We here at Security First Financial take pride in making the home loan process as easy and accessible for our customers as possible. Below is a quick overview of what you can expect when you decide to buy a home.
STEP ONE: Get Prequalified
Getting prequalified is the first step in purchasing a home. We simply need to check your credit, make sure your scores qualify and then use the information on your credit report to calculate how much home you can afford. Once we know the amount that you are prequalified for, we’ll give you a prequalification letter.
STEP TWO: Find Your Dream Home
Start searching for your dream home within the price range determined by your prequalification letter. Contact your loan originator if you have questions about potential issues with any home you are considering.
STEP THREE: Appraisal
An appraisal is required for your loan. An unbiased third party will visit your potential home and will check for any major issues and will review any safety hazards. The appraiser will also compare your potential home with other similar homes in the area to determine the value of your home. Whatever amount the appraiser states your home is worth will be the maximum loan amount allowed.
STEP FOUR: Underwriting
An underwriter will analyze the documentation you’ve provided in your loan application and verify that the loan program you’ve applied for is the correct one for your needs. They will typically request additional documentation based on the information you initially provided in order to finalize the approval process of your loan.
STEP FIVE: Close on the Property
Once everything is approved by the underwriter and the related government institution (if applicable), you will be sent the final documentation from your loan officer to start the process of closing on the property. When your closing date arrives, you will sign your documentation with the local title company/attorney, and then you will officially be a homeowner!
If you have any further questions about the details of each process or are ready to get started, please feel free to reach out to one of our local Loan Originators. They'd be happy to help!
Opinions expressed are solely my own and do not express the views of my employer.