Homebuying Process: What to Expect   Taking the jump into homeownership can be a scary endeavor, especially if you're unfamiliar with the entire process. Know what to expect when finding a new home. Get Preapproved for a Mortgage While this step is best done before you begin searching for a home, you can also start the process while you're house hunting. Applying for a preapproval letter from a mortgage lender can give you a rough estimate as to how much a lender can offer you for a mortgage. All you need is to provide the lender with your income, credit history, debt, assets, and down payment amount. Find a Home and Make an Offer The fun part about buying a home is actually locating one. Reach out to your real estate agent and visit a few properties. Once you find your dream home, it's time to make an offer. Your real estate agent should know how to structure the offer and include contingencies if needed. Complete the Loan Application Even though you've completed the preapproval process, you still need to fill out an official loan application. You might need to provide official documents that include pay stubs and bank account information. You will receive a loan estimate within three business days that provides the exact rates and terms of the loan. Prepare for Closing Day This is the day you've been waiting for: the house is almost yours. The lender sends final documents to the title company or the closing attorney. Look over the closing disclosure, which is similar to the loan estimate, but confirms these costs. Once everything looks good, you'll receive the keys. Don't miss out on your dream home because you didn't do your homework. If you do have questions, know that you're not alone in the process. Reach out to a trusted real estate professional for additional information and support. Sources: Credit.com, Themortgagereports.com, Money.usnews.com         Saad Eloraby NMLS #: 1962151 Mortgage Advisor Weichert Financial Services W: (201) 736-7394 Email me Visit my website 1625 Route 10 East Suite 1 Morris Pains, NJ 07950 For professional use only. Not intended for consumer distribution. © 2023 Mortgage Access Corp. d/b/a Weichert Financial Services, Executive Offices: 1625 Route 10 East, Suite 1, Morris Plains, NJ 07950. 1-800-829-CASH. Company NMLS # 2731 (www.nmlsconsumeraccess.org). All loans are subject to credit approval. This is not a commitment to lend or extend credit. Mortgage products and rates are subject to change. Refinancing to reduce total monthly payments may lengthen repayment term or increase total interest expense. Licensed Mortgage Lender – AL, AK, AR, CA (Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, File 4130435), CO, CT, DE, DC, FL, GA (Georgia Residential Mortgage Licensee, License #15719), ID, IL (Illinois Residential Mortgage Licensee), IN, IA, KS (Kansas Licensed Mortgage Company), KY, LA, ME, MD, MA (Massachusetts Mortgage Lender and Broker Licenses #MC2731), MI, MN: This is not an offer to enter into an interest rate lock agreement under Minnesota Law, MS (Mississippi Licensed Mortgage Company), NJ ( Licensed by the N.J. Department of Banking and Insurance), NM, NY (Licensed Mortgage Banker - NYS Department of Financial Services), NC, OH (Registration #MBMB.850209.000 & SM.501248.000), OK, OR (OR Mortgage Lending License #ML-2528), PA, RI (Rhode Island Licensed Lender and Loan Broker), SC, TN, TX, VA, WA (WA: Consumer Loan LicenseCL-2731), WV, and WI. Weichert Financial Services arranges loans with third-party providers. Equal Housing Lender. ©2023 Tabrasa, LLC. All rights reserved. Our records indicate that Weichert Financial Services may contact you by email to send you relevant and timely information. To opt-out of receiving additional promotional emails from Weichert Financial Services, please click the link below. Weichert Financial Services Saad Eloraby 1625 Route 10 East Suite 1 Morris Pains, NJ 07950