A letter of Pre-Approval from your lender verifies your ability to obtain financing. This letter is important because it demonstrates to real estate agents your ability to make an offer on a home.
1. Call 800-Homestead-8 (800-472-6698) to set up your pre-approval meeting.
At this meeting we will answer any questions you may have, including:
We will provide a free credit analysis and work with you to determine a comfortable price range for your new home. We’ll discuss your credit score, and if necessary, the steps you can take to improve your credit score. We’ll also discuss the variety of loan programs available and which will best meet your needs.
2. You will need to bring the following items to your meeting:
Finding a Real Estate Agent
The best way to find a real estate in your area is to ask people you know for recommendations, or conduct a search on-line. Once you have narrowed down your list to a few, meet with them, and ask them questions about the housing market in your targeted areas. Ask them what percentage of the home value they will expect to receive as payment. Tell them your price range and what you are looking for—it is their job to listen and meet your needs. You need to feel comfortable with your agent, as you will be working closely with them for several months.
Searching For a Home
What you should expect from your real estate agent:
Your real estate agent will assist you in determining and preparing an offer.
You will need a personal check for the required Earnest Money. The amount is usually between $250-$1,000 depending on the value of the property. Earnest Money is necessary as your good faith intent to purchase the property. The money is held in escrow until the offer is accepted or declined.
Your real estate agent will assist you in setting up a house inspection.
You and your real estate agent wait to find out if your offer has been accepted or declined. In today’s market this is usually 24-48 hours.
After your offer has been accepted contact your Homestead Financial Mortgage Loan Officer to complete your loan application. During your Loan Application meeting you will discuss:
Important Note –After making your loan application it is important to not make any substantial changes with regard to your finances (i.e. job changes, major purchases, changing banks). Such changes can delay the process or impact approval of your loan. Please call your loan officer right away if any issues arise or if you have any questions.
When you receive the results of the inspection please call your loan officer. At this time they will order an appraisal on the home.
Before your Closing your real estate agent will call you to discuss the following items:
Before your Closing your loan officer will advise if any Certified Funds will be necessary at your Closing.
Bring your drivers license or other photo identification to the closing.
What will be received at closing:
In about 45 days you will receive the Warranty Deed and Title Policy.