BUY A HOUSE. MAKE IT A HOME. WE CAN HELP.
Buying a home is an exciting step toward investing in your future. With a little preparation and friendly guidance from our loan experts, the process can be simpler and faster than you think. From pre-approval through closing, we manage every step. We help you find the right loan so you can move into the home of your dreams.
THE BUYING PROCESS
Buying your home should be something to celebrate, not a source of stress. We make the mortgage process as simple, fast, and pleasant as possible.
Talk to your loan specialist to determine the best option for you, complete an application, and provide documentation.
After your initial consultation and loan program selection, you’ll review and sign (or e-sign) your initial disclosure package.
We’ll prepare your loan file for underwriting and order an appraisal. Then the underwriter will analyze your credit, income, and assets.
First, you’ll receive conditional approval, which may require responses to third-party requests. Afterward, the underwriter provides final approval.
After the title and escrow company reviews your loan information, all parties sign loan documents at a scheduled time and place. Then we fund and celebrate your new home purchase!
Know Your Numbers
Purchasing a home is one of the smartest investments you can make; but before you jump in, it’s important to understand some of the associated costs.
Once your purchase offer has been accepted, you’ll need to provide an earnest money deposit, which will be held in a third-party trust account, such as an escrow company or real estate attorney, for example:
○ The earnest money deposit will be 1% to 3% of the purchase price
○ If you cancel the purchase and have no contractual protection, you forfeit your earnest money deposit
○ After completing the purchase, your deposit will be
credited towards your required cash to close funds
Most home purchases require a 3%, 5%, 10%, or 20% down payment based on the loan criteria. Qualifying U.S. veterans with Veterans Administration (VA) loans are an exception. So are USDA rural development loans. Both offer 100% financing.
○ Private mortgage insurance (PMI)
○ Homeowner’s insurance
○ Title insurance
○ Escrow/attorney fees
○ Points and/or origination fees
○ Property taxes
○ Recording fees
Ready to buy?
Our mortgage advisors are here to help.
Tips for Happy Homebuying
○ Get pre-qualified before your home search to confirm your price range and give the seller confidence that you can complete the transaction.
○ Prepare for financial obligations, including mortgage payments, property taxes, homeowner’s insurance, utilities, maintenance, and repairs.
○ Remember that while most homes are excellent investments, some homes have the potential to lose value.
○ Choose your location carefully with an eye to the future. Consider schools, safety, transportation, possibility of relocation one day and other factors important to you.
○ Use a licensed real estate professional to help find and purchase your home. They are experts in their local markets and have a fiduciary responsibility to you.
○ Expect the sale process to be completed in 30 days or less.