Your Home Buying Journey Begins Here.
Want to know everything that goes into owning your first home? Download our guide below.
Building Your Budget.
Knowing a few details before you begin looking will help us find the best loan for you. Do you have a down payment? What is your debt? What is your credit score? These answers will help speed up the process.
Your Interest Rate.
Interest rates are always changing and can affect your monthly payment. However, you can lock with confidence with our float down option, which gives you the ability to reduce your rate if the market improves after you lock.
Your Debt to Income.
Using a 28/36 ratio loan, this means you can spend up to 28% of your pre-tax income on payments and no more than 36% on total debt. So if your monthly gross income is $5,000, your mortgage payment should not exceed $1,400.
The Closing Process
1.
Sign all loan docs. If something is not what you expected, don’t sign until the issue is resolved.
2.
Provide the funds for all closing costs, including down payment via wire or cashier's check.
3.
Next, we will distribute the funds covering your home loan amount to the closing agent.
4.
You might have to set up an escrow account to pay your taxes and insurance with your payment.
HUD-1 Statement
The itemized list of the final credits and charges, for both you and the seller, based on the terms of the contract. You should receive a copy of the HUD-1 at least one day prior to the closing for your review.
Promissory Note
The mortgage promissory note is a legal “IOU” that represents your promise to pay the lender according to the agreed terms, including the dates on which you must make your mortgage payments and where they must be sent.
Deed of Trust
The documents in which you agree to a lien on your property, as security for repayment of your home loan. For example, the lender (bank) gives the borrower (you) a loan for the house and you make monthly payments to the bank.