Useful information when purchasing a home.

Contact your lender:
  • Check credit rating.
  • Straighten out any errors before its too late.
  • Determine a comfortable monthly budget for your new purchase, including down payment and monthly payment.
  • Find a loan program that meets your needs and get pre-approved by your lender.
  • Determine what neighborhoods best meet your needs.
  • Identify important features you want your new home to have.
 

 
Do’s and Don’ts When Applying for a Mortgage

While you are considering the purchase of a new home or exploring new financing on your current home, you should not do anything that will have an adverse effect on your credit from this point through the rest of the process.

Do...
•Continue making your mortgage or rent
• Continue living at your current residence payments
• Continue to use your credit as normal
• Stay current on all existing accounts
•Call us if you have any questions, as we are always here to help and just a phone call away
• Keep working at your current employer
• Keep your same insurance company

Don’t...
Make a major purchase (car, boat, jewelry, etc.)
• Change bank accounts
•Max out or over charge on your credit card
•Apply for new credit (even if you seem pre- approved) accounts or consolidate credit card debt
• Take out a new loan
• Open a new credit card
• Start any home improvement projects
•Transfer any balances from one account to another
• Finance any elective medical procedure
•Pay off charge offs or collections without a
• Open a new cellular phone account discussion with us first
•Pay off any loans or credit cards without
• Buy any furniture
• Close any credit card accounts
Once you have found a home and your offer is ratified.  A series of inspections and contract contingencies begin, including but not limited to:
  1. Home inspection
  2. Radon inspection
  3. Lender’s appraisal
  4. Mold inspection
  5. Termite inspection
  6. Lead based paint inspection
  7. Loan approval process
  8. Well/Septic Inspection
  9. Final walk-through inspection

Closing Costs to Expect:
  • Lender fees include charges for loan processing, underwriting, preparation and establishing an escrow account.
  • Third-party fees include charges for home owners insurance, title insurance, title search, survey and other inspections such as termites, home inspection, well and septic if applicable.
  • Government fees include deed recording and state & local mortgage taxes.

Escrow and interest fee-known as PITI
This will be your mortgage payment each month which Includes homeowner's payment toward the principal,  interest, real estate taxes, home owners insurance and occasionally private mortgage insurance.