Whether you are a first-time homebuyer or you’ve previously applied for a home loan, being well-prepared is one of the keys to having a smooth mortgage experience. We know you may have a lot of questions along the way and our team of home loan experts stand ready to assist in making this a simple and timely process.
Where to Start
The home-buying process begins with asking a few important questions.
How much home can you afford?
You’ve decided you want to purchase a home, next think about how much home you need and what you can afford. The right time to set your new home budget is BEFORE you start to look. The last thing you want is to fall in love with a home that’s out of reach. We suggest starting with a simple mortgage calculator, like one of ours. Refer back to your records to get an accurate picture of your current finances and be honest with yourself. We also suggest working with a home loan expert to get prequalified for a loan. Prequalification is a smart way to start the loan discussion and to get an idea of the mortgage amount for which you will likely qualify. One thing to keep in mind – people are often surprised to be prequalified for a larger amount than they expect. It’s important to work with your home loan expert and use a calculator to understand what you really can afford. Knowing your home budget is critical as you look for the right home to fit your needs.
What type of home do you want to own?
Now that you know what you can afford, you can determine what type of home best fits your needs. Consider the differences between a single-family home, a condo and other housing options. Do you enjoy puttering in yard? Do you travel a lot, and would you appreciate the peace of mind of having “attached” neighbors? Thinking through questions like this will save you time and frustration in your search.
Key Steps
The home-buying process is a major investment of both time and money. It’s worth it to work with a home loan expert, like the team at PrimeLending, to make the process infinitely easier on both your peace of mind and your bottom line.
- Meet with a PrimeLending loan officer in your area.
- A home loan expert will help you through the prequalification process and determine a price range that fits your financial situation. Getting prequalified for a loan before you start looking ensures you are ready to move forward when the right home hits the market.
- Understand the down payment and closing costs that are needed. Ask your lender about additional fees you’ll be required to pay.
- Identify and gather the documents that will enable your lender to verify income and assets. Our handy checklist for how to apply for a home mortgage loan will help you keep track of which documents you already have and which you still need to collect.
- Before you start looking at houses, make a wish list for the features you are looking for. If you choose to work with a licensed REALTOR®, this will help narrow your search.
On your path to homeownership, our helpful checklist, which tells you how to apply for a home mortgage loan, will help you stay on track of what documents and information may be required throughout the process. And if you ever find yourself feeling lost, a PrimeLending loan officer is always here to offer further guidance. We want to provide you with the information to make you feel confident and assured in your decisions.
