At Giraldo Real Estate Group we offer a wide range of add value services to make your real estate buying experience enjoyable and rewarding when it comes to buying any residential or commercial properties. We have listed the process below to give you a better idea of how we can help you along the way.
While details are important in finding a new home, try to think bigger picture. Superficial things like carpet, paint color or décor may catch your attention, but can be changed relatively quickly and inexpensively (based on your budget). What should take priority are the bigger things that are harder, or perhaps impossible, to change like location, size, physical configuration, school zones, etc.
Your primary goal will be to find a home that will meet your family’s needs. You will have your standard requirements like bed and bath counts, pool, etc., but you should have additional considerations such as:
- Neighborhood/Location – What is important to you? Proximity to employment, schools, restaurants, shopping, beaches, highways, public transportation, nightlife, peace and quiet, etc.
- Schools – Many families consider schools as one of the most important considerations when looking for a home.
- How Long Will You Live In This House? – A house can be a great investment, but your current housing needs may not always be the same as they are in the future. You may get a job it a new state, outgrow your house or decided to downsize. It’s never too early to think ahead when evaluating your current investment.
- Price – How much can you afford? Understand what you can comfortably afford to pay for your house is important. Use a mortgage calculator and/or ask a professional to help determine and keep your purchase within your budget.
A good lender listens to their client’s needs, evaluates their situation, and recommends a loan that fit their needs. A home loan should help meet your financial goals now and in the future. There are many types of loans available, so you should know your options. Some common loan types include:
- Fixed Rate
- Adjustable Rate
If you want to stand out from the sea of other home buyers in a competitive housing market, one surefire way to do that is to get pre-approved for a mortgage. That means a lender has guaranteed to give you a loan before you’ve even made an offer—or even before you’ve seen a home you like! Granted, this may seem like a whole lot of prep work, but here’s why mortgage pre-approval matters, and how it can give you an edge when shopping for a home.
So before you even start looking for your new home, the very first thing you should do is get pre-approved for a loan. Once pre-approved, you know what budget you can afford. Sellers are usually more comfortable accepting your offer with a pre-approval.
An appraisal is an opinion of value. For estate planning, financial planning, or sale price decisions, individuals or a trusted adviser typically order an appraisal. When an appraisal is used to obtain an opinion of value of a property for loan purposes, federal regulation requires the lender to place an appraisal order. The lender then contacts a state licensed or certified appraiser and identifies the property to be appraised and the intended use of the appraisal. The appraiser then determines the appropriate scope of work for the assignment.
Title Search and Examination
This is a search made of the public records. Records searched include deeds, mortgages, paving assessments, liens, wills, divorce settlements and other documents affecting title to the property. Title examination is the review of documents found during the title search that affect the title to the property. This is when verification of the legal owner is made and the debts owed against the property are determined. Upon completion of the search and examination, a title commitment/ preliminary report is prepared, reviewed and sent out to interested parties.Understanding the challenges in obtaining home insurance can be difficult. A good Insurance Agent will help you understand the various types of coverage available and determine the coverage that suits your needs, as well as which Inspections (e.g. 4 Point, Wind Mitigation) are required to maximize your discounts.
Acceptance of Your Offer
Once the contract is signed by all parties, the clock starts ticking to meet all the deadlines that are outlined in the contract. Mortgage applications, inspections, appraisals, and many other deadlines will need to be met to ensure a smooth closing. The first step for your mortgage after acceptance is to fill out a Mortgage Application authorizing the lender to process your loan.
Understanding the challenges in obtaining home insurance can be difficult. A good Insurance Agent will help you understand the various types of coverage available and determine the coverage that suits your needs, as well as which Inspections (e.g. 4 Point, Wind Mitigation) are required to maximize your discounts.
Document Preparation and/or Request to Produce
The closing agent reviews the new lender’s instructions and requirements, reviews instructions from other parties to the transaction, reviews legal and loan documents, assembles charges, prepares closing statements, and schedules the closing.
Settlement or Closing the Transaction
The lender draws the document package and sends it to the closing company for signing. The escrow or settlement agent oversees closing of the transaction. The seller signs the deed and closing affidavit. The buyer signs the new note and mortgage. The old loan is paid off. The seller, real estate agents, attorneys and other parties present at the closing of the transaction are paid. Funding occurs when all papers have been signed and all conditions have been met. After funding, you will receive the keys and officially own your new home.
After the signing has been completed, the escrow or settlement agent will forward payment to any prior lender, and pay all parties who performed services in connection with your closing (if they have not been paid). The transaction documents are recorded in the county in which the property is located. Title insurance policies are prepared and sent to the new lender and to you. This all happens without any further actions by the buyer or seller.