WALLINGFORD – The process of buying a home is a process that many people come across at some point in their lives.
Doing this immigrant in a foreign language does not make this process easier.
That’s why Joan Luna Zayas, a Wallingford-based real estate agent for Calcagni Real Estate, directs Hispanic clients to related businesses that have Hispanic staff.
Luna Zayas, who has been in the industry for 20 years, has parents who were born in Puerto Rico, so it is important for her to make sure that Hispanic people understand the home buying process.
“I have a mortgage specialist who speaks Spanish, I have a lawyer who can do the deal in Spanish, plus her legal assistant is Hispanic,” she said.
She said she also knows a team of Latin American inspectors. Her goal is to make sure her clients understand the process, especially when signing important documents.
In a recent interview with Record Journal, Luna Zayas explained the steps to take when buying a home for the first time.
The first thing to do is contact the lender or bank to find out how much money they are willing to lend.
This prequalification process usually depends on the buyer’s credit rating and income-to-debt ratio. The type of financing most suitable for the buyer is also taken into account.
Tisch Assante, senior mortgage banker for Atlantic Home Loans in Hamden, said buyers must provide documentation such as payroll receipts, W2 forms, bank statements and identity documents to pre-qualify.
Buyers should keep debt to a minimum and make sure they have a good credit rating. Buyers also need to know how much they are comfortable with spending on monthly payments. Once buyers are prequalified, a real estate agent can begin helping them find a home.
After buyers find a home they like, an offer is sent to the seller. If the seller accepts the offer, the contract is signed and sent to the team of lawyers and paralegals.
“We kind of ask them if you have a lawyer or if you need a recommendation,” said Luna Zayas.
Abigail Cruise, associate attorney at EB Quirk, LLC’s legal office in Meriden, told Record Journal that the attorney’s job is to review the contract, which includes the price of the property, whether or not the lender is involved, contingency dates, and information related to verification.
Once the contract is concluded, an engagement letter is sent to the buyer and seller telling them what the lawyer will do in the process of buying the home. Closing fees are also discussed with the client.
After signing the contract, a home examination is carried out.
If during the inspection something is found that customers do not like, you can agree. If there is a request for verification, the seller must grant it before the closing date.
As part of this process, an assessment is carried out. Luna Zayas recommends a post-inspection assessment.
The final step is closure, a process by which various documents are signed, with the result that the buyer becomes the new legal owner of the property.