What to Expect When Buying a Home

Life-enhancing benefits of homeownership include the opportunity of building equity, deducting a percentage of your mortgage interest and property tax on your annual income tax return, and most importantly, living in the house of your dreams!

Before beginning your home search, contact a licensed Cornerstone Mortgage Advisor to gain important insight on the steps necessary to make your search and purchase successful.  We will counsel you on affordability ratios, discuss a variety of loan products to choose from, and pre-qualify you for a home loan, BEFORE you shop.  Sellers prefer Buyers who are pre-approved for the financing because it gives them comfort knowing that the transaction will be completed.

When you find the perfect home and you’re ready to make an offer, your sales agent can submit a purchase contract on your behalf.  Most state-promulgated contracts provide you a limited time period to inspect the home, so if major repair problems are present, you may be able to cancel the contract within the specified time period.  We recommend that you select a home inspection expert to handle this important task.  If repair items are within your tolerance level, your sales agent can assist you in the negotiations of the repair costs with the home seller.  Once you reach a deal with the seller, the home is officially under contract. At this stage, your Lender will advise you on the remaining items needed to close which include ordering an independent appraisal of the home, attaining homeowners insurance, and completing the necessary items to finalize your home purchase.