First Time Home Buyer

This is a great time to buy your first home!

It's easy to get so excited about buying your first home that you forget about the details. But overlooking little things at the start can hurt you later on, so being educated and prepared is essential.

How Much Home Can I Afford?
Your home may be the biggest investment you ever make. If you invest wisely, the payoff can be substantial. However, making the mistake of buying a home you can't afford and then falling behind on payments can ruin your credit.

Use our mortgage payment calculator to determine the payments for different homes. Then assess your personal finances to see what really fits your budget. Remember, there are many expenses associated with home ownership beyond your mortgage payment. You need to budget for things like home repairs and maintenance, as well as decorating and improvements.

Understand the Mortgage Process
If you've never had a mortgage before, the process can appear intimidating. Your lender will request your personal and financial information, so be prepared to provide documentation of your income and investments with copies of your pay stubs and bank statements. If you are self-employed, retired or not working, your mortgage specialist will work with you to gather the documentation needed to demonstrate you can manage the payments on your loan.
During the application process, you'll be asked to lock in your interest rate. Interest rates change daily, and the rate lock will protect you from fluctuations in the market.

An appraisal will be ordered to determine the value of the property you are purchasing. A professional appraiser will evaluate the home and provide an estimate of the market value of the home. The lender will not lend more than the value of the property, which is the lower of the purchase price or appraised value. There is no problem if the appraisal is higher than the purchase price; it simply means you're getting a good deal on the home.

Your completed application will be submitted to underwriting for evaluation prior to receiving final approval. The underwriter assesses all the information about the property and your loan application to determine whether the lender should approve the loan.

Once your loan is approved, your Mortgage Specialist will schedule your closing. At closing, you will review and sign all of your loan documents. At this point you will have officially become a homeowner, so celebrate this exciting step in your life!