L3 Step By Step
1
Assess Your Readiness
Evaluate your readiness for homeownership by considering financial stability and long-term personal goals. Ensure you’re prepared mentally and emotionally for a commitment of at least three years.
2
Review Your Financial Situation
Check your credit score and use our affordability calculator to determine what you can afford. Ensure your finances are in order before starting the homebuying process.
3
Budget for Down Payment and Fees
Plan for your down payment and closing costs. While 20% is typical, some loans require less. Look into down payment assistance programs and be prepared for closing costs, which are about 3-6% of the home's value.
4
Discuss Your Wants and Non-Negotiables
Define your preferences and must-haves in a home, such as location, size, and amenities. This will help you narrow down your options effectively.
5
Connect With Us to Get Pre-Approved
Obtain a pre-approval letter from a loan originator to understand your budget and show sellers you're a serious buyer. This step makes the homebuying process smoother.
6
Find an Agent & Start Shopping
Hire a real estate agent to guide you through the market, help with listings, and assist in negotiations. Use your list of wants and non-negotiables to find the right home.
7
Make an Offer
Once you find the right home, make an offer with the help of your real estate agent. They will assist in writing the offer and negotiating terms.
8
Apply for Your Mortgage
Apply for a mortgage with the help of your loan originator. Gather necessary documents like tax returns, bank statements, and pay stubs to complete the application process.
9
Appraisal & Insurance
Secure a homeowners insurance policy effective on your closing date. Schedule an appraisal to confirm the home’s value aligns with the loan amount.
10
Home Inspection
Although optional, a home inspection is highly recommended to identify potential issues before finalizing your purchase. This can save you from unexpected repair costs.
11
Close & Move In
Complete the final paperwork, do a final walkthrough to ensure all agreed-upon repairs are made, and officially close on your home. Congratulations on your new home!
12
Settle Into Your Home
Unpack and organize your belongings, change the locks and set up utilities, explore your new neighborhood, and update your address with relevant institutions.