What Can You Afford?
Be sure to factor in your comfort level when calculating what you can afford.
Consider these costs:
- The down payment
- Closing costs
- Monthly payments
- Other regularly occurring expenses, such as utilities and insurance
Be sure to factor in your comfort level when calculating what you can afford.
Consider these costs:
Make the home buying process easier by getting a loan pre-approval decision before you begin your search for a new home. Real estate agents may ask you to obtain a mortgage pre-approval letter from a financial institution before showing you homes so they may work within your budget. Sellers often prefer a pre-approval letter to be submitted with any purchase offers, as the pre-approval supports a buyer’s commitment to the transaction.
When reviewing a pre-approval application, lenders usually consider many factors and qualifying criteria such as:
Once you fall in love with a home, your real estate agent will use comps (comparable area homes recently sold) to help you come to the right offer price.
You will also consider the specifics of the home you’re interested in, such as its location, uniqueness, age, and any needed repairs.
Often times, purchase agreements contain a clause providing for a professional inspection and detail how any issues that may arise should be addressed. Be sure to attend the inspection so you may ask questions about the home.
The inspection should cover:
An appraisal of the home’s value must be completed prior to receiving the final approval for your loan.
Once all of the required documents and the property have been fully underwritten and approved, you will receive a loan commitment letter.
You’ve found a home that you love. Now it’s time for the closing.
At the closing, you and the seller (and possibly agents, attorneys, and mortgage representatives) will sign all the necessary paperwork and transfer funds. Once all signatures are completed and fees are paid, the keys are exchanged and you are officially a homeowner.
Congratulations!
Whether you're purchasing a home or refinancing your existing mortgage, you're in capable hands with our experienced Home Lending Officers who will help guide you through the process.1
Meet our mortgage teamGetting started is simple. Complete the information in the form on the next page to have a Mortgage Loan Officer contact you directly. You can also call us at 888-378-2272.
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1All loans are subject to credit review and approval. Rates, program terms and conditions vary by state and are subject to change without notice.
The information described herein is for educational purposes only and does not constitute and is not intended to be viewed or construed as professional advice. We recommend that you seek professional advice with respect to your specific situation.
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