STEP 1

Determine How Much You Can Afford

Before you start looking for a home, you need to know how much you can actually afford. Contact Charles Martin Mortgage today to be Pre-Qualified. The process is fast and easy. Once you provide the necessary information relating to your income and funds available for down payment, your CMM representative can determine the loan amount that you qualify for as well as your target purchase price.

STEP 2

Browse Online

Once you know how much you can afford, it’s time to start browsing. The internet provides many helpful platforms to shop for real estate and begin to narrow down things such as the school district, neighborhood or subdivision, as well as style, design and size of your desired home.

STEP 3

Find the Right Real Estate Agent

Now that you have a better idea of the ideal neighborhood and price point, you are ready to contact a real estate agent. Real estate agents are important partners when you’re buying a home. Since shopping for and eventually buying a home is a process, we suggest you interview a few agents familiar with the neighborhood you want to live in and determine who works best with you.

STEP 4

Make an Offer

Found your ideal home? Time to make an offer! In most states this offer must be in written form, most commonly known as a binder. The binder will not only advise the seller of the amount you wish to pay but also the amount you will be putting down and the amount you will be financing.

Step 5

Get a Home Inspection

Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may be in need of repair. Your real estate agent usually will help arrange to have this inspection conducted within a few days of your offer being accepted by the seller.

STEP 6

Go to Contract

After a final price has been agreed upon and any issues relating to the home inspection findings have been addressed, a contract will be drafted by the seller’s attorney or their realtor depending on the state in which the property is located.

STEP 7

Finalize the Mortgage Application

Now that you’re in contract, it’s time to finalize your mortgage application. You will need to contact your Charles Martin Mortgage representative and provide them with the contract and any additional underwriting documents that may not have been provided during the pre-qualification process and/or update any underwriting documents that may have expired since then, i.e. pay stubs, bank statements, etc.

STEP 8

Appraisal

Once you have received your application and all applicable disclosures your Charles Martin Mortgage representative can order an appraisal on the home. An appraisal fee is typically the only fee that you will pay up front in connection with the mortgage application process.

STEP 9

Mortgage Approval / Mortgage Commitment

A Charles Martin Mortgage lending partner will issue a Mortgage Approval typically within 5 business days of receiving a signed loan application and the supporting underwriting documents. A mortgage approval is usually a “conditional” approval. This simply means that the approval is subject to certain conditions, such as: acceptable appraisal report, title commitment or proof of homeowner’s insurance.

STEP 10

Closing

After you receive your loan commitment and all conditions have been cleared your file will be moved on to the closing department. At this point the lender will generate their Initial Closing Disclosure. The Closing Disclosure outlines all the final terms of the mortgage as well as the details of the transaction including the purchase price, contract deposit, loan amount, closing costs and the funds needed for closing. You are required to receive the Initial Closing Disclosure at least three days prior to your scheduled closing date.