The home buying process is a series of steps that you as a borrower must go through in order to purchase your new home. This includes obtaining a home mortgage which is vital to start even before viewing properties.
In Virginia the process starts after you and your Buyers Agent decide to work together and have signed a Buyer Broker Agreement.
The next step is getting pre-approved for a loan, which involves providing the lender with documentation of your income, assets, and debts. Once you are pre-approved, you can actively begin touring homes.
When you have found the right home, your Buyers Agent will write an offer to the seller. This offer is contingent upon successfully obtaining a home loan. If your offer is accepted then you will work with your lender to finalize the loan terms.
Below is the Loan Process explained in a fun and easy to understand way. This is courtesy of Jenna Stiltner with Atlantic Coast Mortgage one of our favorite lenders.
Please be sure to note the “Best Practices” and “Common Mistakes”