These are the typical steps to buying a home in New York State.
- Get Pre-Approved for a mortgage. This allows you to know your price range and monthly payment.
- Search for a home.
- Submit a purchase offer, a deposit is required at this step.
- Seller accepts contract.
- Contingencies removed after home inspection, etc.
- You apply for a mortgage typically within 7 days.
- While your mortgage application, is being processed your credit is checked and the property you are purchasing will be appraised.
- Receive Mortgage Commitment- Typically within 30 days from mortgage application.
- Abstract updated.
- Property Surveyed.
- Water/Septic Tests performed if required.
- Package sent to lender’s attorney 4 to 7 days before closing.
- Lender attorney reviews package.
- Home owners insurance purchased typically 5 days before closing. (Buyers are required to purchase a Hazard insurance policy.)
- Final Inspection done 1 day before closing.
- Closing. (60 days from mortgage application)