Buying a Home

Prequalify

• Prequalifying for a mortgage can tell you how much house you can afford so you don’t waste weeks or even months shopping in the wrong price range.
• Being prequalified also gives you a stronger bargaining chip to use when making an offer; sellers in today’s market may give more preference to a prepared — i.e., prequalified — buyer.
• Prequalifying is easy to do from virtually anywhere, using an app or online, and it only takes a few minutes.*During normal business hours.

Shop

• It’s the moment you’ve been waiting for — the chance to comb through listings and schedule some in-person or virtual tours.
• Your lender helped you find an estimated mortgage payment you can comfortably afford. Now, your realtor is going to help you get in the door.
• This is again where prequalification is critical. Once your loan amount has been determined, your realtor will be able to show you homes that fit within your price range.

Complete the loan approval process

• You’ve finally found your dream home, gotten your offer accepted, and made it through the appraisal and inspection in one piece.
• Before you post that celebratory Facebook status, you’ll still need to get through the final approval process.
• Your loan officer will collect the rest of your paperwork, including title work, flood certification, and homeowner’s insurance, to give you the seal of approval on your loan.

Close on your new home

• Hectic as it may be, this is the time to celebrate. On closing day, which is also moving day, you’ll meet with the seller to transfer the property and close the transaction.
• To make it happen, you’ll need a certified or cashier’s check, made payable to yourself and ready to be endorsed to the title company.
• Take a moment to review your Closing Disclosure, sign the mortgage note, receive the deed from the seller, and pat yourself on the back. It’s a done deal.