While buying a home can appear complicated, it is our job to ensure it is as seamless as possible.
The loan process begins with an initial consultation with your Loan Officer. Together, you will outline goals and assess your financial situation. This will provide a better understanding of the mortgage amount you may qualify for.
Here’s what you can expect from start to finish.
The first step toward a home purchase is getting pre-qualified for a loan. Your Loan Officer will review your financial information and determine how much you are qualified to borrow. As a pre-qualified buyer, your offer on a home is more likely to be accepted.
Loan Preparation Checklist
Copy of photo ID
Social Security number
Copies of checking and savings account statements for the past 3 months
Most recent pay stubs detailing your last 30 days of employment
Federal tax returns with W-2s, K-1’s, 1099 for the past 2 years
Evidence of any other assets such as stocks and bonds
Contact name and address of someone who can verify your employment
Since everyone’s situation is unique, additional documentation might be required. Your Loan Officer will let you know exactly what is needed.
Making an Offer
Once you have found a home, you will make an offer to buy it from the seller. A real estate professional will conduct negotiations and a contract will be submitted to purchase, accompanied by the pre-qualification letter.
Once your offer is accepted, you will begin the application process.
When the seller accepts your offer, you begin the mortgage process. Your Loan Officer will gather your financial information, loan application and provide the initial disclosures based on your loan terms.
This process will also include
Ordering the appraisal; estimating the value of the home
Ordering/updating your credit report
Submitting your loan to Underwriting for review
Conditionally approving your loan (additional documentation might be requested)
Providing information on homeowner’s insurance and selected title company
Underwriting approval on all acceptable documents
Final loan approval – you are cleared to close
Your Loan Officer will keep you informed, answer your questions, and navigate you through the loan process.
When the loan application is received by the Processor, they make sure everything is complete and accurate.
All of the documents collected during the pre-qualification, application and processing phases leads up to the Underwriting of your file.
In the days leading up to settlement, you will be sent final documentation about your loan, including the Closing Disclosure. You must review, sign and return the paperwork a minimum of three days prior to your scheduled closing date.
Your Loan Officer, or a designated employee, will tell you the amount of money you need to close on your home.
What happens on closing day
Meet with your settlement agent as well as your Loan Officer, or designated employee.
Provide funds to the title company to cover your down payment, closing costs, taxes, insurance and other costs.
You and the seller will execute all closing documents so the settlement agent can properly record the purchase of your home.
Making Your Payment
Your settlement documents will include instructions on how to make your first payment. While First Home services many of our loans, it is possible servicing will be transferred. You will be mailed a notification that designates your mortgage servicer.
If you have any questions, you can always contact 855.434.7005.
This is not a guarantee to extend consumer credit as defined by Section 1026.2 of Regulation Z. Programs, interest rates, terms and fees are subject to change without notice. All loans are subject to credit approval and property appraisal. Refinancing your current mortgage loan could result in the total finance charge to be higher over the life of the loan. First Home Mortgage Corporation of America, First Home Mortgage Services, and First Home Mortgage Company of Maryland are d/b/a’s of First Home Mortgage Corporation. First Home Mortgage Corporation is licensed in Connecticut, Delaware, District of Columbia, Florida, Georgia Residential Mortgage Licensee (Lic. #23135), Indiana, Kentucky, Maine, Maryland, Massachusetts Mortgage Lender and Broker (Lic. #MC71603), Michigan, New Hampshire, Licensed by the New Jersey Department of Banking and Insurance, North Carolina, Pennsylvania, Rhode Island Licensed Lender and Broker, South Carolina, Tennessee, Vermont, Virginia, West Virginia. First Home Mortgage Corporation NMLS ID #71603 (www.nmlsconsumeraccess.org).