The home buying process
A home purchase is one of the biggest financial decisions you’ll ever make. Because of that, we ensure you’re properly educated at every stage of the process. Questions? We have the answers to them all. We want you to be comfortable and want the experience to be a memory you cherish for a lifetime.
Here’s our process:
- Review all your finances
- Get prequalified
- Put in an offer
- Finalize all loan details
- Proceed to closing
Step 1: Review all your finances
To determine your borrowing power, we recommend that you schedule an appointment with one of our mortgage experts.
During this meeting, we will:
- Review your credit report thoroughly for accuracy
- Resolve any inaccuracies of outstanding issues on your credit report
- Gain an understanding of your debt-to-income ratio (a good rule of thumb: your future mortgage payment should total no more than 35% of your current gross monthly income, and if you have other long-term debt, your total debt should not exceed 43% of your current gross monthly income)
- Use a mortgage calculator to estimate your borrowing power
- Determine the amount you have available for a down payment, if needed
Step 2: Get prequalified
When you are ready to be prequalified, we will go over each step of the process with you. Once you’re prequalified, we will issue a letter to you stating the maximum purchase amount you are prequalified for.
Step 3: Put in an offer
Now comes the fun part: find the house that’s right for you within your budget and then make an offer.
Step 4: Finalize all loan details
There are a variety of tasks that occur during this phase, including home inspections, appraisal, clear title work, final income/underwriting approval, etc.
Step 5: Proceed to closing
Once you have an executed buy-sale agreement on the house you plan on purchasing and all other necessary steps have been completed, we will proceed to the closing on your new home. Depending on the situation, the buyer, seller, lender, realtors and attorneys may all be in attendance. Be sure to bring the following to closing:
- A cashier’s check (if you are not using wire transfer) to cover all applicable down-payment and closing cost payable to the title company
- A valid photo ID
Step 6: Celebrate
Once all the paperwork is signed, you are a new homeowner. Congratulations!
All loans are subject to credit approval.