When you are purchasing a new home, the most important first step is to be pre-approved with a mortgage professional. Many prospective homeowners look at homes before speaking with a loan professional and are greatly disappointed to learn that they cannot afford the home of their dreams. Having a knowledge of what you can afford allows you to look in the appropriate price range. When you find the perfect home, you will have the confidence of knowing that you are already approved to write a contract and purchase the home. The following is a snapshot of the homebuying process:

- Obtain a pre-approval letter from Accord Financial by calling 888-OK-ACCORD or Apply Online Now

- Always work with a licensed Real Estate Agent to ensure your contract is valid and assist with negotiations.

- Earnest Money - when you write a contract, you will need a minimum of $500-$1000 check to support your offer. If your loan closes or your contract is voided due to inspection issues or other legitimate reasons, your earnest money will be refunded to you.

- Sign preliminary loan disclosures - once your contract is accepted by the seller, you will meet with a representative from Accord Financial to start the loan process. Click here to learn what documentation you will need to have ready when you meet with Accord Financial.

- Lock your interest rate - Accord Financial will monitor the current market interest rates and advise you when the time is right to lock. Rates do change daily, but typically very little over a period of several weeks

- Homeowners Insurance - It is the homebuyers responsibility to shop around for homeowners insurance that will protect the home in the event of a loss due to fire, earthquake, or other disasters. Once you have found an insurance agent that you are happy with, please contact Accord Financial and provide us with the name and number of your agent.

- Conditions - once your loan is approved by the underwriter, they may require some additional items from you to finalize your loan approval. Your assigned processor will contact you to request the necessary documentation.

- Clear to Close - when the underwriter has reviewed all the documentation you have provided us and your loan is fully approved, Accord Financial will issue a clear to close. This means that no additional documentation is required and we are ready to close your loan.

- Closing - Accord Financial will forward your loan papers to the title company in preparation for your closing. Your Loan Officer will meet you at the title company for the closing.

Possession - Once you have signed all the paperwork and the seller has received their funds, you are officially a homeowner and can have the keys to your new home!