First Time Home Buyers

The process of buying a house can be a daunting one, especially if you are a first time home buyer. When you work with Realtor Sean McIntyre of Urban Acres Real Estate, you are not only getting the personalized attention of one of the best real estate agents in the Coralville, North Liberty and Iowa City areas, you are also getting the full resources of one of Iowa’s best and most trusted real estate companies.

In order to help make the home buying procedure as simple and transparent as possible, real estate agent Sean McIntyre has compiled some helpful information to get you started. Feel free to contact Sean at any time for more information and to begin the search for your first home.

Step One: Mortgage Pre-Approval

The first step is incredibly important because it will give you a set limit for which you can base your search through the open real estate listings during your Coralville, Iowa City and North Liberty pursuit of homes.

Step Two: Complete the Loan Application

After your pre-approval for a mortgage comes the task of filling out your mortgage application. There are many factors that play into the mortgage application including your current finances, credit score, income, assets and other similar materials. Mortgage lenders use this information to discern whether or not it would be in their best interest to loan you the money to purchase a house.

Step Three: The Fun Part – House Hunting in North Liberty, Iowa City and Coralville

Many first time home buyers in Coralville start looking through real estate listings and other publications long before they take the leap into contacting a Realtor to really get the home buying process started. Once you get the mortgage pre-approval and loan application out of the way, all that time searching through real estate listings, going to open houses and attending private home tours with Realtor Sean McIntyre will make your first time home buying experience more efficient and productive.

Step Four: Making the Offer on your First Home in Iowa City, North Liberty or Coralville

After you and real estate agent Sean McIntyre submit your initial offer, Sean will negotiate price, the date you will take possession of your home, closing costs and address any other concerns you and the seller of the house may have. Sean will help you throughout the entire negotiation process.

Step Five: Lock in your Interest Rate with your Final Loan Application

After the seller has accepted your final offer and mortgage application, it is important to lock in your interest rate. The Good Faith Estimate is also revised at this time to match the details that were agreed upon within the contract. Don’t worry… Sean will walk you through this procedure and answer any questions or concerns you have – you are his top priority and helping you understand everything that is happening matters as much to him as it does to you.

Step Six: Get your Homeowners Insurance Squared Away

Before you can get your loan money you must buy the proper insurance for your home, and before closing you are obligated to pay the insurance company the first year’s home owners insurance premium. In order to satisfy the requirements on your mortgage contract you need fire and hazard insurance that will cover the replacement value of your new house, and if the home is located in a flood zone flood insurance may also be essential.

Step Seven: The Home Inspection

Before securing your purchase loan it is essential to have your new home inspected. If termites or any other issues are found it may be required that the problem is remedied before you can move forward with the sale. Realtor Sean will help you work through which inspections are necessary and most beneficial.

Step Eight: Appraisal of the Value of your House

An appraisal to determine the value of your new home needs to be completed before your mortgage lender will fund your home loan. This appraisal is used to justify the price you paid – if the appraisal shows that your house is actually worth less than what you paid for it Sean may be able to renegotiate the purchase agreement with the seller.

Step Nine: Getting the Abstract and Title Opinion for your House

An Abstract is a document that details the history of the property including any current or past liens. Liens are any judgments, mortgages, mechanical liens and similar actions. An attorney will produce the Title Opinion and will mandate the closing of all current liens so the title will be clean for your purchase of the property.

Step Ten: Review by the Loan Processor

The loan processor will make sure all of the required documentation has been submitted and completed correctly. After the processor completes the review your mortgage packet will then be forwarded onto the mortgage company for the final review of all the documents.

Step Eleven: Review by the Underwriter

The mortgage company employs underwriters to approve the mortgage application and documents. These individuals have the final approval and can request any additional information regarding your personal finances or other necessary materials applicable to the purchase of your new home.

Step Twelve: Approval and Closing

After the underwriter gives final approval on your home loan the closing process can move forward – this means you and your real estate agent can review and sign your final mortgage documents. This moment is also the point where you will bring your photo identification and a certified check for any closing costs you may have.

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