Take the steps to buy your dream home!
Buying a new home is an important decision. A mortgage is often a homeowner’s largest monthly expense. Because of this, the financial obligation accounts for a substantial percentage of annual income.
Home loans are beneficial for a number of reasons:
- First time buying
- Moving or relocating
- Second home or vacation home
- Investment property
Get the best home loan for your situation. Discuss your financial goals with one of our qualified loan officers here at Police Mortgage. Work with a professional mortgage loan originator who will answer all of your questions so you can purchase a home with confidence!
Home Buying Steps
Get A Preapproval
This is important because you know how much home you can buy, and you are presenting a stronger offer to the buyer.
Control Your Budget
It is common to see how much a lender will loan you for a home and think you have to max that out. Understand your own personal budget. Let your Police Mortgage loan officer know your budget and they can help you figure out the corresponding loan amount.
Go House Hunting
One of the most fun parts of buying a home, is seeing what is on the market. You can do this online on sites like Zillow and work with a licensed real estate agent in your local area.
Making An Offer
Once you find the home of your dreams, you will now be making an offer. There are specifics that can be included, but keep your loan officer in the loop during these negotiations.
Underwriting The Loan
Once you have an accepted offer, your loan will go through underwriting. Our underwriters will look over the loan and determine if the loan can be approved or if other documents, or stipulations, are needed.
Appraisal And Inspection
To get your home “clear to close” from the underwriter, in most scenarios, your new home will need to have an appraisal completed. This will determine if the home will have the correct loan to value ratio for the loan to be approved. Having a home inspection is certainly a wise choice, but in some instances, it is not required to get your loan approved.
Getting The Keys
After your appraisal comes back, all stipulations have been met from an underwriting standpoint, it is time to close! That means you will be able to get the keys from the sellers and begin to move into your new home. Congrats!
So How Long Does This All Take?
Most home purchase loans take between 30-45 days. This can be shorter, or longer, depending on several factors. Your loan officer will have a much more concise answer for your particular situation.
How Do I Get Started?
The first step is speaking with a loan officer. You can contact us today to take the first step to buying your new home!