Mortgage Resources

Owning a home is more than just a purchase; it’s a milestone. It’s where you can create stability, invest in your future, and truly make a place of your own.

Getting there, however, can feel overwhelming. That’s why we’re here. From your first questions about financing to the moment you open the door to your new home, our team is ready to guide you with clear answers, practical tools, and personal support every step of the way. This guide provides a comprehensive overview of the homebuying process, from budgeting and loan qualification to closing and moving in.

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Know What You Can Afford‍

· Get Pre-qualified: Determine how much home you can afford based on income, debts, savings, and assets. Monthly housing expenses should not exceed 28% of gross monthly income.
· Qualifying for a Loan: Lenders evaluate the "4 C's of Credit":

o Character: Credit history and financial integrity.
o Capacity: Ability to repay based on income and debts.
o Collateral: Value of the home securing the loan.
o Capital: Down payment amount showing financial commitment.

Costs That Come with Buying a Home

· Mortgage Insurance: Protects the lender if payments are missed. Required for down payments under 20% or FHA loans. Mortgage insurance can help you buy a home sooner but, can be canceled once equity reaches 20%.
· Understanding Escrow: You may have noticed that taxes and insurance make up a portion of your monthly mortgage payment. These are called escrow payments. Your escrow payments include the following:

o Real Estate Taxes: A percentage of your home's assessed value that gets paid to your local government to fund roads, schools, and other local services.*
o Homeowners' insurance: Protects you financially in the event of damage to your home.* Typically excludes floods and earthquakes. A separate flood insurance policy may be required, if applicable.
o Mortgage Insurance (If Applicable): If you put down less than 20% when you buy your home, most loan programs require that you pay mortgage insurance.

* This amount is estimated by your lender, so keep in mind that you may get a refund or have to pay the balance at the end of the year.

· Other Expenses to Save For:

o Moving Costs: Budget for packing supplies and moving services.
o Maintenance and Repairs: Cover costs for upkeep and unexpected repairs.
o Utility Bills: Account for water, garbage, and other utilities.
o Homeowners' Association (HOA) Fees: Monthly fees for amenities in certain communities.
o Down Payment: Typically, a percentage of your purchase amount.
o Loan Fees/Closing Costs: Additional service fees for your mortgage.

Finding a Home

Making an Offer: Once you’ve found the home you love, it’s time to make an offer. The offer is a legal document that outlines the terms and conditions of the sale. This may include, but not limited to:

o Address and legal property description
o Purchase price
o Down payment amount
o Earnest money that must be paid
o Expiration date for the offer
o Commitment by the seller to provide a clear title to the property
o Target closing date
o Target move-in date

Home Inspection: Recommended to assess the structural and mechanical condition of the property. Costs range from $300 to $500. Inspections can identify needed repairs and allow negotiation with the seller.

Getting a Mortgage‍

· Application Process:

o Underwriting: Final review of employment history, credit, and appraisal report. Additional documentation may be requested.
o Loan Commitment: Approval letter outlining loan details like amount, interest rate, and repayment term.

· What NOT to Do During the Loan Process:

o Avoid applying for new credit, making major purchases, liquidating funds, making large deposits, or switching jobs until closing.

Closing on Your Home

· What is Closing?: Final step where you sign the loan paperwork, and the property title is transferred to your name.

·Before You Close:

o Get a home inspection, homeowners' insurance, and review closing documents.
o Ensure all agreed-upon repairs are completed during a final walk-through.

· On Closing Day:

o Bring photo ID, proof of payment, homeowners' insurance, and other required documents.
o Be prepared to sign multiple copies of paperwork and ask questions if needed.