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First Time Homebuyer
Buying your first home
What To Expect
A great question to ask yourself is, am I confident in my Mortgage Broker? You already picked out your home, or maybe you plan on buying in the future. On your initial contact your Mortgage Broker will acknowledge your current situation, analyze and explain what options are best for you. Credit scores, income, job history, loan programs, mortgage payment and rates are a few things that will be discussed. Don’t worry our licensed Mortgage Brokers will go at your pace and thoroughly explain everything.
When Can I Shop For A Home
Once your friendly Mortgage Broker gives you a pre-approval you will be able to shop for your dream home. Our pre-approval process takes under 10 minutes. Your pre-approval lets Real Estate agents and sellers know you are a serious and can afford to buy. Don’t have a Real Estate agent but would like one? Just ask we can refer you one. A Real Estate agent will be able to assist in finding the right home at the right price.
When Can I Close On My Home
FAST! that is the goal for all of our clients. Every scenario is different, knowing this our Mortgage Brokers and support staff are available for support 24 hours a day. You will also have technology at your finger tips, including online applications, secure document uploads and electronic signatures. Taking responsibility early, your mortgage broker will know what documents are needed – gathering what you need and having it ready to submit will move your mortgage along quickly. Estimated closing times are available on our home page.
Why Clients Are Choosing Smart Mortgage Centers
- No application fee
- Lower rates
- More Programs
- Excellent Customer Service – Read hundreds of stories
- Complaint Free Awards 5 years running
Get pre-approved now and start shopping for your new home. Not seeing a loan option? Chances are we have it call 888-882-1058 or start your online application.
Steps to Buying a Home
Buying your first home doesn’t have to be confusing, follow our steps to a simple home buying experience.
How Much Home can you Afford
Mortgage Brokers recommend that people look for homes that cost no more than three to five times their annual household income. This mostly holds true for borrowers putting a minimum down payment of 20% down and have moderate debt. Remember, pending what loan option is right for you will determine your down payment and other debts will play a role in how much you will qualify for. Our Mortgage Brokers will help you determine what you can afford. Another reason why Mortgage Brokers are better – More Options and more programs. Saving for a down payment is important but also know you have options like gifts and grants for down payments.
The Pre-qualification and Pre-Approval Stage
Before you shop for a home, you will want to get pre-qualified. To get prequalified, you just need to provide some financial information to your mortgage broker, such as your income and the amount of savings and investments you have. Your assigned Mortgage Broker will review this information and thoroughly explain what programs are available and how much home you qualify for. This will tell you the price range of the homes you should be looking at. Later, you can get preapproved for credit, which involves providing your financial documents, pending programs (W-2 statements, paycheck stubs, bank account statements, etc.) so our Mortgage Brokers can verify your financial status and credit. Easier qualifications and more options make our Mortgage Brokers a better option.
Finding a Real Estate Agent
When looking for a home it is up to the borrower to decide if they want to use a Realtor. Real estate agents have the ability to show you homes within your price range with requested options. If a Realtor is needed we have the ability to refer our clients to local agents in your area. The Real Estate agent doesn’t cost the buyer a penny, they’re compensated from the commission paid by the seller of the house.
Shopping for Your Home and Make an Offer
Now comes the fun part, shopping for your home. By now your Realtor should have an idea of your price range and the area that suits your needs. Keep in mind you will see a number of houses, keep notes, take pictures and even videos to help determine what you like best. Most Real Estate sites will have pictures and videos to rely on if a reminder is needed. Buying a house is a large investment, take your time and find the perfect place to call home. Work with your real estate agent to negotiate a fair offer based on the value of comparable homes in the same neighborhood. Once you and the seller have reached agreement on a price, the house will go into escrow, which is the period of time it takes to complete all of the remaining steps in the home buying process.
The Home Inspection
Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. Your real estate agent usually will help you arrange to have this inspection conducted within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage. Both you and the seller will receive a report on the home inspector’s findings. You can then decide if you want to ask the seller to fix anything on the property before closing the sale. Before the sale closes, you will have a walk-through of the house, which gives you the chance to confirm that any agreed-upon repairs have been made.
A Mortgage Broker will help Select Your Loan
Our Mortgage Brokers have a wider range of loan programs, lower rates and a reputation for exceptional customer service. You will have many questions when you are purchasing a home, and having one of our experienced, responsive mortgage brokers assist you can make the process much easier. Read why hundreds of clients are using our services. Read More.
Getting the Home Appraised
We will arrange for an appraiser to provide an independent estimate of the value of the house you are buying. The appraiser is a member of a third party company and is not directly associated with the lender. The appraisal will let all the parties involved know that you are paying a fair price for the home.
Coordinate the Paperwork
With the amount of paperwork involved in the buying process, title companies are used to make sure the seller is the rightful owner of the property. A title company makes sure that the title to a piece of real estate is legitimate and then issues title insurance for that property. Title insurance protects the lender and/or owner against lawsuits or claims against the property that result from disputes over the title.
Close the Sale
At closing, you will sign all of the paperwork required to complete the purchase, including your loan documents. It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender. Once the check is delivered to the seller, you are ready to move into your new home!
If you have questions for our local mortgage brokers, simply call our 24 hour mortgage hotline.
Get Started on your New Home Purchase today