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This is to help
you with "timing" -- planning exactly when to buy
your home.
It is not
uncommon for Buyers and Sellers to sign a contract and go to
settlement in less than 30 days. However, more often than not, the
process works like this:
SIGN A CONTRACT FOR YOUR NEW HOME
(Deposit Check Given With Contract, Applied to
Closing) |
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SETTLE
ON THE CONTRACT FOR YOUR NEW HOME |
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| NO MORTGAGE PAYMENT DUE
THIS MONTH! |
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| FIRST
MORTGAGE PAYMENT DUE 1ST OF THE MONTH |
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This
Month |
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Next Month |
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3rd Month |
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4th Month |
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Of course, when
your Agent, your Buyer Advocate, submits your proposed contract to the Sellers you will need to
include a deposit, typically in an amount ranging from 2% to 5% or
even more. Usually, the bigger your deposit check, the more
serious your offer is considered by Sellers. Your deposit money is held
in escrow and applied to your purchase price at closing/settlement.
Also, when
your Agent
submit a proposed contract on your behalf, it is expected that a letter from a mortgage lender stating that you are
pre-approved for a mortgage loan, together with other financial
information will be included so that the Sellers are able to evaluate the seriousness
and strength of your offer.
Please do not hesitate to contact Oz Realtors®
if you would like to be referred
to a nationally accredited and certified mortgage lender who will make
the mortgage loan process easy for you.
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