So, you're a first time home buyer?
I'll help guide you along.
Select a Realtor you feel comfortable with - A realtor will help you coordinate house shopping, lending, inspections and closing. He or She will advocate for your interests as opposed to the interest of the seller.
Prior to writing an offer - You should contact a mortgage company to get pre-qualified. (provides price range, est. financial requirements)
As soon as possible once your offer is accepted & you have a contract - Make sure you get with your lender and provide the necessary support information they require to proceed with the processing of your loan, so that you can close your new home on time.
Within 7 days - You should select an insurance agent that will provide coverage for your home and provide this information to your lender.
Within 10 days - Inspections must be done as per contract. Most typically your realtor will be assisting you in making sure these are scheduled. (NOTE: Inspections will be providing detailed lists of repairs that will be reviewed with you. Once you decide on which repairs you want to be completed, your realtor will work with you to prepare a document that makes the completion of those repairs a contractual requirement)
Within 15-20 days - Your lender will order an appraisal. Your appraiser may also have lender required repairs that need to be completed prior to closing your home.
Within 20+ days - Your lender will submit your loan and information along with proof sources, into Underwriting for final approval. The underwriter will typically issue an approval “subject to" a few more required tasks that need to be done. Until these final items are satisfied, your loan is not totally approved “YET”. So be quick in supplying any item your lender requires at this time.
Approaching the Closing Date - Your realtor will arrange your closing time, schedule a final walk through to ensure your requested repairs are done. Sometimes an appraiser will need to come back to the property to inspect completion of lender required items.
Your Responsibilities - Contact your utility companies to arrange them to be turned on effective the closing date.
A day or two before closing - Both your lender and your realtor will keep you informed about the specific funds required for you to bring to closing. Often final costs are fine tuned at this time.
The day of closing - Please arrive on time. All funds must be in the form of a cashier's check and made payable to the closing or title company. You will also need 2 forms of ID one of which has a photo of you. All buyers must be present unless other arrangements have been made in advance.