In order to determine the price range of a home you can afford to buy, you can start by talking to our residential loan officers about how much you can borrow. By getting pre-approved for a mortgage loan, you know exactly how much you can spend, and you have the bank’s agreement to make the loan. The advantage of being Pre-approved over being Pre-qualified is that all your assets, income and credit have been fully verified, strengthening your offer. A Pre-approval allows you to quickly make an offer on a property you want.
OneLocal offers several great mortgage options for First Time Homebuyers. First Time Buyers can enjoy a discounted interest rate, zero points, low down payment requirements and closing cost credit. There are programs that require as little as 3% down. For income qualified buyers OneLocal also offers down payment and closing cost assistance programs.
Once you are Pre-Approved you can start looking for a home. Here is a brief overview of what you do next and what you should expect:
• Find a real estate agent: Choose someone who understands your needs and honors your price range. Talk with him or her about location and type of property, and wish-list items vs. requirements.
• Find your new home! Be patient—sometimes it takes a while to find the home that is right for you.
• Find an attorney: Your lawyer will review the offer on the property, review the purchase and sale agreement (P & S), conduct an examination of the title and represent you at the closing.
• Make an offer: Your attorney and real estate agent will convey your offer to the seller and help with any negotiations.
• Find a home inspector: It should be written into your offer how long you have to complete a home inspection.
• Contact your OneLocal Bank Mortgage Specialist: While coordinating the home inspection please be sure to forward your signed offer to your mortgage specialist so they can help you find the best mortgage option based on the property you are purchasing.
• Sign the Purchase and Sale Agreement
• Submit your mortgage application: If you haven’t done so already give your mortgage specialist to word to move forward and submit your purchase application
• Review and sign/e-sign your loan disclosures: you will be sent a number of loan disclosures. Make sure to review and go over any questions you might have with your mortgage specialist. Signing the documents will be necessary to continue moving forward with the mortgage application. You may e-sign or sign paper copies.
• Make sure all your documents are in: Confirm all your financial documents the bank needs are submitted.
• Get insurance: Select an agent to help you determine what coverage is required for your new property.
• Waiting to close: Finalize your mortgage documents with the bank; hire a mover; contact utilities to turn on service at the new property; change your address with the Post Office; pack; review closing documents with your attorney.
• Closing Day: Do your final pre-sale walk-through of the property. Don’t forget to take a certified check for your closing costs to the closing meeting. If you have to wire funds confirm with your attorney over the phone the wiring instructions are accurate. Be cautious of wire fraud.
• Celebrate! Enjoy your first day in your new home!
Not all online information on mortgage loans and the home-buying process is accurate. The following websites provide reliable facts about credit, debt, successful personal financial management and the home-buying process.