PREPARE TO BUY
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CREATE A FINANCIAL PLAN AND BEGIN SAVING
When buying, you may need money for the down payment and closing costs for the home.
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UNDERSTAND YOUR CREDIT SCORE AND CREDIT HISTORY
Lenders will review your credit score and history to see how you handle credit. Your credit score may affect the loan you’re eligible for or your interest rate.
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DETERMINE HOW MUCH YOU CAN BORROW
Before house hunting, it’s a good idea to get prequalified to help estimate the amount of money you can spend on a home.
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KNOW YOUR OPTIONS
There are many different types of mortgages, and your mortgage banker will work with you to find the perfect fit. We have a loan type to fit every need and lifestyle.
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UNDERSTAND THE BASICS
- Prequalification
This is the simple way to get a ballpark estimate of how much you are eligible to borrow and help you determine a price range for house hunting. Prequalification has no costs or commitments. - Application and Loan Documentation
Regardless of the type of home you are purchasing, the documentation needed is the same. Check out our borrower’s checklist for a list of documents needed. - Mortgage Journey
The lending process normally takes several weeks. Understand what happens, when it happens, and the documents needed along the way. Your mortgage banker will keep you informed at every step. Learn More - Interest vs. Principal
Both make up your loan payment. The interest portion is the cost of borrowing the money, and the principal portion will go towards paying down what you owe. - Discount Points
These are optional and, if you qualify, will allow you to pay interest at the time of closing to obtain a lower interest rate on a loan. - Loan Term
This is the amount of time to pay off your mortgage. - Property Taxes
Charged by the government, your lender may choose to collect a portion of these taxes in every mortgage payment and hold the funds in an escrow account to pay your property taxes when due. - Homeowners Insurance
The lender may choose to collect a portion of this insurance payment in every mortgage payment and hold it in an escrow account to pay your insurance when it is due. - Private Mortgage Insurance (PMI)
PMI may be required, and if so, the lender will hold the funds in an escrow account and pay the insurance when it becomes due.