The process of buying a house doesn't have to be stressful. Whether you're a first-time homebuyer or purchasing your next home, with PrimeLending you can relax. We make the homebuying process simple.
We'll work with you every step of the way to make sure you get a mortgage that matches your financial situation, will fit your budget and fulfills your homeownership goals. This homebuying guide walks you through everything you need to know to navigate every part of the mortgage application process.
When you apply for a mortgage, here’s what you can expect during the homebuying process.
Get Qualified1 for Your Mortgage
Getting a mortgage qualification is a simple way to help make the home loan process even smoother. You’ll speak with a lender and provide information on your credit, income, assets and debts, and in return, you’ll get an estimate of the size of a loan you can afford (this is where bringing an aforementioned list can come in handy).
Some lenders may charge a small fee, but there’s never a charge to get a mortgage loan qualification with PrimeLending. Benefits of getting qualified for a mortgage include:
- Saving time by only looking at houses within your price range.
- Making an offer on the same day you find the perfect home.
- The seller can expect fewer delays with your offer, making your offer more attractive.
- Sellers are likely to prefer your offer over a buyer who is not qualified, giving you negotiating power.
- A real estate agent will move quicker knowing you’re qualified and ready to buy.
Get a jumpstart on your mortgage qualification by using this home affordability calculator to get an idea of how much you could afford.
How to Apply for a Mortgage
To begin your mortgage application, you’ll need to have several required documents ready, like copies of your W-2s, bank account statements and more. Having these documents organized and ready to go will help speed up the mortgage application process. Our loan officers can help assess your needs, recommend a mortgage plan that fits your situation and guide you through the mortgage application process.
Get a mortgage from the comfort of home with our digital home loan application. Get started today!
Find a House You Love
The next step is the fun part — finding your dream home. There are several types of houses to choose from, and getting a mortgage qualification can help you narrow down your search. Working with a real estate agent can help you with this step in the process. You’ll want to make sure that your agent and lender are acquainted. They may need to communicate about the house you’re interested in, where you are in the loan process and homebuying deadlines.
Get a Home Inspection
After you make an offer and the seller accepts, it’s a good idea to get a professional home inspection. An inspector can examine the property and let you know of any possible damage that may or may not be obvious. If they find any major problems, you can share this information with the seller. If the seller doesn’t want to pay for the repairs, you can try to negotiate a lower price for the house.
Application Processing and Final Mortgage Approval
While your mortgage application is being processed, your new house will be appraised and the title and tax certificate will be ordered. From there, your loan will be reviewed by an underwriter. After everything is approved, the title company you’re working with will get closing documents.
Final Walkthrough, Closing and Funding
A day or two before closing on your home, you’ll return to the property for a final walkthrough to make sure everything is still in good condition and that the seller has fixed anything that was agreed to in the sales contract.
On home closing day, you’ll need to bring your ID and funds for closing to the title company you’re working with. Once those funds go through, the title company will give you your keys and you can move in!
Questions to Ask Yourself Before Buying
Deciding when to buy a house is just as important as choosing what type of house you want. When you're ready to buy a house, consider the homebuying questions below.
Is now a good time to buy a house?
It's important to realistically examine your current and future financial situation when deciding to buy a house. Things to consider when buying a home include:
- Savings — Do you have enough money to make a down payment? Ask your loan officer if you qualify for a down payment assistance program2 or explore low-to-no down payment mortgage options.
- Spending — Do you live within your means and have a household budget? If you were disciplined enough to pay your rent on time, you can be confident in yourself to prioritize your mortgage payments the same way.
- Employment — How stable is your current income? Are you expecting a raise in the future? Is your employment situation stable, uncertain, or unpredictable? These can all factor into which mortgage you eventually choose.
What type of home is best for me?
Every homebuyer is unique and there are different types of houses that reflect different tastes. You'll save time and energy during the home buying process if you decide what you want, and need before you begin house hunting. Things to consider include:
- Home style and size. What floor plan, square footage, number of rooms, and how much garage space do you need?
- Location. Is the home close to schools, shopping, entertainment, parks, and your job
- Yard size and landscaping. Do you enjoy doing yard work, hosting outdoor parties, or do you need to have a pool?
- Remodeling. Do you want your home to be move-in ready, or are you open to buying a fixer-upper?
- Neighborhoods. Are the other area homes well-maintained? How's the traffic, and congestion?
When you're ready to start the process of buying a house, we will be by your side to answer all of your mortgage-related questions. Contact us today to get started.
