For more information or to speak with a Financial Education Specialist, please contact us at FinancialEducationAB@academybank.com.
Buying a new home can be overwhelming. Especially for first-time home buyers, knowing where to start can be tough. Should you find the house you want first? When should a loan advisor or real estate agent get involved? What about prequalifying?
At Academy Bank, we’ve helped tons of clients through the home buying process, and we can help you do the same in five easy steps:
First, you’ll need to complete our online application, so we can learn some basic information and get you in touch with the right loan advisor.
It will ask you questions about the home and your finances, and it typically takes 20 minutes or less to complete.
After you’ve completed the application, one of our loan advisors will contact you to introduce themselves and to answer any questions you may have. Your loan advisor will be a mortgage expert and will provide help and guidance along the way.
If you’re purchasing a new home, your friendly loan advisor will also contact the real estate broker or the seller so that they’ll know who to contact with questions.
Preparation is the key to successful home buying. And, one of the best ways to make the most of finding the right home is to get prequalified. Prequalification is free and only takes a few minutes. Your professional loan advisor will help you to get started.
When you prequalify you will:
- Know how much you can afford.
- Have an estimate of your monthly payment.
- Know which loan options are best for you.
- Receive a personalized qualification letter—this gives you an advantage over competing buyers who are not prequalified; it gives the seller the assurance that your financing is backed by a national bank.
The prequalification process does not commit you to a purchase. If you do not find a home right away, no worries! When you’re ready to purchase, your loan advisor will update your information and guide you through final steps of the loan process.
Now that you’re prequalified, you’ll be better prepared to shop for your new home. Plus, having your prequalification letter in hand will give you more negotiating power. When you present your prequalification letter to a seller, they will know you are commited to making an offer and getting approved for a loan.
The application kit will be sent to you and will contain documents to sign and a list of items we’ll need to verify the information you provided about your finances during the online application. We’ll order the appraisal from a licensed appraiser who is familiar with home values in your area. Depending on your finances and the loan amount requested, different types of appraisals are used. Sometimes the appraiser will need to view the home; sometimes they are able to do their evaluation from the street.
Title insurance will be necessary. If you’re purchasing a home, we’ll work with the real estate broker or seller to ensure the title work is ordered as soon as possible. If you are refinancing, we’ll take care of ordering the title work for you. We’ll use the title insurance policy to confirm the legal status of your property and to prepare the closing documents.
After we receive your application kit, the appraisal, and the title work, we’ll contact you to schedule your loan closing. If you are purchasing a home, we’ll also schedule the closing with the real estate broker and the seller.
The closing will take place at your home or at the office of a title company or an attorney in your area who will act as our agent. A few days before closing, your mortgage advisor will contact you to walk through all final information.
That’s all there is to it! Apply now and you will be on your way to finding a home loan to suit your needs. Your loan advisor will help navigate the entire loan process from start to finish.