Home Buying 101

Count On Your Real Estate Agent To:

1. Preview available homes to weed out those that are overpriced, or undesirable in some other way.
2. Present the homes that suit your needs as you've defined them.
3. 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.
4. 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:

1. 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!)
2. Keep you informed of your loan status throughout the entire process.
3. 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).
4. 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:

1. Keep your real estate agent informed of any questions or concerns as they develop.
2. 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.
3. Enjoy purchasing your home, but do remain objective throughout – to make the business decisions that are best for you.
4. 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.

Don't make expensive purchases.

Although you will be listing ways to turn your new home into a castle, try to stay away from major purchases like appliances, electronics, or expensive furnishings. You will also want to avoid vacations and vehicle purchases until your loan closes. Financing new stainless steel appliances with a store card or a bank credit card could jeopardize your credit worthiness during the time it means the most. It is even not recommended to make those large purchases with cash. Lending institutions are looking at your cash on hand when considering your loan.

Don't go on a career search. 

Lenders like to see a consistent career history on your application. Finding a new career (especially one with a better paycheck) may not affect your ability to qualify for your loan. However, for some, switching jobs during the mortgage loan approval process may bring concern and hinder your application.

Don't move money around or change banks.

Bank statements from the last few months for all your accounts (checking, savings, money market and others) will be analyzed as the lender considers your approval. To avoid potential fraud, most loans require a thorough paper trail to verify the source of all funds. Changing banks or transferring money to another account – no matter the purpose – may make it difficult for your lender to review your funds.