THE PROCESS

Buying a home is one of the biggest steps you will take in your lifetime. Because finding the perfect property is just part of the process you’ll need a knowledgable agent that can help you every step of the way. This is where The Key Project steps in.  We feel that it is our responsibility to protect, advise, and advocate for you during the home buying process.

We can provide you with a clear understand of the process, the local market, communities, cities and state. We have an excellent inventory of homes and access to the Multiple Listing Service (MLS) which updates every 10 minutes, so you have the most recent listings of homes available for you to view. Simply start by using our search tool, then save your list of homes in our system and then we can schedule a time to tour them together. We also suggest that you view the steps in the home buying process below.  Feel free to contact us with any questions you my have before you began. You can also find some of our most frequently asked questions on our FAQ page.

Before applying for a loan you should always check your credit report and credit score. By law you are granted one yearly credit report free of charge which can be obtained at annualcreditreport.com. Be sure to obtain reporting from all three agencies; Equifax, Experian and Trans Union. Compare these reports and check for errors. If you find errors make sure that you dispute them as this may help your score.

Before beginning your search for your next home, it is recommended that you know where you stand financially and which homes you can afford. Our mortgage calculator below can give you an idea of what your monthly payments will be. Remember to take in to account the down payment and other fees such as appraisal, inspection, remodeling and closing cost. Our agents can help you understand all of your fees and options.

You want to thoroughly shop around for the right mortgage lender. Don’t go with the first one you find and don’t choose them only because they were suggested to you. It is important that your lender is knowledgeable and makes you feel at ease. Be sure to ask plenty of questions. After you have selected a lender, they will provide a loan pre-qualification. This will be the maximum amount that the lender is willing to loan you. This will provide you with your price range, making the house hunting process much easier.

Now for the fun part! Choosing your dream home! Before looking at homes, create a list of which home features are important to you and your family. Keep in mind what is desired an what are deal breakers. Do you need a big yard, office space or maybe a large kitchen? Consider your neighborhood and surrounding areas. Some other things to consider might be the schools, crime rate and length of commute. Communicate these ideas with your agent so he or she can narrow your search.

Before making an offer our agents can provide you with a list of comparable homes. This will give you an idea of how much similar homes are going for in that area, giving you some idea of how much you may be able to negotiate on price. Now you are ready to make an offer. Expect to negotiate during this process as sellers tend to price their home a bit high. Once you and the seller have agreed on a price you’ll need to make earnest money deposit. This will be held in escrow until the sale is finalized or returned to you if an agreement can not be made.

There are three basic types of mortgages that you need to be aware of. Adjustable rate, fixed rate and interest only. You will need to find a lender that is experienced, knowledgeable and that has a good reputation. Your lender can recommend loan that suits your financial situation and tell you about any special options that you might qualify for.

Once your financing, inspections are in order you will need to attend your closing meeting. Closing involves the formal, legal requirements of transferring ownership from the seller to the buyer. This process involves signing various legal documents and paying any of the agreed upon closing cost and fees that aren’t included in the loan. After all requirements are met by all parties, the closing agent will relinquish the keys to your new home!

After the closing process has completed you are ready to move it!