Buying a home should be an exciting time in your life. We’ve prepared this checklist of what’s involved to help you enjoy it and get you more comfortable with the entire experience.

For more information, or to get your homebuying process started by
applying for a loan pre-qualification decision, visit a Comerica banking center
or call an experienced Comerica Mortgage Loan Consultant at 800.867.5188.

  • Pathway to ownership 
  • Determine your budget
  • Gather your documentation
  • Advantage of a pre-qualification
  • Choose a licensed real estage agent.
  • Find the home of your dreams
  • Make an offer
  • Closing!

Pathway to homeownership.

  • Consider the recurrig expenses involved, including taxes, homeowners' insurance, private mortgage insurance (PMI) and utilities.
  • Consider the responsibilities of home ownership, including routine maintanance tasks both inside and outside of the house.
  • If you are an existing homeowner, consider any costs involved with selling your current home, incluing costs to make repairs.

Determine your budget.

  • Consider all one-time costs involved with purchasing a new home, including such up-front costs as the down payment (which can be larger with some mortgage products) and closing costs.
  • Estimate your monthly mortgage payments by working with an experienced Comerica Mortgage Loan Consultant.
  • Include in your estimates other costs, such as taxes and maintenance, insurance and any applicable association fees.

For help determining how much you can afford, visit a Comerica banking center
or call an experienced Comerica Mortgage Loan Consultant.

Gather your documentation.

  • Check your credit report for any errors in need of correction.
  • Gather documents, such as financial statements and tax forms.
  • Pull together other documents, including:
    • names, addresses and Social Security numbers of all applicants,
    • contact information for your current landlord or your current mortgage company,
    • a settlement statement on the property you are selling, if applicable,
    • pay stubs and current employer information,
    • the value of your assets and
    • the source of your down payment and closing costs.

Advantage of a pre-qualification.

  • The pre-qualification process will help determine how much home you can afford. Additionally, it demonstrates to sellers that you're a qualified buyer and gives you the confidence to negotiate and even make an offer.
  • Apply for a loan pre-qualification decision by visiting a Comerica banking center or calling 800.867.5188. Our experienced Mortgage Loan Consultants may be able to give you a pre-qualification decision in as little as one business day.1

Choose a licensed real estate agent.

  • Real estate agents specialize in a variety of areas, so be sure to choose one who you feel best aligns with your personal goals and needs.
  • An agent who knows a specific area well and has longtime local ties may be able to share knowledge you can use.
  • If you have rented over the years and had a good experience with the rental agency, this might be a good first place to look for your real estate agent.
  • Ask your real estate agent to help you find a reputable, professional home inspector and schedule the inspection when applicable.
  • Arrange to be present during the inspection, as it is an ideal opportunity to ask important questions about the property.

Find the home of your dreams.

  • Take your time. Carefully examine both the interior and exterior of each home you consider. If you’re seriously interested, you may want to visit more than once and take pictures for future reference and comparison.
  • Compare the prices of similar homes in the surrounding area. Your real estate agent can supply you with a list of comparable properties.
  • Be prepared to act fast if the market is competitive. A pre-qualification decision letter can help you expedite the process and make a timely offer on the home you want, and may give you an advantage over other buyers. 

To learn more about pre-qualification, visit a Comerica banking center
or call an experienced Comerica Mortgage Loan Consultant at 800.867.5188.

Make an offer.

  • Before deciding on your offer amount, consider such important factors as the condition of the home, the competitiveness of the local marketplace, inspections, time restrictions and more.
  • Consult with your real estate agent for professional input on the amount you want to offer, along with other details of this potentially legally binding offer.
  • It's recommended that your offer includes provisions for a home inspection and the actions to take if problems arise.

Closing!

  • Make sure your closing date is scheduled prior to any rate lock-in expirations on your mortgage loan.
  • Arrange for your real estate agent or attorney to accompany you to closing to help ensure that all tasks are completed to your satisfaction.
  • Check with your closing agent to confirm the amount of certified funds you will need to prepare via a cashier's check or money order.
  • If you’re using cash from the sale of your current home, be sure to schedule the closing of your current property prior to closing on your new home.
  • Arrange for your spouse or any other party required to sign closing documents to be present.
  • Prepare to spend up to four hours in case issues arise (though closing normally takes about an hour). Alert employers and childcare providers accordingly.
  • Bring along a photo ID, such as a driver’s license or passport.
  • Arrange to have utilities turned on once you take possession of your new home.

We are here to guide you along the pathway to home ownership.

If you have any questions about closing or any aspect of purchasing a home,
contact one of our experienced Comerica Mortgage Loan Consultants.

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