We Speak Your Language When You Buy Your First Home
Congrats on getting started on the home buying process! You've got this, and we're here to help every step of the way. When you meet with us seeking an approval, we will look at your entire financial picture. Then we determine what product best fits your needs today and in the future.
Loan Types to Consider
We offer a variety of mortgage loan programs (PDF) to choose from. We'll work with you to find the mortgage loan that best suits your needs.
One option to consider is the Zero Down Mortgage. This works very well when you can afford the monthly mortgage payment but coming up with 5%, 10%, or 20% for a down payment on a home is challenge. The loan is broken out into two loans (80% in a first trust mortgage, and 20% in a second trust mortgage). There is no money down and no private mortgage insurance (PMI) and rates may be fixed or adjustable.
Fixed Rate Mortgages have a variety of terms from 15 to 30 years. The monthly principal and interest rate are fixed for the life of the loan so the mortgage payments are predictable.
Adjustable Rate Mortgages (ARMs) may be a good option if you are planning on selling or refinancing the property before the initial term (5, 7, or 10 year) is up and the interest rate and principal adjust, resulting in a higher monthly payment.
Other options include Jumbo/Non-Conforming Loans, FHA Loans, and VA Loans.
Quick Overview of the Mortgage Process
While everyone's journey to home ownership is unique, here are some common steps to anticipate:
Submit a loan application
Initial Disclosures are provided - you'll receive a Loan Estimate of possible fees and allow us to order your appraisal, title work, and move forward with processing your loan.
Appraisal Order - you'll have to pay for this and decide on a homeowner's insurance policy if you haven't already.
Underwriting Review - the underwriter will provide a list of any conditions that need to be met for final approval of your loan.
List of Conditions - please provide any requested documentation back within 48 hours to keep your loan on track to close on time.
Submit for Final Approval - once you've provided all the documentation requested, the application will be reviewed by underwriting for final approval.
Initial Closing Disclosure - this is provided seven (7) days prior to closing on your home. The amounts should be very close to the final figures so you can review and be prepared for closing.
Closing - you'll receive the Final Closing Disclosure which has the amount that you need to bring to closing as a certified check or wire. You'll also need your government issued photo ID.
Celebrate - congrats, you're a home owner now!
Top 5 Tips
Stay with your current career to maintain a smooth mortgage process.
Hold off on buying a car until after you move into your new home.
Pay at least the minimum payment on time on all of your credit cards and avoid opening up an new credit cards.
Make sure your closing money is safely set aside in your checking or savings account.
Share all your debts with your loan officer to make sure you get a monthly mortgage payment you can truly afford.
Find Out What You Can Afford
Getting your financing lined up with a complete approval (not just a qualification) prior to making an offer on a property is a sound strategy. It can help you get the best deal possible especially if you plan to make a minimal down payment.
Don’t lose a significant amount of negotiating ability. Be perceived as a strong buyer. That’s why it’s very important to get full loan approval in advance and in writing to include when making an offer.
We have mortgage experts ready to help you get started! We'll walk you through each step of the mortgage process and answer all your questions along the way.
The "Related Info" links will help you understand more about the home buying process, what documents you'll need, and how to calculate estimated payments.
We are available when and where you need us. You can:
Apply online. As soon as you complete your application, we'll give you a call to review your information and get started.
Call us at 703.526.0200 x465.
Email us at firstname.lastname@example.org
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The Fine Print
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. NMLS# 477974
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