16 steps you need to know after escrow is opened
Viewing one house after another; weeks, or even months of searching; you have finally found your dream home!
Your offer gets accepted and now escrow is opened. So what is next?
Below are the steps that will typically happen throughout the process. Because every transaction is different, and every state may have its own rules and customs, be sure to check with the professionals you are working with about your specific situation.
Step 0 — Opening escrow
The phrase “open escrow” gets tossed around quite often when you buy a house. …
Let’s do a deep dive
This is typically how it goes:
You are having dinner with your friends, chit-chatting, talking about life. Your friend, Paul, brings up refinancing his home. Suddenly, you think of your own mortgage. Is it a good time to refinance?
Later, you go home, and Google about today’s mortgage rates. The next day, you decide to give your favorite mortgage advisor a call. The debate of whether it’s the right time to refinance, or not, has begun.
This is what I imagine my clients go through before calling me to discuss refinancing.
Where are we now?
Do you see that peak in the graph above? That’s October 1981. The average 30-year fixed mortgage rate was at 18.45%. Now, look at where we are today — 3.42%; it is not a secret that rates are at a historical low since April 1971. …
It’s really not that complicated
If you have been renting for a while or living at your parents’ house, this question may have crossed your mind, “Should I buy a house?”
When you are moving to a new stage of life, see those beautiful homes on HGTV or, when you drive by a very charming neighborhood, you just can’t shake the feeling that you want to have your own home.
When you call your realtor friend, the first thing she asks you is, “Are you pre-approved?” …
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