PURCHASE A NEW HOME
Purchasing a home is a very exciting time, and being well prepared will help you make better decisions. Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent.
Steps to Buying a Home
MEET WITH YOUR LENDER
FIND A HOME
MAKE AN OFFER
APPLY FOR A MORTGAGE
Getting pre-approved for a mortgage is a great way to show sellers you’re a serious, credible buyer; submit your
pre-approval letter with your offer; it may be the key to closing on your new home.
Meet with your agent to determine your wants and needs. Start touring homes in your price range. It might be helpful to take notes on all the homes you visit. You will see a lot of houses! It can be hard to remember everything about them, so you might want to take pictures or video to help you remember each home.
Once you’ve found your dream home, work with your agent to negotiate a price and schedule a home inspection. The inspection will confirm there aren’t any hidden problems with the foundation, plumbing, heating, cooling and electrical systems.
Your application will provide us with any remaining financial information we’ll need and lock your interest rate until the closing date. You will need copies of your tax returns, bank statements, proof of income. Self-employed borrows may need to provide additional documentation
We’ll verify your application information, assess your credit and collateral, and order an appraisal to ensure you’re not overpaying. An underwriter will complete an initial review, if we require any additional information, also known as conditions, we will work with you to clear conditions within a few days. Your loan will return to an underwriter for final review and a clear to close (CTC). The loan processor informs all parties of the CTC and verify the closing date and time.
Arrive prepared, review the final documents to confirm the rate and loan amount. Bring a cashier’s check to cover the closing costs and down payment.
Time to celebrate! After all of the paperwork is signed, you’ll receive the keys to your new home!