Home Purchase Loans

Deciding to Buy

​A Buyer should carefully analyze their finances before buying a home. At Loanco we take time to learn our clients’ financial situation and advise them accordingly. Buying a home is a big decision, and for many of us, its the biggest financial decisions we will ever make. If done wisely, it can be a hugely rewarding experience. We take time to explain the process from beginning to end and answer all questions you may have, as well as questions you never thought to ask.

Pre-Approval

Before sellers will take an offer seriously, a buyer must be pre-approved for a home loan by a lender. A bank will analyze her finances and tell her how much they will loan her. The process begins with pre-qualification, which can be accomplished over the phone, online or in person through Loanco.

Finding an Agent

While a real estate agent isn’t legally required to purchase a home, having one will make the process much smoother. This is especially true for first-time home buyers. A real estate agent has access to the multiple listings service (MLS) and can search the area for homes that fit a buyer’s requirements. The agent can get him into the homes to tour the property and guide him through the buying process. The agent also negotiates the contract when he decides to purchase a home.

Making an Offer

​Now that the buyer has found a home in their price range and has been pre-approved by a lender, the real estate agent will make an offer to the seller. If it is accepted, the closing process will commence. The sellers can also counteroffer with altered terms and conditions. During this phase of the buying process, it’s time for a home inspection. Home inspectors search for problems and can save buyers from purchasing a home that will cost a bundle to repair. A termite inspection is also recommended. While it may be tempting to forgo extra costs, a home inspection and termite inspection are expenses that should not be skipped.

Closing on a House

The closing process transfers ownership of a property from the seller to the buyer. It culminates in a meeting involving the buyers and their agent, the sellers and their agent, an attorney and possibly mortgage loan specialists. Shortly before the meeting, the buyer will walk through the home a final time to make sure there is no new damage. This final walk-through is his last chance to see the house before buying it. During this time, the buyer also receives a settlement statement telling him exactly how much he’ll need to pay in fees at the closing meeting. At the meeting, documents will be finalized and signed. The buyer is now a homeowner.