PROCESS: Buying a New Home
Purchasing a home may very well be the largest investment that an individual or family will ever make. The more you understand on what to expect, the easier it will be to prepare yourself for the gratification of home ownership.
Here are 5 basic steps on what you need to know:
Determine How Much You Can Afford
Start with the nuts and bolts of financing a home. Monthly payments. Down payments. Variable or Fixed interest. Budget and income. Use our calculators to come up with a purchase price range that works for your situation. We also have different mortgage loan options that may give you additional flexibility.
Go to calculators
Check Your Credit Report
Every loan starts with a review of your Credit Score. It can affect the rate you're offered. Be sure to validate the accuracy of your credit report before you apply for your loan.
Get Your Documents In Order
Trying to track down a needed document after you've applied can hold up the process and cause unneeded stress. This checklist helps you anticipate what you will need.
View and print the Oricon Funding Application Checklist
Request Pre-Approval
A Pre-Approval document from Oricon Funding helps you shop with confidence. While not a guarantee of mortgage application approval, it will give you a mortgage amount and terms for which you are likely to qualify.
Request Mortgage Pre-Approval
Choose a Realtor
Real Estate is a complex business. Having a qualified professional in your corner keeps you focused on getting the home you want at the price you want - quickly. Oricon Funding's Realtor Partners are some of the best in the business. If you don't already have a realtor, we invite you to call one of our realtor partners.
Find Your Home
Now for the fun part - finding the home you want. Your realtor will help you identify available homes in your area and price range. Your job is to pick the one you want. If you'd like to build your home from the ground up, Oricon Funding's Builder Partners are a great resource for new home construction.
Make an Offer
Once your dream home is within your sights, and you are armed with a Pre-Approval, it's time to make an offer. Your realtor can guide you and negotiate the terms of the sale. Once the seller accepts your offer, you'll schedule a closing date - the day you get the keys to your new home.
Select Loan Type
Here's where your preparation pays off. It's time select the type of loan you want to apply for based on your financial needs and the home you've chosen. Your Oricon Funding Mortgage Banker can assist you with understanding the details. If your Pre-Approval didn't guarantee a rate, review the rates to see if anything has changed.
Review Oricon Funding loan programs
Apply For Your Loan
Once you've identified the type of loan you want, it's time to fill out an application. This can be done online. You will also need to supply the documentation you gathered using your checklist. Your Oricon Funding Mortgage Banker will review your application and steward it through to closing.
Apply online now
Appraisals and Insurance
While your application is being processed, Oricon Funding will help you schedule a home appraisal and arrange title insurance for you. You will also need to secure homeowner's insurance at this point.
Closing
This is where you turn from a homebuyer into a homeowner. With your loan approval and supporting documentation in place, we will schedule a closing at the closing attorney's office (in Florida, this will happen at the title company's office) where you sign all your loan papers and disperse the needed funds. When done, you walk away with the keys to your new home. Congratulations.
Prepare for Moving Day
Moving day is exciting. It can also be stressful. We've helped people move into new homes for years. Take advantage of our expertise with this handy moving checklist that should help you with your final step.
Oricon Funding Benefits for Our Honored Customers
As a Oricon Funding customer, you can save time and money with easy access to homeowner information as well as discounts on products and services. |
