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1.
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Find out how much you can afford. Before you start looking for a home it is important to figure out how much mortgage you can afford. To calculate monthly payments, use our home loan calculator.
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2.
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Contact a WSECU Home Loan Consultant to get pre-approved. An application can be completed over the phone, in person at your local branch or online.
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3.
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Select a real estate agent. Begin your home search.
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4.
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Make an offer to buy the property.
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Request a copy of the Property Disclosure Form (sellers often provide these to their agents). The form spells out important information about the condition of the property, including the age of the roof and any defects in the property.
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Complete a Purchase and Sales Agreement form, which is available through your real estate agent.
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Put a deposit on the house. Once the agreement is signed, this earnest money goes to the seller and their broker and cannot be redeemed if you back out.
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Make sure the Purchase and Sales Agreement spells out all contingencies and adjustments. Whatever you and the seller agree upon concerning the house should be in writing.
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Hire a qualified Home Inspector to inspect the house to see if it is structurally sound. The seller should have the septic tank pumped and pest inspection completed. Well water should also be tested.
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Property taxes on the house and any rent should be pro-rated and spelled out in the earnest money agreement.
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5.
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The seller accepts or rejects your offer. If your offer is rejected you can make a counter-offer. If the seller accepts, he or she signs the earnest money agreement, making the contract legally binding.
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6.
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Notify your WSECU Home Loan Consultant that you have made an offer on a home. He or she will walk you through the rest of the lending process.
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7.
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WSECU instructs the escrow or title company to proceed with the closing. An escrow officer examines the title, orders payoff (if the seller still owes on the house) and moves the process toward closing.
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8.
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Walk through the home. Take your real estate agent with you to make sure everything in the home is according to the sales contract. Make sure you have the checklist of items that were noted in the contract. This is not the time to come up with new demands. This is a detailed room-by-room inspection. Inspect the property thoroughly.
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9.
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Arrange for closing and prepare to move. You and your real estate agent meet with the escrow officer at the title company. You review the closing statement, which itemizes all receipts, expenditures and pro-rated adjustments. The closer secures all necessary signatures and the buyer pays the remainder of the purchase price, along with closing costs to the title company. Closing costs may include charges for loan origination, credit reporting, appraisal, mortgage and title insurance, document recording and tax registration. It is necessary to pay with a cashier's or certified check to prevent a delay in closing. Your escrow officer will have an estimated closing statement available for your review.
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10.
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The seller conveys the title to you. Once he or she receives a check for the proceeds and delivers the title, the house is all yours!
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