Buying a home is a big decision to make regarding both physically where you will set up residence, but also because of the financial implications that are associated with it. When you buy a home, you are borrowing from a bank or financial institution for a set amount of time and with a certain amount of finance charges associated with it. When you look for a home loan in Tucson, you should know as many facts about the process as possible.
At one time, when the real estate market was considered more of a seller’s market as compared to a buyer’s market, an agent would have recommended that you have talked to a financing company first. Now, when the buyer’s have more of an upper hand in the market, you can look all you want before you talk to a lender that may or may not approve you for a pre-determined price home. Of course, if you are really serious about purchasing a home, you should talk with a lender first to find out how much you can afford.
Whether you find a home first, and then a lender or vice versa, once you enter into a contract on a home the proverbial clock will start ticking. Usually an escrow will close within a 30 or 60 day window in which time the banks will be considering every aspect of your financial situation, including the quality of the home and its value, before you can move in.
Whatever you filled out on your home loan in Tucson application will be verified during this window. Also, an appraisal will be conducted on the home as well as a property inspection to verify that the house is worth the amount of money you want to borrow for it and that the home is free and clear of major considerations, maintenance or improvement wise.
Once the major hurdles have been crossed, you can expect a definite closing date on your property. Usually a couple of days before the actual closing of the contract, you will sit down with a pile of paperwork that either an escrow officer or attorney will walk through you, having you sign any number of documents and verifying that you will indeed take responsibility of the loan.
