THE HOME BUYING PROCESS

Things To Ask Yourself & Things to Know When Looking to Purchase a New Home

You will get Five Star Service when you Hire an Angie Lauren Jersey Shore Real Estate Agent. We want you to be confident and comfortable so we have compiled a few things you should think about and understand as these will be questions your agent will ask and also some helpful
do’s and don’t that will be important if you are considering a mortgage.

What town or area are you most interested in?
What is most important to you about this particular town/area?
What does your perfect home look like? Think details and aesthetics.
How many bedrooms and bathrooms do you prefer?
What price range are you considering?
How soon would you like to move in?
Do you have a home to sell and if so, do you NEED to sell that home to purchase a new home?
Would you pay cash or would you need to finance?
How much would you be putting down?
Is this home a primary home, vacation home or investment?
If you found the right home today, are you able to make a decision to purchase today?

DO
Know your Credit
Continue to Make Your Mortgage or Rent Payments
Stay Current with all Existing Loan and Credit Accounts
Keep Working at Your Current Employer
Stay with Your Same Insurance Company
Continue Living at Your Current Residence
Consult with a LOCAL LENDER asap to obtain a prequalification so you fully understand your budget

DO NOT
Make Any Major Purchases (Vehicle, Boat, Furniture, Jewelry)
Apply for a New Credit Card (Even if You are Pre-Approved)
Transfer Any Balances from One Account to Another
Close Out Credit Card Accounts
Take Out Cash Advances on Credit Cards for Closing Funds
Take Out a New Loan
Start Any Major Home Improvement Projects
Finance Any Elective Medical Procedures
Open New Cell Phone Account(s)

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Lending Process

The mortgage process, when you commit to the right lender, is a pleasure. We have lenders on our side who will not only provide the best rates and packages, but are able to leverage personal challenges you may be facing and since our lenders are local, they are familiar and experienced with the shore markets and the different quirks our shore towns, at times, hinder. 

Lenders require several items of information as well as documentation. Here are a few things to help prepare you in advance for the process of qualifying and obtaining a mortgage.

Drivers license
Social security card or Passport
W2’s from the past two years
Federal signed tax returns from the past two years (all pages)
Paystubs from the past 30 days
Bank statements from the past 30 days (Checking/Savings/401k)
Rent checks from the past two months (if applicable)
Mortgage statements for all properties (previous month)
HUD-1 settlement statement or copy of note (refinance)
Home owners insurance declaration page (refinance)
Divorce decree (if applicable)
Bankruptcy petition and/or discharge (if applicable)
Check or credit card for appraisal

When you begin your home search, it’s smart to be proactive. Why?

Pre-qualification will help determine the estimated mortgage loan amount for which you are
eligible, and what will be truly affordable. Some Real Estate Agents may encourage you to have a pre-qualification letter in hand before
you begin to arrange appointments to view homes, or begin attending open house events. By pre-qualifying, you will have an estimate of your potential monthly mortgage payment. Then, you can consider how your monthly budget will be affected. Being pre-qualified may increase your chances of winning a home bid or negotiating with a home seller. It proves you’ve already researched your budget with a professional Loan Consultant and are indeed a “Serious buyer” .It can reduce stress, costs and time by helping you be prepared. And if you find out that you can’t quite afford a home now, you’ll know what you need to do to reach your goal.

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STEPS TO HOMEOWNERSHIP

01
Buyer Consultation
First, we will connect for an initial consultation to discuss what you are looking for in your next home so I can help guide your search.
We will establish a mutual business agreement (Buyer Agreement). This document is designed to increase transparency by laying out my obligations to you, in addition to details on term length, compensation, termination, exclusivity, representation, and property criteria. Once we are both aligned with the terms of the agreement, you will be asked to sign before I can show you or send you any properties.

02
Buyer Representation Agreement
If you are obtaining financing, getting a pre-approval letter from a lender before submitting an offer is important because it shows you are more likely to meet the proposed settlement date. A pre-approval letter and a good faith estimate from a lender will also give you insight into the projected down payment, closing costs, and expected monthly payment.

03
Get Pre-Approved
STEPS TO HOMEOWNERSHIP

04
Find Properties That Meet Your Criteria

I will run market analyses on comparable properties in the area to give you a clear understanding of current market value. Together, we will identify your ideal home’s location and amenities, and attend open houses in a range of areas. I will listen to your continued feedback and activate a ‘collection,’ or specialized search for properties as they hit the market until we find a home you love.

05
Submit and Negotiate OfferOnce we find the right home, we will collaborate on a competitive offer. The offer is an agreement to pay a certain price for the home if accepted and may include other terms, such as whether you are waiving any contingencies or in how many days you are willing to close. It is my job to guide you through the decision-making process to ensure you are confident with our offer.

06
Sign Contract
Your contract is the agreement between you and the seller to purchase the property for a specifi c price. Also defi ned in the contract of sale is the settlement company, date of settlement, and earnest money deposit amount.
We will work together to decide on a Title Company to handle escrow and the transaction. An Escrow Deposit is the amount of money that the buyer
will put in an escrow in good faith
to demonstrate to the Seller that they are serious about purchasing the property. The money will only be deposited if the contract is signed and agreed by both parties.
STEPS TO HOMEOWNERSHIP

07
Home Inspection, Disclosures, Reports, and Repairs
It is my responsibility to coordinate all desired home inspections within the agreed timeline and contractual contingencies. We will also review and discuss the disclosures and preliminary title report. You may approve or negotiate credits and/or repairs. Prior to closing, remember to schedule a final walk-through of the property to verify property is still in acceptable condition and any negotiated repairs were done.

If you are obtaining financing, your lender will let you know the list of financial documents necessary to provide to the lender, including a couple months of bank statements, tax records, pay stubs etc. Typically, you will have a mortgage contingency of the agreed upon length to obtain a mortgage commitment. Once your lender has all of your documents, they will review them and issue a Clear-to-Close, which means your loan is complete and the fi le will be sent to the title company for closing. Your lender will have an appraisal done on the property.

08
Loan Application and Appraisal

09
Closing
Congratulations! You are now a homeowner. Welcome home!