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First Time Mortgage Resource Center
Home Buying Made Easy
Our "First Time Mortgage Resource Center" will help walk you through the process of getting your first Mortgage. It's an important step in your life and can sometimes seem complicated and stressful. Our goal is to minimize that complication and stress for you so you can focus on getting your dream home.
Step 1.
Let's Start With What You Should do or at Least Know Prior to Buying a Home:
Start Saving Money - You may have some money set aside already, but you should continue to save if you will be buying a home in the near future. There are many different costs associated with real estate purchases. In addition to a down payment, you will need cash for closing costs, title costs, insurance, an appraisal, and other related expenses. Do you need to set an account aside to make sure you are saving money?
Open A Free Additional Savings
Get Your Credit Report In Order - Your credit score is one of several things that will determine whether or not you are eligible to get a mortgage. Credit ratings also impact the amount you pay in interest and the size of your monthly payment. Check your credit as soon as possible and make an effort to clean up your report if needed. We have all the information you should need about getting your credit report
Free Credit Report Information
Get Pre-Qualified For A Loan - Getting pre-qualified for a loan before you begin to look for a house will help you determine how much you can afford and save you time by only looking at properties that are within your price range. Pre-qualification can also make it easier to put in a serious offer when you find a property you are interested in. The most common or standard first time mortgage loan is a 30 year fixed mortgage; but additional finance options can be discussed after completing the application process. You should also discuss when you can lock in your interest rate.
Get Pre-Qualified
Determine What You Can Afford - Although the lender provides your pre-qualification amount, this may not be the same number you can afford. It is up to you to determine your budget and how much 'house' you can afford with your other fixed expenses. Don't forget about taxes, home owners insurance and private mortgage insurance if needed. A practical approach is two and half times your annual income, but it is really better to analyze your debts, income, and expenses to make an informed decision. The very last thing you want is to purchase a home that is too expensive for your budget. Our free Mortgage loan calculator can help, but remember this is an estimate on the principal and interest payments only.
Mortgage Loan Calculator
Start Researching Agents - Would you like to use a local real estate agent or an online source like Redfin? Evaluate the pros and cons for your preferences.
Research Property Values - You should always research property values in the neighborhoods that interest you. This will help you determine the fair market value of the house you might purchase. It is also a good idea to contact the local assessor's office to inquire about taxes and home sale prices. Additional information may be available from local appraisers.
Research Local Area & School Districts - Whether you are planning to have a family or not researching the local area and school districts is always a good idea. You might fall in love with a house, but put more value in a particular school district.
Obtain Home Insurance Quotes - You won't be able to get an accurate insurance quote until you have a specific house to inquire about, but you should be able to get an estimate of how much it may cost to insure a home in a particular area. You may also be able to learn whether or not you will need flood insurance or additional types of insurance that may not have been anticipated.
Get Insurance Quote
Set Yourself Up For Success With Enrich - Sign up for Enrich, our complimentary, award-winning financial wellness platform to research anything else that might come up during your journey to homeownership. You get personalized recommendations, articles, videos and access to games that will help you become your own financial guru in advance of making your purchase; as well as, any other large financial decisions you may need to make in the future now that you will be a home owner. There are a variety of topics to explore
Learn More
Step 2.
Now You are Prepared and Ready to Find Your Dream Home & Make an Offer
Get a Home Inspection - Once you have chosen a home, it is a good idea to get the property inspected by a professional. A home inspector will be able to provide you with a general assessment of the home's value and alert you to any problems that may exist. Use our Home Inspection Checklist as a guide during your inspection.
Step 3.
Documentation
If you went through the 'Prior To Buying A Home' section in Step 1, you should already be pre-qualified for your loan. Once you find your Dream home, contact our Mortgage department and proceed with the final stage in your application.
HACU may request the following documentation:
- Your last 3 paystubs
- 2 months of your most recent bank statements (all pages)
- Homeowner's insurance/agent Information
- 2 years of W2's
- Most recent stock or 401K Statements
- Purchase Agreement
- Tax Returns if self employed
- Value of other assets (autos, household goods, etc.)
- Other items based on your situation
Step 4.
Complete the Required Disclosures
Always review the disclosures for comprehension and ask any questions to assist in your understanding of the documents. Your loan can be processed after the forms are signed and returned. During processing, your application is reviewed to see if there is any further documentation needed. From here we order and gather the appraisal, title work, flood certificate, tax transcripts, and verify your employment. Depending on the time between Step 3 and Step 4 you may need to submit newer paystubs and bank statements. Upon approval, any final conditions must be satisfied before the loan can move into Closing.
Step 5.
Closing - Congratulations!
The closing is where the actual transfer of ownership from the seller to the buyer happens. The closing team will provide official instructions and the loan documents to the Title Company. You'll need to obtain a cashier's check or wire transfer any funds required at this time. The loan funds and monies are disbursed when all parties have signed and acceptable documentation is returned to the closing team. At Closing you will review the settlement agreement which is prepared based off your purchase agreement and sign the final paperwork, pay final closing costs and take ownership of your new home!
Most likely your closing will take place at your title company. You and your Realtor typically attend the closing. Make sure you bring a government issued ID for notary purposes, your funds, (unless you have pre-arranged the wiring of funds) and anything else your lender or Realtor has asked you to bring.
Step 6.
Get Your Keys!
You will receive your new keys at closing. Congratulations on your new home!
