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Home Buying Basics

Buying a new home can seem overwhelming.  But knowing what to expect – and having a knowledgeable team of real estate and mortgage-lending professionals to assist you – can help make finding and financing your home an exciting and rewarding experience.  Here is a basic overview of the home buying process:

1. Obtain a mortgage preliminary approval before you begin house hunting.

  • Learn how much home you can purchase.
  • Strengthen your bargaining position with sellers.

2. Work with your real estate agent to find the right home.

  • Determine your needs and create a wish list of desirable features.
  • Take notes as you preview homes.

3. Make a purchase offer on a home you like.

  • Your real estate agent presents your offer to the seller, who will then choose to accept, counter or reject the offer.
  • When the price is settled, you and the seller sign a Purchase Agreement, defining the terms of the sale.

4. Complete the loan application process.

If you have already obtained a mortgage preliminary approval, contact your lender and let them know you have a contract on a home. Your mortgage consultant will update your loan application and help you to proceed with the home financing process.

5. Have the home inspected.

If you choose to have a home inspection, hire a professional home inspector after the offer has been accepted to provide an in-depth look at the basic systems of the house, which can reveal safety hazards and give you a chance to reconsider the deal.

6. The home will be appraised.

An appraisal, required by your mortgage lender, is a formal, written estimate of the home’s current market value.

7. Obtain title insurance. (where applicable)

Title insurance guarantees the property you are purchasing is free of liens or confusion in rights of ownership, and it also insures against any losses to the property that result from defects in the title or deed.

8. Close on the property.

  • A closing agent coordinates and distributes all the paperwork and funds.
  • Ownership of the property is transferred.


And you become the proud owner of your new home!  Our team of mortgage professionals is available to guide you every step of the way to help ensure your home buying process is a smooth one.

Contact a local mortgage consultant, today!




All first mortgage products are provided by Prosperity Home Mortgage, LLC, dba FM Lending Services. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in Alabama, District of Columbia, Florida, Georgia, Kansas, Maryland, Michigan, Missouri, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at

©2019 Prosperity Home Mortgage, LLC, dba FM Lending Services. All Rights Reserved.

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