The emotional stages of buying a home
From “I’m ready” to “I’m nervous” to “I’m thrilled”
Much like the humorous social media posts that illustrate the roller coaster of emotions brought on by the year 2020, buying a home can bring about similar ups and downs. From daydreaming about your future home to being outbid by another buyer, homebuying has its own highs and lows.
So, if you’re feeling all the feelings that come along with the homebuying process, you’re not alone. Here we’ll outline the typical process—from your potential range of emotions to a range of products and tips that can help you along the way—so you can go from frustrated to fulfilled in no time.
Having the right people to guide you through the process, paired with top-notch technology to simplify your steps, can make all the difference.
The, ‘I’ve had it up to here’
Whether you’ve decided you’re through with paying your landlord’s mortgage or you’re through with your lack of a backyard, tiny kitchen or shared laundry space, its likely something pushed you over the edge. You decided it was time for a change.
Before you even start to look, get pre-approved. A pre-approval shows agents you’re serious about buying a home, while helping you solidify your price range. And in a competitive market, you’ll want to be able to make an offer the moment you spot that dream home.
Guaranteed Rate Affinity’s pre-approval process1 is quick and painless, and can include full underwriting approval to help you stand out from the competition. You’ll also be able to bypass the mounds of paperwork typically attributed to the mortgage process.
Through Transfersafe, our secure document imaging system, you can upload all your documents and financial statements, and ensure they’re collected in one, safe, easy-to-use access place. Our automation tools then allow for digital verification of data with automated bank statement, income and tax return gathering. No collecting paystubs or digging up old files.
The ‘what does that cost?’
Let the searching begin. Remodeled kitchen? Renovated bathrooms? Yes please. Add in beautiful back yard, nice-neighborhood vibe, high ceilings embellished with crown molding, new appliances…
Sounds wonderful but you might be having a bit of sticker shock. You’re suddenly questioning how that professional bird house builder from the reality TV show could have ever afforded any of the homes he was looking at.
Decide what your true priorities are and start narrowing down your list of must haves. It also helps to work with an agent that can help you navigate through listings to uncover what you’re looking for.
The ‘I’ve found the one’
You have that ‘have to have it’ feeling. You’re quickly imagining your life unfolding in that home until you get the call: you’ve been outbid.
‘But that was my house,’ you quietly whisper to yourself in despair. You WILL find another. Keep looking, let your agent help you and it will happen.
The ‘I’m back in the game!’
This time you’re really sure. This. Is. The. One. You’re trying not to get your hopes up, but you really can’t help it. You put in your offer as quickly as possible.
The waiting game anxiety
Que the stress. From conditional approval to clear to close to actually funding your loan, there’s a lot going on as you anxiously await any updates. But it moves fast. Hang in there.
The fingers crossed for closing time
You’ve made it this far! Now it’s time to get to the closing table—or possibly a virtual closing table. With Guaranteed Rate Affinity’s FlashCloseSM 2 platform you can expedite the closing process—changing the time it takes to close from hours to minutes.
There are two ways to “flash close.” The FlashCloseSM hybrid option allows you to review and e-sign the majority of documents ahead of time and complete the notarization process in person, and where applicable, FlashCloseSM eClose3 allows you to complete the entire closing process from the comfort of your couch.
The ‘this is really mine’—keys in hand
The final step is complete once your loan has officially funded. Congratulations, you can now call that dream home your own. You did it.
1 “Pre-approval” means an automated underwriting system approval based upon credit information supplied by applicant and subject to Guaranteed Rate Affinity’s review of loan documents. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate Affinity for current rates andfor more information.
2Not eligible for all loan types or investors. Conventional loans only. Eligible for primary, 2nd home and investment properties. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Title company restrictions may apply, contact Guaranteed Rate Affinity for current rates and for more information. Beware of cyber-fraud: Before wiring any funds, call the intended recipient at a number you know is valid to confirm the instructions - and be very wary of any request to change wire instructions you already received. A Guaranteed Rate Affinity employee will never provide nor confirm wire instructions.
3 Full eClose is not currently eligible in California, Connecticut, Delaware, Georgia, Maine, Massachusetts, Mississippi, New York, North Carolina, Rhode Island, South Carolina, Vermont, and West Virginia.