Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you're a first-time homebuyer. Here's some information that will keep you on track.
A home purchase may be your largest financial transaction to date, so it's important to make the right decisions and to keep an eye on the details. With the assistance of your real estate agent and loan officer, it should be an efficient, pleasant, and ultimately rewarding experience.
Count On Your Real Estate Agent To:
Preview available homes to weed out those that are overpriced, or undesirable in some other way.
Present the homes that suit your needs as you've defined them.
Help you determine a "good buy."
Negotiate the best deal for you.
Count On Your Mortgage Loan Officer To:
Assist you in selecting the best loan to meet your personal situation and goals. This single decision can save you thousands of dollars throughout the years!
Keep you informed of your loan status throughout the entire process.
Keep your real estate agent informed of your loan progress (Note: your personal information is always kept confidential between you and us; only deal points and progress are shared).
Make the appropriate loan for you at the best rates and lowest fees. This will save you significant money "up front" and throughout the years to come.
Count On Yourself To:
Keep your real estate agent informed of any questions or concerns as they develop.
Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.
Enjoy purchasing your home, but do remain objective throughout - to make the business decisions that are best for you.
To obtain your home loan, you'll be amazed at how quickly and simply the loan process moves. Before you know it, you'll have a mortgage that suits your lifestyle and saves you money.
Throughout the loan application process, we provide you with regular updates. You can also e-mail us with questions or new information. And if you want assistance, a mortgage expert who can answer questions is just a phone call away.
Here's an overview of the loan application process:
STEP ONE - Apply now. Getting started is easy.
When you've selected a property and have a contract with the seller, the next step is to complete your loan application, which can be done with the assistance of our experienced lending team. Click here to get started. You will have to create a username and password. If you have any questions, please give us a call at 703-748-2006 or email us at firstname.lastname@example.org.
At the appropriate time we'll order a property appraisal for you.
STEP TWO - Your loan is approved and funded.
You, your real estate agent, or the seller will designate an Escrow/Title Company to handle the funding of your loan, along with many other factors which make your purchase go smoothly.
We will coordinate with the escrow team and you'll sign the final papers at their office.
Simple, straightforward, cost effective, and fast!
* This is not a commitment to make a loan. All Applications are subject to credit approval.
Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment.
Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
Adjustable Rate Mortgages (ARM)
A mortgage loan with an interest rate that changes after a specified period of time. When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.
This loan has a rate that is recalculated once a year.
Because we are a bank, we can offer customized mortgage solutions. If the loans above do not meet your needs, please contact us and we will try to craft a solution specifically for you.
-Subject to credit approval-