01
Pre-qualification for Mortgage Loan
Meet with a mortgage or bank loan officer to determine the maximum amount you will be able to borrow. The lender will run your credit history, ask what your current monthly obligations are and have you answer employment questions. Pre-qualification is not a guarantee of a loan but is a start to the process. Congratulations, you’ve taken the first step towards home ownership!
02
Pre-approval
Once your documents are reviewed by the loan department, you will receive a pre-approval letter regarding the specific loan amount for which you qualify, the terms and conditions, and how long the pre-approval is good for.
03
Searching for a house
One of our Buyers Agents (this means they represent YOU and not the seller) will use your desired search criteria to set up an automatic home search through the Multiple Listing Service (MLS). You can then receive notifications via email or through a variety of apps when a house is coming soon, newly listed, and/or there is a price reduction. This is called your ‘Portal’ and has numerous features for you to use.
04
Writing the offer
Your agent will help you negotiate the sale price, closing date, concessions from the seller, etc. and present your offer to the seller or listing agent. Proof of pre-qualification or pre-approval will be submitted alongside your offer, as this information can give you an advantage against other buyers in a competitive market.
01
Drop Off Earnest Money
Once your offer has been accepted, you will need to submit your earnest money deposit. This shows the seller that you are serious about purchasing the home. There are several ways this can be done, and your County Cottage agent will guide you through the process and ensure everything is completed correctly and on time.
02
Home Inspections
Your purchase contract allows you to schedule inspections to evaluate the condition of the property. These inspections help identify potential issues and ensure the home meets your expectations. If concerns arise, your agent can help negotiate repairs or credits with the seller. Your County Cottage agent will assist you throughout the entire inspection process.
03
Shop for Homeowner’s Insurance
Before closing, your lender will require proof of homeowner’s insurance for the property. During this stage, you can compare insurance providers to find the best coverage for your needs. Your County Cottage agent will ensure that the lender and title company receive the required insurance information for the closing documents.
04
Loan Commitment
After your contract is accepted, your agent will send the contract and any amendments to your lender. The lender’s underwriting team will review your financial documents such as pay stubs, tax returns, bank statements, and proof of funds. During this time, the lender will also schedule the appraisal of the property.
05
Appraisal
A professional appraiser will evaluate the home to confirm its market value. This step ensures that the property value aligns with the purchase price and protects both you and the lender. If the appraisal comes in lower than the contract price, your County Cottage agent will help negotiate next steps with the seller if necessary.
06
Title Search
The title company will conduct a thorough title search to ensure there are no liens, claims, or legal issues attached to the property. This process confirms that the seller has the legal right to transfer ownership. Any issues discovered during this process must be resolved before closing.
07
Survey
A survey may be ordered to confirm property boundaries and the location of structures such as fences, driveways, and buildings. This ensures there are no boundary disputes or encroachments. Your County Cottage agent will help coordinate the survey and explain the results.
08
Transfer Utilities
Before closing, you will need to contact local utility providers to set up services for your new home. This includes electricity, gas, water, and internet services. Arranging this in advance ensures your utilities are active on the day you move in.
09
Final Walk-Through
Shortly before closing, you will visit the property for a final walk-through with your agent. This ensures the home is in the same condition as when you agreed to purchase it and that any negotiated repairs have been completed.
10
Prepare Funds for Closing
Your agent and the title company will confirm the final amount required for closing. You will typically bring a cashier’s check or arrange a bank transfer for the remaining funds needed to complete the purchase.
11
Signing & Closing Day
Closing day is when ownership of the home officially transfers to you. You will meet at the title company to sign the final documents and complete the transaction. Once everything is finalized, you will receive the keys to your new home. Congratulations on becoming a homeowner!