Posted by Angela

The Home Buying Process

11 January 2016
The Home Buying Process

The Home Buying Process

Buying a home is one of the most exciting—and complex—transactions of your life. At Caliber Home Loans, Inc., we’re dedicated to explaining each step of the process in detail to every single one of our borrowers. While there are some individuals who will have a different process due to individual circumstances, the typical home buying process includes about 15 steps:

  1. Submit loan application to the lender with any required documentation
  2. A prequalification may then be obtained from the lender
  3. Select a real estate agent
  4. Find a home
  5. Negotiate the purchase price
  6. Contract is sent to the lender, who updates the application and requests updated documentation, if applicable from the borrower.
  7. Home inspection
  8. Loan officer submits the file to processing at which time the appraisal, title, and tax
    certification are ordered and borrower provides insurance information
  9. File is submitted for Underwriting which may require additional documentation from the borrower to be resubmitted to Underwriting
  10. Final loan approval
  11. Closing Disclosure is given to the borrower
  12. Required closing costs are established
  13. Closing documents sent to the title company
  14. It’s time to close! Borrower brings a photo ID, signed closing documents and closing costs in the form of a cashier’s check or wired funds to the title company
  15. Funding – congratulations, you’re a homeowner!

We can transform the home financing process from a complex transaction to a straightforward, rewarding experience with a trusted professional. Contact us today to get started!