Service Title Agency

So you've decided to buy a home! If this is your first home, the process may be a bit confusing. Here are a few tips from your friends at Service Title Agency to make the experience a little easier.

Step One: Determine What You Can Afford:
If you are like most people, paying cash for your home is just not a possibility. This means getting a mortgage loan. And, getting pre-qualified before you start house hunting can help you avoid many problems and heartaches. Taking the time to find out just how much of a home you can comfortably afford makes shopping for a new home faster and easier. Documents that you should have available for your loan officer include: most recent pay stubs; W-2's; list of bank accounts and balances; and a list of creditors, account numbers and outstanding balances.

Step Two: Find a Qualified Realtor:
Unless you are quite familiar with real estate contracts and procedures, you may benefit greatly from the services of a qualified Realtor. They can help you navigate the sometimes murky waters of real estate transactions. Ask your friends or colleagues about Realtors that have been helpful to them. Be certain to use the services of a realtor who is familiar with the area where you want to live. Additional considerations when choosing a realtor should include: their affiliations with the local Board of Realtors; their educational background- are they a Certified Residential Specialist (CRS), a Certified Residential Broker (CRB) or a graduate of the Real Estate Institute (GRI); and their references. We suggest interviewing at least three agents before making your decision.

Step Three: Finding the Right Property:
Once you've chosen your realtor you will need to supply them with lots of information including: your price range (as determined by your pre-qualification with a lender), your "What I must have in a home list", your "What I don't want in a home list" and your "What I'd love to have in my home list." Then, let your agent put their expertise to work for you. Be certain to ask lots of questions as you tour homes- this is potentially the largest investment you'll make, so ask questions until you are satisfied.

Step Four: Entering into a Purchase Contract:
Once you've found just the right home for you, you and your agent will place a contract on the house. The contract is a specific outline of the terms of your purchase agreement. Be specific and be detailed – if it's not in your contract, it doesn't happen.

Step Five: Final Loan Approval:
Once your contract is accepted by the seller you will need to notify your lender so that they may arrange to have an appraisal completed. You will also need to provide the lender with a copy of the final purchase contract. Once the appraisal is completed and final loan approval is issued, the professionals at Service Title Agency begin their work.

Step Six: Preparing for Closing:
Service Title Agency will arrange to have all the necessary documents prepared in addition to providing a final accounting of the loan proceeds. Final warranties and inspections will be ordered and we will arrange to have the title to the property searched and prepare the required title policies. Please read the section on "Why Do I Need Title Insurance?" for important information about how this type of insurance protects you and your investment.

Step Seven: Closing Day:
The date for your closing will be set by you and your agent in conjunction with the seller and their agent. As the buyer you will be signing loan documents for your new mortgage loan. Be certain to bring a photo ID and a cashiers check for the balance of funds due (if any). As there is no rescission period for this type of transaction once you leave the closing table the deal is considered to be closed. Enjoy your new home!