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Home Purchasing Process
The Purchase Process
Buying a home can be quite an adventure. Our overview can help you navigate the often daunting home buying process so you feel confident every step of the way.
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
Pre-Approval
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:
Your income and employment history
Current debts
Credit history
Your assets and available funds to close
Making an Offer
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.
Home Inspection
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:
Structural elements of both the interior and exterior of the home
Essential home systems, such as plumbing and heating
Appraisal of Property
An appraisal of the home’s value must be completed prior to receiving the final approval for your loan.
Finalize the Loan
Once all of the required documents and the property have been fully underwritten and approved, you will receive a loan commitment letter.
Closing
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!
Speak to one of our Home Lending Officers today.
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
Getting 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.
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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