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Home Purchase (Rental, Mortgage & Insurance)
Definition
If you aspire to be a homeowner with a mortgage one day, then when the time comes, you’ll need to CPE the purchasing process. If you’re already a homeowner with a mortgage, this cardholder oversees title insurance, reviewing an infinite amount of statements, and possible refinancing. If you’re looking to rent, then you’ll be the one to scour listings, fill out applications, and furnish your credit score. You’ll also handle home insurance (whether you rent or own), including evaluating the appropriate policy and filing claims if needed. Grab this card fast if paperwork and record-keeping are your strong suits.
Conception
Your family needs a place to live
Planning
- Researching neighborhoods (affordability consulting with “Money Manager” cardholder, local schools, parks, safety)
- Selecting home Realtor or rental broker, mortgage broker/lender
- Attending open houses and touring homes/apartments
- Securing pre-approval from bank for loan (including managing appraisers)
- Managing financial documentation (tax returns, bank statements, income verification)
- Ensuring credit score is up to par
- Budgeting for mortgage payment, property tax/insurance, assessments & other homeowner expenses
- Researching homeowners/renters insurance & other possible other options (earthquake, flood, etc.)
Execution
- Making offer (process) and managing closing
- Attending and managing inspections
- Making down payment money available
- Purchasing homeowners/renters insurance and possible other options
Minimum Standard of Care
Do you have keys to your pad? Plus insurance for your home and most important items?