Steps to Home Ownership

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Income and credit are all verified and you are pre-approved for a loan, up to a specific amount and under certain conditions & terms. This is not a guarantee for a loan. Don’t open new credit without telling your Loan Originator.

Now that you know how much home you can afford, you can begin shopping. The Murray Group will search the Multiple Listing System (MLS) daily for homes that meet your criteria, and deliver listings directly to your email inbox.

Terms of the sale are negotiated, including the sale price, repair requests, move-in dates, etc. The Murray Group will present your offer to the seller.

Once the seller accepts your offer, you will need to obtain your mortgage. Call your lender to finalize the terms on the loan and complete the application. Paperwork supporting the application must be submitted. This normally includes pay stubs, two years’ tax returns and account statements verifying the source of the down payment.

An inspection of the property for termite and water damage as well as possible safety hazards is not required, but highly recommended.

Lenders require fire and hazard insurance for the replacement value of the structure. Flood and/or earthquake insurance may be required.

Lenders require an appraisal on all home sales.

A loan processor will package all pertinent information to be sent to the underwriter, including any explanations that may be needed, such as reasons for derogatory credit.

This is the time when a search for any liens against the property is conducted by your lender with your closing attorney.

Based on the information put together by both the loan representative and the processor, the underwriter makes the final decision on whether or not a loan is approved. In most cases, when your credit and debt-to-income ratio is good, your loan will be approved.

Final documents are signed by you (the buyer) and the seller.

Now you get to move into your new home. Make sure you replace all the locks for safety.