First Time Home Buyers Process Overview
Not Sure Where to Start?
For First Time Home Buyers the thought of buying a new home can seem intimidating, but it doesn't have to be. Rest assured that our team will be with you each step of the way. You can also visit our Mortgage FAQs page for answers to many questions that face first time homebuyers.
- STEP 1 – Pre-Qualification:
Get pre-qualified before you begin looking for a home. This helps you understand how much you may be able to borrow, gives you a better idea of your price range, and can help you shop for a home with confidence. - STEP 2 – Application:
Once you’re ready to move forward, contact one of our knowledgeable Mortgage Loan Consultants to complete your application. Your consultant will walk you through the process, discuss available loan options, and help you gather the information and documentation needed. - STEP 3 – Underwriting:
Once your application is submitted, the underwriting process begins. During this stage, the Bank reviews your financial information and may obtain information from third parties, such as credit reporting agencies, appraisers, and other service providers, to evaluate your loan request. - STEP 4 – Commitment:
Once your loan is approved, the Bank will provide a commitment letter outlining the terms and conditions of your loan. The letter will also identify any additional requirements that must be completed or provided before your loan can move to closing. - STEP 5 – Closing:
After all commitment letter requirements have been satisfied, a closing date will be scheduled. At closing, you’ll review and sign the final loan documents, complete any remaining requirements, and finalize the purchase or financing of your home. - STEP 6 – Closing Costs:
As part of the mortgage process, there may be various closing costs associated with your loan. These may include, but are not limited to, appraisal fees, credit reports, title insurance, recording fees, flood certifications, attorney fees, and applicable taxes. Your Mortgage Loan Consultant can help you understand the costs associated with your specific loan.
