Holding the deed to your dream home starts here
Whether this is your first home, next home, or extra home, we can get you there faster and with more options. The best person to discuss the first steps toward owning a home is your Loan Officer.
Questions to Consider as a Homebuyer
Questions to Consider
as a Homebuyer
The answer to this question depends on many factors. Your first step is getting pre-qualified to understand what you can afford. Our Loan Officers will guide you through the process so you can start the fun part: looking for your dream home.
This all depends on what your goals are. Owning a home can work for everyone. You have access to a wide array of flexible loan products to meet your needs. Our Loan Officers will help you choose the right mortgage that best suits where you are and where you want to be.
Your home serves your needs. Getting clear about your needs will help you get into your dream home sooner. Your ideal monthly mortgage payment, neighborhood, yard, or school district are all examples. This will help your real estate agent and Loan Officer find a home and loan program right for you.
It all depends on your lifestyle and goals. Some people get vacation homes, like a cabin in the mountains or a cottage on the beach. How you use the property determines loan structure. If you plan on renting out your home, it is an investment property and will need a different type of loan. Your Loan Officer is the best person to guide you through the process.
Making An Offer
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
Since everyone’s situation is unique, additional documentation might be required. Your Loan Officer will let you know exactly what is needed.
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-approval 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:
Your loan officer will keep you informed, answer your questions, and navigate you through the loan process.
In the days leading up to settlement, you will be sent final documentation about your loan, including the Closing Disclosure. Your must review, sign, and return the paperwork a minimum of three days prior to your schedule closing date.
Your Loan Officer, or their team member, will tell you the amount of money you need to close on your home.
What happens on closing day:
Your settlement documents will include instructions on how to make your first payment. While Prestige Home Mortgage 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 (800)960-7107.