Five Power Steps to Buying Your New House

FIVE POWER STEPS TO BUYING YOUR FIRST HOME

FIVE POWER STEPS TO BUYING YOUR FIRST HOME

Owning your home is the American dream, and it’s also a big responsibility.

Here are the power moves you must make

POWER STEPS TO YOUR FIRST HOME 1.

Meet with a HUD Approved Counselor

.Take a homebuyer education class or speak to a

home-buying counselor so you are familiar with the process and paperwork. . If you end up using any Down Payment Assistance, you can take an online or in-person class with CalHFA. Find more information at www.calhfa.ca.gov under “Homebuyers”.

POWER MOVES: Setting a Budget, Saving money, Setting the right Expectations

POWER STEPS TO YOUR FIRST HOME 2.Obtain

a Mortgage Pre-approval

ď‚—.

The

best way to determine how much you can afford is to contact The Power Is Now Mortgage Services. They can check your credit and review available programs. You will need to provide W2s, pay stubs, bank statements, and other financial information. The Power Is Now Mortgage Services knows CalHFA programs and wants you to succeed. Call 800401-8994 or visit www.thepowerisnow.com

POWER MOVES: Your budget is your guide to purchasing a home not your pre-approval. Once you get preapproved you are in financial prison. Do not make any new Purchase, or any financial moves with the approval of your lender.

POWER STEPS TO YOUR FIRST HOME 3. Find a VIP Real Estate Agent Knowledge is power, and a VIP real estate agent is endorse by The Power Is Now and has a wealth of knowledge just for you! They can answer most of your questions about neighborhoods, homes, and navigating through the buying process to the best deal. You can check with BRE www.bre.ca.gov to make sure your agent is license. A referral by The Power Is Now is your best chance for an experience agent who has been vetted verified by The Power Is Now. POWER MOVES: Referral Business is always the best business. Endorsements count.

POWER STEPS TO YOUR FIRST HOME 4. Make Offers and Start the Process Once you find a home, your agent will present a written offer for negotiations. Once a price is agreed upon, you’ll sign a contract and begin the paperwork for the loan. The home will undergo an inspection, appraisal and title check to make sure there are no surprises. Next you’ll work with The Power Is Now Mortgage Services for reverification of credit, document preparation and to set up an escrow account that pays your homeowners insurance and taxes each month as part of your payment. This may be an option depending on your loan.

POWER MOVES: Pre-approvals are only valid for 60 days. Keep your financial paperwork current by sending in updates to the Power Is Now Mortgage Services monthly.

POWER STEPS TO YOUR FIRST HOME 5. Loan Closing, Recording and Moving In.

When your loan is ready to close the Escrow officer will call you to schedule an appointment to sign your documents. The Closing Disclosure you receive should show the same terms on the loan documents you will sign.

Once you signed, the documents are reviewed by the lender and your loan is funded. Once the wire is received and all the funds required by you and the lender are with the Title company your loan is recorded.

Once your loan is recorded you are the new owner and can move in.

You can now begin realizing the benefits of homeownership!

POWER MOVE: Be prepared to go through the qualifying process again. Any changes to your financial circumstance may result in a denial of your loan.

FIVE POWER STEPS TO BUYING YOUR FIRST HOME