Purchasing process
ARCH Financial always tries to make the process EASIER and FASTER.
The buying process can take a few months and can be overwhelming, but if you understand the steps involved and work with a lender and realtor, the path can be easier and a better experience. ARCH Financial can assist you during the home buying process.
Remember that all lenders will want to see your credit score, your income, your credit debts, and your assets or savings, so working to improve all of those areas is always a good idea.
1 - Pre-Approval andSearchHome
with your Lender and Realtor
Pre-approval is a review by the lender prior to your house search mostly to find out how much you qualify. This will give you more calm in the search and will also present you to sellers as a more serious candidate. Once you submit an offer and it is accepted, we continue to the next step.
2 - Purchase, Inspection and Appraisal Contract
with your Realtor and Lender
With the offer signed and accepted, an exact signature date is reached. It is time to order an inspection to review the property and see if it has any problems that require repair. At the same time, the lender will order an appraisal to review the current prices of similar homes and assign a fair value to the property.
3 - Title, Insurance and Final Approval
with the Title company, Insurance and finally the Lender
Finally, the title of the property will be ordered to verify that the title of the house is free of any defects. You will also have to get home insurance, and along with the final documents, a final lender review is done and hopefully the final approval is obtained.
4 - Signing Day and Closing
with your Realtor at the Title company
The best part of the process!! A time is agreed upon and the parties meet to sign the final documents. Once finished, you are given your keys and are ready to move into your new home....Congratulations!!
