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    North of NYC North of NYC By Houlihan Lawrence By Houlihan Lawrence by

    Purchasing a new home should be one of life’s most exciting moments. As a full-service family of companies, we’re here to ensure you’re never daunted by the details.

    While we are here to help you at every step of the process, it’s important to know the steps you can expect from start to close:

    checkbook cash and pen

    Pre-Qualification

    In order to determine your loan eligibility, you will be asked to gather your financial records and credit score to determine the type and specifics of the mortgage you may be pre-qualified for.

    Home Search

    Being armed with a pre-qualification letter will give you greater credibility as a qualified buyer when you find the right home and are ready to make an offer.

    Signed Contract

    After both parties agree to the purchase price and terms of sale, you and the seller sign a contract of sale.

    Selection

    Working with a financial representative, you will select the loan structure of your mortgage that best aligns with your financial goals.

    Application

    You may apply for your selected loan through the completion of the loan application. 

    Appraisal

    A licensed specialist appraises the value of the property you are purchasing and provides a legal report.

    Underwriting

    An underwriter reviews your credit profile and the property’s appraisal. If the loan is approved, the underwriter will determine the final terms of the loan.

    Cleared to Close

    If your loan is approved, the closing documents are delivered to the closing agent.

    Closing

    During the closing, a promissory note (a written promise to repay the total sum plus interest, at the agreed length of time to fulfill the promise) is signed by the borrower and the deed transfers ownership of the property.