The Escrow Process Simplified – And How Long It Takes

Purchasing a home for the first time can be very intimidating. The escrow process is one of the fundamental processes involved you need to understand.  

The Escrow Process From Start To Finish

The First Step Of Purchasing A Home

This is one of those questions that will result in multiple answers, but the first step is usually the pre-approval process completed by applying with a lender. Keep in mind, just because a lender may have pre-approved you for way more than you thought possible, this doesn’t mean you can, or should, afford the amount you are approved for. 

Getting Pre-Approved From A Lender When Buying A Home

Some lenders can get rather pushy, and it’s important to know that you should be the one calling the shots. Lenders should be able to clearly answer your questions and teach you about the process along the way.

Common Pre-Approval Documents Requested

– Copy of your ID – You’ll want to make sure that it isn’t expired – Last 30 days of paystubs – Make sure this shows your name, address, period dates, and broken down income, including year-to-date – Last 60 days of bank or asset statements – All pages (even the pages that are intentionally left blank) – Previous two years of W2’s – Last two years of Tax Returns – All pages and all schedules

Your real estate agent will start by asking what you are approved for and looking for in a new home. This will assist them in setting up your search parameters against the current available inventory. 

How To Put In An Offer For A Home

Your real estate agent will typically walk you through the gritty specifics you will hold within your purchase contract. This will include any contingencies in writing that both parties will have agreed on. 

What Is The Initial Home Loan Process Like?

The escrow process is not as intimidating as it sounds. This entity will monitor the earnest money funds, help make sure the title is clean for the transaction to be completed, and distribute the funds at closing. 

The Escrow Process And Your Role

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