Q: What happens during the home-contract period?

A: The home buying decision should be done with a full understanding of the process. First, you must find a realtor you trust who knows how to analyze your needs. Then information for obtaining financial pre-qualification and pre-approval is provided.

After the pre-approval process has begun, the realtor informs the buyer he or she is ready to begin selecting properties. Next, the buyers are taken out to view and select the home of their choice.

An offer with the earnest-deposit money is written for the buyers so they may purchase the property once everything is accepted by all parties involved in the transaction.

The contract will then be accepted and signed by all parties involved in the transaction. During the accepted-contract stage, the property is inspected; the mortgage application should be completed as far as the credit report, appraisal of the home and any type of verifications needed; the loan should be given to the underwriting department for any conditions to be met; and loan approval is secured.