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Home Purchase Basics

Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you're a first-time homebuyer. Here's some information that will keep you on track.

In General....

A home purchase may be your largest financial transaction to date, so it's important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and Loan Officer, it should be an efficient, pleasant, and ultimately rewarding experience.

Count On Your Real Estate Agent To:

  1. Preview available homes to weed out those that are overpriced, or undesirable in some other way.
  2. Present the homes that suit your needs as you've defined them.
  3. Help you determine the difference between a "good buy" and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future.
  4. Negotiate the best deal for you. With a Pre-Qualification letter from us in hand, your Real Estate Agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the Seller, and may make the difference between the Seller accepting your offer or someone else's -- even if your offer is lower!

Our Mortgage Consultants will walk you through our mortgage process:

  1. Application - We will start by taking information regarding your employment, income, assets and debts.  Information will also be collected regarding the property you intend to finance and your credit history.
  2. Processing - This step involves verifying much of the information previously taken in the application.  Your mortgage consultant will request asset and income documentation and verify your employement.  If any crdit discrepancies appear on your credit history, your consultant will work with you to resolve the issues.  An appraisal and title work will also be ordered on the subject property.  Upon receipt, we will examine these items to ensure the title, value and condition of the property are accurate.
  3. Underwriting - A complete loan package will then be submitted to the underwirter.  The underwiter will perform a detailed analysis of the package to determine if it meets all guidelines required for your loan program.  If your loan is deemed acceptable, an "approved"  status is given.
  4. Closing - Once the loan is approved by the underwriter, it can be scheduled for closing.  We will work with you and the title company to schedule a closing that is convenient for you.  At closing, you will sign the final loan documents.

Count On Yourself To:

  1. Keep your Real Estate Agent informed of any questions or concerns as they develop.
  2. Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.
  3. Enjoy purchasing your home, but do remain objective throughout -- to make the business decisions that are best for you.
  4. Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.
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