01 - FIND AN EXPERT REAL ESTATE AGENT
Choosing the right real estate agent makes a big difference. It can affect how long you're looking for a home and the price you end up paying. An agent with experience and good contacts can help you find the right home quickly and at a fair price. Having an agent who really cares about their clients can make the whole process smoother and more enjoyable.
Jean Davila is well-known for his top-quality service. When you work with Jean, he'll make the home-buying process clear and easy for you.
02 - GET PRE-APPROVED
Getting pre-approved is an important part of buying a home. It shows how much you can spend and helps you get ready to buy by lining up your finances. When you're pre-approved, you can:
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Clearly see where you stand financially
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Know the price range of homes you can look at
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Have a stronger position when you're ready to buy
Having a pre-approval letter shows sellers that you're serious and ready to buy, setting you apart from other buyers.
03 - START SEARCHING
Your journey to find a home begins now! Using your budget, Jean will show you a selection of homes that fit what you're looking for. He'll be with you during home visits to help with any questions. When you find a home you love, he'll start putting in offers and working out the best deal for you.
04 - MAKING AN OFFER
Different factors can affect a home's value. Jean will give you the information and details you need to make an offer that you are comfortable with.
What Can Change a Home's Value:
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How long it's been up for sale
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Any drops in price
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Prices of similar homes sold nearby
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If many people are making offers
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What comes with the house
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The difference between listing and selling price
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Why the seller wants to move
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Available loan or payment options
After we put together the offer, we'll give it to the seller and their agent. They might agree, say no, or suggest a different price. Jean will help you make a plan to get the best deal that fits your budget.
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HENRY YEN
I was 10 years old when my grandfather, my dad’s father, passed away. He lived in Taiwan, so I knew him only through pictures and the half-dozen times I had met him, and I had been too young to create lasting memories. I felt sad for my dad more than myself. When my dad returned from work that night he...
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06 - SUBMIT YOUR LOAN
Once you receive the ratified contract, the lender gives it to an Underwriter to review. When you start the escrow process, you'll give the Escrow Officer any needed fees or terms. The escrow officer will guide you on how and where to pay your earnest money deposit. This deposit, a set percentage from your contract, is part of your down payment and shows you're serious about buying. The lender will then talk about locking your interest rate and will send you disclosure forms to sign. These forms will explain:
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Information about lender laws
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Your loan terms
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Information on closing costs and prepaid items
After you've signed these disclosure forms, the lender and a Loan Processor get everything ready to give back to the Underwriter for a final check.
05 - ENTER INTO CONTRACT
Once the seller accepts your offer, Jean will let you know that you are officially in contract. Next, you'll start the process of getting your loan. There are specific steps, called contingencies, you have to follow in a set time. These steps include a full home inspection, a home appraisal to get you the most accurate valuation of the home, and a financing approval. During this time, the upfront money you paid, your earnest money deposit, is secure. When the steps are complete and you accept the conditions, that deposit becomes part of the purchase. It's important to have someone you trust to help with your loan so everything stays on track.
07 - ORDER AN APPRAISAL
After your contract is in place, the lender will request an appraisal of the property. Jean can oversee this process and speed it up if necessary. It's important to know that the appraisal fee is typically paid upfront. Once the Appraiser evaluates the property, they'll draft a detailed report that includes the home's appraised value. This report is usually shared with both you and the lender shortly after the assessment. We'll discuss this appraisal report with you and address any queries you might have. After this, the appraisal, along with your full loan documentation, will be forwarded to the Underwriter for further examination.
08 - LOAN UNDERWRITING
The Underwriter will closely examine your financial records and evaluate the overall reliability and risk of your loan file. This includes checking your credit background, what you own (assets), your earnings, and comparing your income to your debts to ensure everything aligns with the lender's criteria. After a detailed look at your file, the Underwriter will either approve or reject your loan request. If you get the green light, the lender will give you a list of requirements you need to meet for final loan approval. This list might ask for proof of tax payments to the IRS, confirmation of your job, and the final appraisal report. It's essential to send back these requirements quickly, so the Underwriter can finalize their approval.
09 - SIGNING DOCUMENTS
After the Underwriter checks your loan conditions and the finished appraisal, they'll set your file as ready for the closing phase. The lender then finalizes the loan's terms and gets your loan paperwork prepared for your signature. You'll be scheduled to sign these with either the Escrow Officer or a certified notary.
In the days leading up to the closing, usually within the last five days, you'll do one last check of the property. This ensures it's in the same condition as when you placed your offer and confirms any agreed repairs are done.
With all conditions met, the Escrow Officer groups your documents together into what's known as the funding package. This goes back to your lender and a Funder reviews it. The Funder gives the final approval for your loan. They then send the exact loan amount to the Escrow Officer, who makes sure everyone involved gets paid correctly.
10 - RECEIVING YOUR KEYS
Your loan documents are typically filed with the county just a day after everything's funded. Jean will let you know when this happens. As soon as your loan's on the record, you're the proud owner of your new house and you can make arrangement with Jean to get your keys. Well done on securing your new home!
