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Buying YOUR New Home
Brian Moran, REALTOR®
Coldwell Banker
Schmidt Family of Companies
30400 Detroit Road #100
Westlake, Ohio 44145
(440) 668-1288
brian@brianmoranjr.com
1
Steps to Home Ownership
1. Get Pre-Approved
2. Hire a REALTOR® (ME!)
3. Hire a Home Inspector
4. Make a Formal Application
5. Get Ready to Close
2
Step 1: Get Pre-Approved
• The first step when buying a home is to get
pre-approved for a mortgage!
• The terms pre-approval and pre-qualification
are OFTEN misunderstood
3
Step 1: Get Pre-Approved
• A pre-qualification is usually an approximation of the price
for which a borrower might qualify. More often than not,
information is exchanged verbally regarding debt, income
and assets. A credit report is usually not pulled.
• A pre-approval is more powerful: a credit report is pulled
(ideally from all three credit bureaus); income,
employment and assets are disclosed and documentation
to support the income, employment and assets is provided.
4
Step 1: Get Pre-Approved
• General Rules of Thumb:
– You can afford a home 3x your
annual income
– Taxes: 31% of your income goes
towards taxes
– Total Debts: 40% goes to pay debts
• Including mortgage payment, car loans,
student loans
– Expenses: 29% goes towards
everything else
• Food, clothing, entertainment,
vacations, etc.
Taxes,
31%
Total
Debt,
40%
Expenses
, 29%
5
Step 2: Hire a REALTOR®
• Why Hire a REALTOR®?
– They have Education & Experience
– Knowledgeable about the area
– Can provide Market Condition Information
– Negotiation Skills
– Handling of Paperwork
– Answers Questions
– Establish a Relationship for Future Business
6
Step 2: Hire a REALTOR®
• A REALTOR® will assist you with the following functions:
– Finding a mortgage lender
– Getting pre-approved
– Establishing needs, wants and goals for your new home
• Wants
– In-Ground Pool
– 3 Acres
– Marble Tile in foyer
– Stainless Steel Appliances
• Needs
– 3 bedrooms
– 2 Bathrooms
– Garage
– Good School District
7
Step 2: Hire a REALTOR®
• A REALTOR® will assist you with the following functions:
– Looking at homes
– Researching the area and amenities for the homes you like
– Submitting a purchase agreement
– Submitting counteroffer(s)
– Setting up inspection (home and other inspections as needed)
– Submitting an inspection response to the seller(s)
– If necessary, renegotiating details in the contract as a response
to the inspection
– Getting documentation to the lender and sign lender’s
disclosures
8
Step 2: Hire a REALTOR®
• A REALTOR® will assist you with the following functions:
– Setting up homeowner’s insurance
– Receiving final approval for the loan
– Arranging closing with title company, lender, buyers, sellers and
agents
– Reviewing title work and survey
– Getting loan documents to title company
– Preparation of closing statement by title company
– Obtaining final closing numbers
– Contacting your bank to arrange for the money needed for
closing
– Signing documents
9
Step 3: Hire a Home Inspector
• After you have an accepted offer on your prospective home, in
most cases, the next step is to get the home inspected by a
professional inspector. You want to find a person who is qualified
and licensed to inspecting homes, so that you end up with a
thorough report detailing the condition of your new home.
– One source to use when looking for a licensed home inspector is the
National Association of Home Inspectors Inc. (NAHI).
• The NAHI website contains important and helpful information about the home
inspection process
• Visit NAHI (www.nahi.org) to locate an inspector in your area
– There are other ways to find a licensed inspector:
• Obtain a referral from your REALTOR®
• Obtain a referral from a friend, family member or co-worker
• Obtain a referral from your Mortgage Advisor
10
Step 5: Get Ready to Close
• Congratulations! You have successfully made it through the
initial stages of the home buying process.
– Your home inspection was satisfactory
– Your appraisal supports the price you agreed to pay for the home
– Your title work is complete
– You have your homeowner's insurance policy declaration page and
invoice for your first year premium
– You have clear final loan approval
– Your closing has been set
– You know the time, date and location for the title company for your
closing
11
Step 5: Get Ready to Close
• Your lender and/or REALTOR® will provide you with the
amount of money needed for closing
• You will be advised to either obtain a cashier’s or certified
check for the amount of money needed to the title company
• Your lender and/or REALTOR® will tell you the location of your
closing and provide you with directions
• You will need to bring a current driver’s license with you to
closing
• You will sign your name on multiple documents
• The closer will make copies of the documents
12
Step 5: Get Ready to Close
• Before closing, buyers typically have a final
opportunity to walk through the property to assure
that the nothing has changed since the purchase
agreement was signed.
• After closing, the buyer receives the keys and the
seller receives payment for the home.
• Deeds, loan papers and other documents are
prepared, signed and filed with local property record
offices.
13
Congrats! You are now
a Home Owner!
14

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Purchasing Your New Home

  • 1. Buying YOUR New Home Brian Moran, REALTOR® Coldwell Banker Schmidt Family of Companies 30400 Detroit Road #100 Westlake, Ohio 44145 (440) 668-1288 brian@brianmoranjr.com 1
  • 2. Steps to Home Ownership 1. Get Pre-Approved 2. Hire a REALTOR® (ME!) 3. Hire a Home Inspector 4. Make a Formal Application 5. Get Ready to Close 2
  • 3. Step 1: Get Pre-Approved • The first step when buying a home is to get pre-approved for a mortgage! • The terms pre-approval and pre-qualification are OFTEN misunderstood 3
  • 4. Step 1: Get Pre-Approved • A pre-qualification is usually an approximation of the price for which a borrower might qualify. More often than not, information is exchanged verbally regarding debt, income and assets. A credit report is usually not pulled. • A pre-approval is more powerful: a credit report is pulled (ideally from all three credit bureaus); income, employment and assets are disclosed and documentation to support the income, employment and assets is provided. 4
  • 5. Step 1: Get Pre-Approved • General Rules of Thumb: – You can afford a home 3x your annual income – Taxes: 31% of your income goes towards taxes – Total Debts: 40% goes to pay debts • Including mortgage payment, car loans, student loans – Expenses: 29% goes towards everything else • Food, clothing, entertainment, vacations, etc. Taxes, 31% Total Debt, 40% Expenses , 29% 5
  • 6. Step 2: Hire a REALTOR® • Why Hire a REALTOR®? – They have Education & Experience – Knowledgeable about the area – Can provide Market Condition Information – Negotiation Skills – Handling of Paperwork – Answers Questions – Establish a Relationship for Future Business 6
  • 7. Step 2: Hire a REALTOR® • A REALTOR® will assist you with the following functions: – Finding a mortgage lender – Getting pre-approved – Establishing needs, wants and goals for your new home • Wants – In-Ground Pool – 3 Acres – Marble Tile in foyer – Stainless Steel Appliances • Needs – 3 bedrooms – 2 Bathrooms – Garage – Good School District 7
  • 8. Step 2: Hire a REALTOR® • A REALTOR® will assist you with the following functions: – Looking at homes – Researching the area and amenities for the homes you like – Submitting a purchase agreement – Submitting counteroffer(s) – Setting up inspection (home and other inspections as needed) – Submitting an inspection response to the seller(s) – If necessary, renegotiating details in the contract as a response to the inspection – Getting documentation to the lender and sign lender’s disclosures 8
  • 9. Step 2: Hire a REALTOR® • A REALTOR® will assist you with the following functions: – Setting up homeowner’s insurance – Receiving final approval for the loan – Arranging closing with title company, lender, buyers, sellers and agents – Reviewing title work and survey – Getting loan documents to title company – Preparation of closing statement by title company – Obtaining final closing numbers – Contacting your bank to arrange for the money needed for closing – Signing documents 9
  • 10. Step 3: Hire a Home Inspector • After you have an accepted offer on your prospective home, in most cases, the next step is to get the home inspected by a professional inspector. You want to find a person who is qualified and licensed to inspecting homes, so that you end up with a thorough report detailing the condition of your new home. – One source to use when looking for a licensed home inspector is the National Association of Home Inspectors Inc. (NAHI). • The NAHI website contains important and helpful information about the home inspection process • Visit NAHI (www.nahi.org) to locate an inspector in your area – There are other ways to find a licensed inspector: • Obtain a referral from your REALTOR® • Obtain a referral from a friend, family member or co-worker • Obtain a referral from your Mortgage Advisor 10
  • 11. Step 5: Get Ready to Close • Congratulations! You have successfully made it through the initial stages of the home buying process. – Your home inspection was satisfactory – Your appraisal supports the price you agreed to pay for the home – Your title work is complete – You have your homeowner's insurance policy declaration page and invoice for your first year premium – You have clear final loan approval – Your closing has been set – You know the time, date and location for the title company for your closing 11
  • 12. Step 5: Get Ready to Close • Your lender and/or REALTOR® will provide you with the amount of money needed for closing • You will be advised to either obtain a cashier’s or certified check for the amount of money needed to the title company • Your lender and/or REALTOR® will tell you the location of your closing and provide you with directions • You will need to bring a current driver’s license with you to closing • You will sign your name on multiple documents • The closer will make copies of the documents 12
  • 13. Step 5: Get Ready to Close • Before closing, buyers typically have a final opportunity to walk through the property to assure that the nothing has changed since the purchase agreement was signed. • After closing, the buyer receives the keys and the seller receives payment for the home. • Deeds, loan papers and other documents are prepared, signed and filed with local property record offices. 13
  • 14. Congrats! You are now a Home Owner! 14