The Home Buying Process

Step 1: Get a Pre-approval

When you first decide you want to purchase a home, it is wise to get a pre-approved mortgage. The mortgage pre-approval will tell you how much of a mortgage you qualify for, ensuring you are looking at homes in your price range. First Foundation will be happy to obtain a pre-approval for you and advise you throughout the home buying process!

Step 2: Choose a REALTOR ®

First Foundation strongly recommends working with a licensed Real Estate professional to get the best advice and service when purchasing a home. There are options out there for do-it-yourselfers, but nothing beats the advice of a professional. Need a referral? We only work with the best, and would be happy to introduce you!

Step 3: Make an Offer

Once you’ve found the home you are interested in, you make an offer, subject to financing (recommended). Your offer may also have other conditions, such as a satisfactory home inspection or the review of condominium board minutes. Consult with your real estate agent for best advice here. Once the offer is accepted, you will provide a copy of the purchase agreement and property features to First Foundation. Let us know as soon as your offer is accepted so we can get started on your approval!

Step 4: Mortgage Approval

First Foundation will work with the lender, insurer, and appraiser to get you a final approval on the financing. We may ask you for further documentation at this time, such as income verification and down payment verification. You will want to collect the requested paperwork and submit it to First Foundation in a timely fashion. The faster we can collect the required documents from you, the faster you can remove your conditions and get ready to move in!

Step 5: Firm Sale

Once you have met all your financing conditions, and are satisfied, in consultation with your Real Estate Agent, you may choose to remove the conditions on your offer. Once all the conditions are removed, you have a firm sale pending possession. Instructions from the lender will be sent to your lawyer’s office at that time. Start planning your move…you just bought a home – congratulations!

Step 6: Final Signing With Your Lawyer

Your lawyer will call you in to sign documents, usually about two weeks prior to the completion date. The completion date is the day that the money is given to the sellers and the property is transferred to your name. It’s just a matter of time now! You’re almost ready to move in!

Step 7: Move In Day

Usually your possession date will be the day after the completion date. This is the day that you receive keys and can move into your new home. First Foundation can recommend a good moving company for you if you like, and we have some excellent specials with furniture companies for our clients.

Step 8: First Mortgage Payment

Unlike rent, you pay your mortgage at the end of the month. If the purchase of your home was completed on June 1, and you chose monthly payments, you will not have a mortgage payment until July 1. If you chose weekly payments, the payments would come out at the end of every week.

If you would like to talk to a First Foundation Mortgage Broker about the home buying process and how we can help, contact one today!