Checklist for Buying a New Home

Applying for a Mortgage

1.   Select mortgage lender – Programs differ:  interview several.

2.   Be Prepared – Use the checklist below to help gather necessary information before you apply.

3.   Pre-qualification:   Determines buying power:  price range

4.   Application –  Loan Officer

Outlines your financial requirements; helps determine the right mortgage plan for you;  helps complete the application forms.

5.   Processing – Loan Processor

Your primary contact.  Gathers information; works with appraisers and credit agencies; keeps you updated on loan status

6.   Processing – Underwriter

Reviews all information and makes a decision on your loan.

7.   Loan approval time:  3-6 weeks


Be sure that you have the following information available when you apply for a loan.

1.  Social Security Number

2.  Residence address for the past two years.  If you’re a renter, landlord’s address/phone for the past two years.

3.  If you’re a homeowner, loan number and mortgage holder for the past two years.

4.  Name, address and phone number of each employer for the past two years.

5.  W-2’s  for the past two years and pay stubs for the past 30 days.

6.  If self-employed or commissioned, personal and business federal tax returns (all schedules) for the past two years, a year-to-date profit and loss statement and balance sheet.

7.  Bank statements ( including checking, savings, money market)


1.  Buying a home:  the process

2.  Selecting an Agent

a. Traditional Agent – Represents Seller all of the time

b.  Dual Agent – Represents both Seller and Buyer at the same time

c.  Transaction Facilitator – Represents neither Buyer or Seller

d.  Buyer Agent in Traditional Firm – Sometime represents Seller, sometimes Buyer

e.  Designated Buyer Agent – Represents Buyer or Seller in a specific transaction.  Broker is a Dual Agent

f.   EXCLUSIVE BUYER AGENT –  Represents Buyer  100% of the time


1.  Pre-Qualification – Determines purchasing power; defines price range

2.  Needs and Wants – Set priorities for size, location, style, features

3.  Select Search Area – Preview information on available homes

4.  Review Comparable Sales and Tax Data

5.  Drive-by Tour of  Homes

6.  Tour  – Select Homes with Agent

7.  Writing an Offer – Strategy, negotiation, financing, contingencies, inpsections


1.  Mortgage Application – Requires credit check, home appraisal

2.  Settlement Schedule –  Deadlines for inspections, approvals, insurance, settlement

3.  Professional Home Inspection – Buyer & Agent should be present

4.  Select Settlement Attorney – For title search, title insurance, survey, settlement statement

5.  Mortgage Approval – Takes approximately 2 -4 weeks

6.  Obtain Homeowner Hazard Insurance – Lender requires

7.  Termite Inspection

8.  Notifiy Utilities

9.  Final Walk-through inspection



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