

Home Purchase Basics
Overview
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.
For any specific questions please reach out to your loan officer
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 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!
Count on your loan officer to
- Assist you in selecting the best 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).
- Get the appropriate loan for you at the best rates and fees. This will save you significant money "up front" and throughout the years to come.
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 -- to make the business decisions that are best for you.
- 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.
The Process
We’ve streamlined our process to make buying a home as painless as possible.
- Consultation
- Application
- Documentation
- Conditional Approval
- Appraisal
- Processing
- Underwriting
- Final Underwriting
- Closing DAY!
Mortgage Checklist
- The following information is usually required during the loan process:
- Your Social Security number
- Current pay stubs for the last 30 days
- Bank statements for the past two months
- Investment account statements for the past two months
- Retirement account statements for the past two months
- Divorce Decree (if applicable
- Identification
- Last 2 years of tax returns
- Last 2 years of W-2’s
- Last 2 years of all business tax returns and schedules (if self-employed)
- Do not obtain any new credit once you start the home loan process
If you currently own Real Estate:
- Mortgage account information (Monthly Mortgage Statement)
- Home insurance policy information
- Home equity account information (if applicable)
Know your options
CONVENTIONAL LOANS
A conventional loan offers fantastic rates, lower costs, and greater flexibility than other programs, including:
- Low down payment options for qualified borrowers as little as 3%-5% down
- Fixed or adjustable rate (ARM) options
- 10-, 15-, 20-, and 30-year terms available
- Fewer restrictions and less paperwork than government-backed loans
- PMI only required if you put less than 20% down
- For more information about conventional loans, and to find out if you’re eligible, contact a Loan Expert today.
- Min Credit Score 620
FHA LOANS
An FHA loan is a great option for first-time homebuyers and people with lower credit scores or a smaller down payment.
Benefits:
- Down payment as low as 3.5%
- In many cases the down payment can be gifted.
- Fixed or adjustable rate (ARM) options
- Less-restrictive credit qualifications
- Lower closing costs
- PMI can be paid in cash or financed as part of the loan
- For more information about FHA loans, including complete eligibility requirements, contact a Loan Expert today
- Min Credit Score 580 – With 3.5% down
VA LOANS
A VA loan is one of the greatest benefits of military service available. And while the federal government guarantees VA loans, the VA doesn’t make the actual loan. That’s why it’s important to work with a lender you can trust.
Benefits:
- No down payment required
- Lower interest rates
- Less-restrictive credit qualifications
- No PMI required
- Seller can contribute to closing costs
- Benefit is reusable
- For more information about VA loans, including complete eligibility requirements, contact a Loan Expert today.
- Min Credit Score of 580
USDA LOANS
A USDA loan is designed for low-to-moderate-income borrowers looking to live in rural areas. But don’t let the name fool you: a rural area is defined as any area with a population of fewer than 35,000 people. That means approximately 97% of the country is technically in a rural area.
Benefits:
- No down payment required
- 100% Financing $0 Down Payment may be available
- Competitive interest rates
- Less-restrictive credit qualifications
- No PMI required
- Seller can contribute to closing costs
- For more information about USDA loans, including complete eligibility requirements, such as adjusted income limits, contact a Loan Expert today.
- Min Credit Score 580
Types of Refinances
Rate-And-Term
Benefits
- A rate-and-term refinance changes the rate and terms of your existing mortgage by paying off your original loan and replacing it with a new one.
- Lower interest rate
- Lower monthly payments if you select a longer term
- Pay off your loan faster if you select a shorter term.
Cash-Out Refinance
Benefits
- A cash-out refinance lets you tap into your home’s equity. You can use the cash for whatever you want.
- Lower interest rate than traditional loan
- Easy way to pay for large expenses, such as debt consolidation, home improvements, or tuition
For any specific questions please reach out to your loan officer