Steps to Buying a Home

Get Prepared

• Determine the amount you have for a down payment
• Calculate your Debt to Income ratio
• Check on your credit
• Think about the type of loan

Get Prequalified

• A prequalification letter documents that the lender has agreed to give a loan to the buyer
• Getting prequalified will allow you to house hunt with the confidence of financial backing
• Sellers will favor offers from prequalified buyers

Find a Realtor

• Talk with your realtor about the type of neighborhood and home you are looking for
• Give your realtor a wish list of what you would like to see in your home

Put in an Offer

• Have your preapproval letter ready
• Put all of your negotiations in writing
• Have a deposit ready just in case

Closing

• Your signing appointment will be scheduled and you will review and sign your loan documents
• The most important documents you will be signing include:

1. Note
2. Deed of Trust/Mortgage
3. HUD-1/Settlement Statement
4. Truth-in-Lending Statement (TIL)

Once you have completed your signing day appointment & all funding conditions have been cleared, your loan will be funded!

First Time Home Buyers

Congratulations on your decision to buy a 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.

Mortgage Checklist

The following information is usually required during the loan process:

• Your Social Security number
• Current pay stubs or, if self-employed, your tax returns for the past two years
• Bank statements for the past two months
• Investment account statements for the past two months
• Life insurance policy Retirement account statements for the past two months
• Make and model of vehicles you own and their resale value
• Credit card account information
• Auto loan account information
• Personal loan account information

If you currently own Real Estate

• Mortgage account information
• Home insurance policy information
• Home equity account information (if applicable)

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:

• Preview available homes to weed out those that are overpriced, or undesirable in some other way.
• Present the homes that suit your needs as you've defined them.
• 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.
• Negotiate the 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!

Count On Your Mortgage Lender and Loan Officer To:

• Assist you in selecting a loan to meet your personal situation and goals. (This single decision can save you thousands of dollars throughout the years!)
• Keep you informed of your loan status throughout the entire process.
• Keep your Real Estate Agent informed of our loan progress (Note: your personal information is always kept confidential between you and us; only deal points and progress are shared).

Count On Yourself To:

• Keep your Real Estate Agent informed of any questions or concerns as they develop.
• 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.
• Enjoy purchasing your home, but do remain objective throughout.
• 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.

Rent vs. Own

No Cost Loans

What is a No Cost Loan?

A "No Cost" or "Zero Cost" loan means that you will pay no closing cost for the loan. Closing cost include appraisals, processing fees, underwriter fees, attorney fees, notary fees, credit reports, title insurance, etc. Although, the interest rate for a "No Cost" loan will be higher than a "Full Cost" loan.

Is a No Cost Loan Worth It?

If you are planning on staying in your home for an extended period of time, a normal "Full Cost" loan with a lower interest rate is the way to go. If you are more uncertain and don’t know how long you may be living in your home, it may be better to pay a higher interest rate with a "No Cost" loan.