Not sure where to begin?
Keep in mind that it may take 30 - 90 days (or more) to locate the right home, secure financing and complete the home-buying process. Here is a quick look at the process of purchasing a home.
Step 1: Get pre-qualified online or over the phone.
Step 2: Return requested documents, including paystubs, bank statements and more.
Step 3: We'll work on processing your loan.
Step 4: Get ready for closing.
Do
- Keep documents and statements readily available.
- Provide all pages of requested documents.
- Inform us of changes to your income, assets or purchase contract.
- Tell us if you or any co-borrower will be unable to attend the closing. A power of attorney may be required.
Don’t
- Don’t be afraid to ask questions. This may be the largest purchase you ever make and you should feel comfortable with the process.
- Don’t make any unnecessary money transfers between your accounts. This may require additional documentation and may result in closing delays.
- Don’t let your good credit rating slip. This can happen when you miss bill payments, open new credit accounts or charge major purchases on current lines of credit.
STILL HAVE QUESTIONS? CONTACT US
How much do I need for a down payment?
This amount will vary based on your loan type. Down payments typically range from 0 – 20% of the purchase price.
What kind of documents will I need to provide?
This list is not comprehensive and can grow quickly depending on your personal situation.
- Current paystubs to include the last 30 days
- Current bank statements to include 30 days
- Last 2 years of W-2s
- Signed copies of your last 2 years of Federal tax returns with all schedules
- $550 deposit for appraisal
What is private mortgage insurance (PMI) on a conventional loan?
Mortgage insurance protects lenders in case a borrower defaults on a loan. If your down payment is less than 20%, you’ll be required to have mortgage insurance. The cost of PMI will be rolled into your monthly payment.
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