents, legally work for and represent
the seller of the property. All real estate agents must meet a rigid
standard of ethics, must be certified and licensed by the State
of Illinois, and must observe laws which are designed to protect
both the buyer and seller of properties.
As a new construction
home buyer, a builder representative will work on your behalf and
in your best interests in helping you choose the ideal floor plan,
exterior and location of your choice. Your builder representative
will make sure you are informed every step of the way, guiding you
through the initial sales contract stage through the selection of
options, and finally, the closing of your new home.
FIND
A HOUSE - There are several factors you should consider
when searching for the ideal home - price range, area or neighborhood
in which you would like to live, and the size, type and style of
house you desire. Your agent or builder representative will discuss
each of these with you so that your search can be focused on houses
which you are likely to find desirable.
From the results
obtained through your pre-approval with a DKMC Mortgage Planner,
you can begin to search for your next home with the power to shop
with confidence.
OFFER
TO PURCHASE - When you have located the house that you
want, the realtor or builder representative will help you write
a Sales Contract for the home. Generally, the Sales Contract will
state the amount you will pay for the house and specify any additional
conditions or contingencies which you may which to impose. Some
contingencies which you may include in your offer:
- Home inspection.
- A contract
rider allowing you to consult with an attorney (typically within
a specified time frame) for legal acceptance of the contract.
- Acquisition
of financing by a specific date.
- Other conditions
as may seem appropriate.
There are numerous
other standard addenda that apply in certain situations. Your real
estate agent or builder representative will have the forms you will
need to address specific circumstances as they apply to your offer
to purchase.
In the case
of an existing home purchase, your real estate agent is obligated
to present the Sales Contract offer to the sales agent and the seller
as soon as a meeting can be arranged.
EARNEST
MONEY - When you sign the sales contract, you will make
a good faith deposit commonly referred to as earnest money. The
earnest money indicates that your offer is being made in good faith
and, in the case of new construction, induces the builder to begin
construction. Earnest money loan advances are also available.
Contact
us today for complete details and to find out how we can make your
home buying purchase easy and stress-free.
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