Thinking of buying a home? Homestead Financial Mortgage has the right loan for you. And, as a direct lender, we can close your loan fast.
The Steps to Purchasing a Home
Although getting a mortgage can be complicated, our experienced team makes it smooth and simple for you. And since we’re a direct lender, we take you all the way through from the initial application to funding your loan. There are no middlemen, wasted time, or extra fees. Here’s what you can expect:
Before you start shopping for a new home, it’s important to talk to a mortgage loan originator to get “pre-qualified”. You can do this by giving us a call anytime!
In only a few minutes (even during your lunch hour), you’ll find out how much of a mortgage you can qualify for right now, or if you need to wait a bit so you can work on your credit or save up for a down payment. In either case, we’re here to help you get the home you’ve been dreaming of.
Find the Right Realtor
Having an excellent realtor is a big piece of the puzzle. You’ll want to select a professional that is hard-working, easy to work with, and familiar with the area you want to live in.
If you don’t have someone to work with, feel free to ask us. We only work with the best realtors and can easily recommend one to you in your area.
With your pre-approval letter in hand, you’ll know how much house you can afford. Let the fun begin! It’s time to start shopping. Be organized and have a list of priorities from your entire family.
When you know your budget and have your list of priorities handy - your shopping will go smoother and your hunt for the perfect home will be a success.
Make an Offer
Once you've found the perfect home, your realtor will help you make an offer. Three of the critical things that affect how much you should offer are the condition of the house, how many days it's been on the market, and current market conditions. For example, in a hot market when homes are getting sold as soon as they're listed - you may not be successful if you put in a low offer.
That's why having a realtor that knows the neighborhood and current market is vital. You have to rely on their expertise and trust them to give you competent counsel.
Complete Your Application
Once you have an accepted contract, the clock is ticking, so you have to move fast. Call your loan officer and make an appointment to come in right away and complete your loan application. Let them know you have a signed contract. Also, have your realtor email them a copy of the sales contract immediately. Now, besides gathering your documents, make a list of all of your questions, especially about loan payment, taxes, insurance, and mortgage insurance.
Your Homestead Financial loan officer is a professional, and they will make sure you understand everything each step of the way. But, if there's something you have questions about, don't hesitate to ask.
Home Inspections and Appraisal
We recommend getting a home inspection as soon as the contract is accepted. Checking the soundness of the home for the buyer is the home inspector's job. They will check for structural items like foundation, roof, plumbing, electrical, and the overall condition of the home. And, if there is an area you're concerned about - bring it up to them so they can make sure they cover it in their report. You will need to pay for this at the time of service.
It is important to note, a building inspection is not the same as an appraisal, which is performed by a licensed appraiser, usually during the next step, "loan processing" where the appraiser provides an opinion of value.
Everything is moving along. The building inspection and appraisal are complete, plus you and the seller agree on the terms. Now, your loan will move from your loan originator to the processing department. Your file, along with all information and documents within the file, will all be verified. Once the verification is complete - your data, along with the property appraisal, will continue to the underwriting department.
While your file is in the underwriting department, the underwriter may have more questions, or require additional information. Be ready to furnish whatever they need right away so you can stay on schedule and close on time.
The closing typically takes place at a title company. It is most likely the date listed on your signed sales contract. Your realtor, the seller's realtor, and the title company all coordinate to make sure everyone is set to close on time. Once they have that date confirmed, they let us know so we can have all of the closing documents ready.
On the day of settlement, the seller receives their money, and you receive your new home. Your loan originator and processor have made sure you know how much money to bring to the closing. At the title company, you will be signing all of the mortgage closing papers, along with the title company papers to complete the purchase of your new home.
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