Before you start looking for homes, it’s smart to get a pre-approval letter from your lender. You want to set yourself up to be the strongest buyer possible—the person the seller absolutely wants to deal with. And it’s important to understand that to a seller, a lender’s pre-approval letter is considerably stronger than a pre-qualification letter. When a seller knows your financing is secure, your offer is taken more seriously.

To get pre-approved, you fill out an application with information including your name, current income and assets to determine how much you can reasonably afford. You’ll be asked for your Social Security Number to run a credit check, and the lender will provide you a summary of the report. If your completed application is approved, you can contact your loan officer to get a pre-approval letter that can be shared with your Realtor, Rupa Nunamaker. In a strong seller’s market like the one we’re in now, a letter can mean the difference between having your offer accepted or rejected.

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It is critical to make sure that the house you are buying is in good shape. Even if the home you plan to purchase looks flawless to you, there’s no substitute for a trained professional conducting a home inspection of the property to make sure you understand the quality, safety and overall condition of your potential new home.

An inspector will review the electrical, plumbing, roof, overall condition of the home and more to ensure that there aren’t any problems. Agents can usually recommend a trustworthy licensed home inspector, and the inspection is generally scheduled within a week of the contract being signed. We recommend that you attend the inspection to get a better understanding of the inner workings of the home.

Lender will order an appraisal to confirm the value and condition of the home. The Lender will work with Rupa Nunamaker, the seller’s agent and the appraiser to schedule the appraisal. You and your Rupa will receive copies of the appraisal report, so you can see the appraised fair market value and check out the comparable homes that were used in the calculations. The appraisal needs to be equal to or greater than your offer price. If all goes well, you’ll receive a mortgage approval.

More about the appraisal

Underwriting sounds wonky, but it’s basically just verifying all the information that has been gathered, including your income, employment and assets as well as the property details. Once everything looks good, the Underwriter will sign-off on all documents and issue a final approval. Then the mortgage team schedules your closing and reviews the Closing Disclosure (CD), which is a standard document that details the finalized terms for the loan, including a breakdown of all costs and fees.

More about underwriting

Once your loan is fully approved, you’re ready to close your loan and get the keys to your new dream home. The Lender will send you the closing package the day before your closing appointment. At closing, you’ll sign the remaining mortgage documents and pay your down payment and closing costs . Some lenders are moving this process online, making it faster and more convenient than visiting an office to sign papers.

Congratulations, your dream home is all yours! Now, it’s time to move in and get to know your new neighbors!

More about closing