7 Steps To Go From Home-Buying Novice To Real Estate Pro
December 1, 2021
Feeling overwhelmed? Stop! Take a breath and review the steps below. We’ve broken the home-buying process down into a simple and easy-to-read format.
When you’re ready to start the adventure, give us a call. We love to help you succeed.
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Get Pre-ApprovedWork with your loan officer to turn your pre-qualification into a pre-approval so you can start shopping for your dream home! |
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Find Your Real Estate Agent!Let RCU help you find a trusted agent if you are not presently working with one. Ask about our HomeAdvantage program. |
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You’ve Found The House!Let’s make the offer! Together with your agent, we’ll help you prepare your pre-approval and offer letters. |
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Offer Accepted!Work with your loan officer to guide your loan through the necessary processing and underwriting steps. |
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InspectionsRCU will order a home appraisal; however, because this is one of the biggest purchases you’ll make, we encourage you to conduct your own home and/or pest inspection to learn everything you can about the property. |
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Loan ApprovalHOORAY! You are very close to getting the keys to your new home! The approval may require you to provide some additional items before closing. Be sure to talk to your RCU loan officer with any questions. |
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Closing DocumentsCONGRATULATIONS! This is the final step! You’ll sign your final closing documents, RCU will send the funds to the title company…then you’ll get the keys to your new home! |
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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