STEP ONE - Meet with a loan officer
By sharing income and other financial information your Cal Mutual
loan officer let you know the exact price for which you are qualified.
They will review with you your goals and future aspirations with the
property and present different mortgage options to help you meet
those goals. The loan officer will sum all your options in concise
professional approval letter.
STEP TWO - Begin viewing homes with your realtor
When possible, all decision-makers should visit the various homes.
Always be candid with your realtor - it will help them understand your particular needs and desires and enable them to select homes you'll want to see.
STEP THREE - Prepare the offer
Your realtor will provide you with a comparative market analysis on
the property or properties of your choice in order to assist you in
making an informed decision. Your realtor will go through the contract
step by step with you and create a strong offer to submit.
Negotiations will proceed until both buyer and seller agree on all
terms and sign.
STEP FOUR - Make your loan application
Give your loan officer a copy of the contract and apply for the loan.
STEP FIVE - Inspect the property
Select an inspector and arrange for both a general inspection and wood-destroying insect inspection.
Your realtor also can provide information about other environmental assessments.
STEP SIX - Appraisal of the property
The lender will make arrangements for the property appraisal. The
appraisal will need to meet the offer price or the home will be either
renegotiated or you walk away.
STEP SEVEN - Arrange property closing
You will receive a copy of the closing statement for review prior to
closing. You will do one last final walk-through inspection of the
property. Your realtor will arrange a closing date and time with the
lender and escrow company. At close you will bring a cashiers check
for all closing costs and the balance of the down payment.
AFTER THE CLOSING
Your loan documents are sent to the lender for approval and funds are disbursed. The
title company receives and funds all money from the loan company, payment of any
accrued expenses in connection with the closing are due including taxes, professional
real estate fees and title company fees. Legal documents will be recorded in the office of
the county clerk and mailed to the buyer.