House Buying Process: After the contract to purchase
Well, you have looked at houses and looked at houses. You found one that meets your needs. Your agent wrote up the contract and it was accepted so what is next?
The first thing you should do is make a calendar with all the major dates circled so that you do not miss any deadlines.
Home Inspection: you need to do this first as there is no reason to look for insurance or set up utility accounts till you are sure this house does not have any hidden problems. This should be completed within 5 days of the contract acceptance.
- Choose a home inspector from a list given by your agent and friends who have recently bought.
- Call all the inspectors on the list.
- Ask what they charge and what they do for that charge
- Ask what they charge for return inspections
Loan Application: do this while you are waiting on the home inspection report. You will need a lot of supporting data. The loan application takes about 2 hours to compile the data and do the application.
- 30 Days Pay Stubs--Employment verification
- 3 most recent bank statements (all pages of all counts including CDs)
- 2 years W-2
- most recent statements on Ira's and investments
- most recent statements from credit cards, student loans and car loans (any charge that you pay monthly)
- Addresses where you have lived for the past 2 years.
Be accurate...this is not a form to just guess on. The credit report will verify what you are telling the loan officer, so you do not want to spend an afternoon next week writing explanations because you did not give the correct information upfront.