July 2016

How Long Will It Take? A Timeline Roadmap

How Long Will It Take? A Timeline Roadmap

>>DOWNLOADABLE GUIDE AT BOTTOM OF POST<<

You’re giddy with excitement.  You’re looking at houses, acting like the next HGTV Design Star and mentally you’re already living in the house watching TV.  We know.

Then you ask, How Long Will It Take?!  I need to plan the house warming!

Luckily for you, we have a timeline guide of what to expect during the home buying process – You’re welcome!

While working with Get A Rate, we’ll show you:

  1. Timeline Roadmap
  2. Key Team Players
  3. Common Delay Factors

Get ready to take in the jewels of knowledge we will unveil…and then download the timeline roadmap.

1. Timeline Roadmap

“How Long Will It Take?” – One of the most asked questions we get from home buyers – newbies and seasoned buyers alike. (What can i afford is the #1 question)

After you submit an application with all requested documentation (promptly) on the pre-approval checklist, it usually takes about 4 weeks. Phew! Not bad, right?!

IMPORTANT NOTE:  Everyone’s home loan experience differs because it depends on their specific financial position.  Speak with a Home Loan Expert to get a customized timeline.

So let’s go over the actual timeline roadmap with weekly milestones throughout the home buying process.  We’ve categorized each step into 4 groups to make it simple:Start

  • Pre-Approval
  • Find An Agent
  • Shop
  • Offer
  • Find An Attorney
  • Attorney Review

 Week 1

  • Inspection
  • Submit Loan
  • Appraisal

Week 2 & 3

  • Clear Conditions
  • Commitment
  • Title
  • Final Disclosures
  • Clear To Close
  • Final Inspection

Week 4

  • Sign Closing Docs
  • Move in (YAY!)

And that, my home hunting friends, is the general timeline roadmap of what to expect during the home buying process.  Now, get to know who’s on your team for this life changing journey.  

2. Key Team Players

You didn’t think you had a team, right?  Well, we have some good news – you aren’t alone when you’re going through this process.  You’ll have a team of people to help you:

  • Lender (like Get A Rate – shameless plug)
  • Real Estate Agent
  • Attorney (Did we mention we have one in-house?)
  • Inspector
  • Appraiser

That team right there is your Superbowl/World Series/World Cup/NBA Championship team. #Winning

[BONUS] Here’s an in-depth blog about how to pick a team of homebuying pros, which includes interview questions on how to pick a realtor, lender and attorney.

3. Common Delay Factors

Now that you know the timeline roadmap and key team players, we want you to know what could add more time to the home buying process.

Common factors that add time to the process are:

  • Document Request Responsiveness (May need it today – not next week)
  • Bank Account Health (Money paper trails, Time of funds in accounts, etc.)
  • Time Of Year (Busy Season Is Spring/Summer)
  • Judgments (On Credit Or Title)
  • Appraisal Issues

It’s important to have the right expectations, so you aren’t surprised by things.  You work together with your team to reach the final goal of affordable home ownership.

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