Home Buyer's Guide

• Down Payment: How much do you have saved? If it’s less than 20%, you may need to plan for private mortgage insurance (PMI).

• Monthly Payment: Think about what fits comfortably into your lifestyle and budget. Not sure? One of our loan officers can help you figure it out.

• Credit Score: Check your credit report with Experian, Equifax, or TransUnion (they’ll give you one free report per year). A good score can help you qualify for better terms.

Once you have a good idea of your budget, you’re ready to talk with one of our friendly loan officers about financing options.

With our easy online application, you can get pre-qualified quickly. Sellers love seeing buyers who are pre-qualified — it gives you more negotiating power and makes house hunting more efficient.

 

A good real estate agent can make house hunting a lot less stressful. They’ll keep you focused on homes that fit your budget and wish list, while guiding you through offers and negotiations. On average, buyers spend about 12 weeks searching and tour around a dozen homes before finding the right one.

 

• Work with a Realtor: They’ll keep you focused, help with negotiations, and reduce the stress.

• Narrow Your Search: Think about neighborhood, schools, commute, and “must-haves” vs. “nice-to-haves.”

• Make an Offer: Don’t be discouraged if it takes a few tries. Remember to only offer what you’re willing and able to pay. 

Once your offer is accepted, your realtor will connect with the title company, and your official loan application begins.

To keep the process moving, we’ll need:

• Pay stubs, tax returns, and W-2s

• Bank and retirement account statements

• Info about the home’s value and condition (via appraisal and inspection)

We’ll order the appraisal, and a title search will be completed as well.

When your loan is approved, you’ll get a closing date. At closing, you’ll sign the final documents, the funds will be wired, and the deed will be recorded in your name. Then comes the best part — getting your keys!

Here are a few things that can cause hiccups in the loan approval process:

• Don’t change jobs or become self-employed

• Don’t make big purchases or new debt without checking with us

• Don’t use your down payment savings

• Don’t make unexplained large deposits

• Don’t trigger new credit inquiries

Most importantly: stay in touch! If you’re ever unsure, your loan officer is just a call or email away.