Purchase

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You are ready to purchase your first home, now what?

Take comfort in knowing that you are not on your own. LENDZ is here to assist you to make the process as smooth as possible.

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How do you know if you’re ready to buy a home?

For most people, buying a home entails getting a mortgage. LENDZ has the knowledgable staff and assortment of loan products to make sure the home buying process is as easy as possible.

Steps to buying a home:

Step 1

Manage Finances

When buying a home there’s a few things that need to be considered. First off, how much can you comfortably put down.

Keep in mind, there are closing costs and additional funds outside of your down payment will be necessary.

Secondly, monthly payment.

What you can afford and what do you qualify for.

Depending on the loan and scenario, it can happen that you can afford more than what you’re qualifying for in an individual product.

To remedy that, LENDZ financial has a wide assortment of products available to home buyers.

A great example of that would be someone who’s self employed and writes off majority of their income.

Although that individual may be able to afford a certain amount per month, their claimed income might say otherwise.

A way around that would be a two year bank statement program that would more accurately take into account income.

Our licensed loan officers are dedicated to helping you structure your finances, whatever the situation may be.

Step 2

Get approved

When shopping in today’s competitive market, it’s important to be ready to act fast.

With today’s interest rates, more people are able to qualify for financing than ever before. How does one stand out above the rising competition?

A formal loan approval prior to making an offer.

By going forward with a conditional loan approval, all terms for the loan will be outlined before you even make an offer.

This places your offer on the same footing as cash and allows for closings in as little as two weeks.

Step 3

Find your dream home

Working with a local Realtor is generally the best way to find a home.

An experienced agent will be able to advise you on neighborhoods and market conditions.

Although it is possible to find a home yourself, the commission is paid by the seller and employing a Realtor gives access to a trained professional without incurring an additional cost.

Step 4

Get your offer accepted

The LENDZ team is highly skilled in more than just mortgages, but real estate transactions as a whole.

Our loan officers are committed to working with you, the seller, and any real estate agents/ brokers that may be involved.

By taking the time to follow up with all parties, our team maintains transparency throughout the process making it as smooth as possible.

This helps get your offer accepted by giving a clear path to closing from day one.

Step 5

Inspections

Now that you’ve found the house and locked it down at the right price, it’s time to do some digging.

A preliminary title report will give you the full legal background on your future home along with any violations, liens, or judgements against the property.

A title company would be in charge of handling this, but our team is there for any questions, concerns or assistance.

Next up is the physical state.

A licensed home inspector will be sent out to look into/ document the current physical state of the home.

It is generally required that a 4-point inspection and wind mitigation are performed for insurance, but we always encourage our clients to get a full inspection to better understand the condition of a property.

Getting a full inspection could shine light into possible defects, giving you the buyer bargaining power.

Step 6

Appraisal

For just about any residential mortgage, it’s required to get an appraisal.

An appraisal is the most accurate way of determining a properties current value. This gives both the lender and buyer piece of mind when engaging in a transaction. As your lender, we’ll be ordering the appraisal and overseeing the process.

Step 7

Closing

Once everything is what it needs to be and everything has been satisfied, it’s time to move to take possession of your new home.

The title company will prepare all documents and a date will be scheduled for all parties to sign and exchange funds.

The title company will balance out what’s due and handle the collection/ disbursement of funds.

Something to also keep in mind is that it is possible to sign ahead of time or do what’s called a mail away closing, if for whatever reason you or the seller can’t be in attendance on the closing date.

As long as you’re in the United States, the title company can arrange for a mobile notary to meet you, at the location of your choosing.

Once closing comes to an end, the only thing left to do is move in and enjoy your new home!