What to do BEFORE I Find My House?!

Are you thinking about buying a house but don’t know where to start? You’re not alone. This is often the biggest purchase most people will make in their lifetime. Instead of taking it all on yourself, you can have a team who is trained in the process and understands the ins and outs of home financing. To truly be helpful, you have to be able to trust who you are working with, which is why it’s important you choose a bank that is concerned about you, your life, and your goals.

Step 1: Make an appointment.

This process is all about you getting what’s best for you, and the first step to that is finding a bank that will partner with you on this journey.

Step 2: Have Initial Meeting

During your first meeting, you typically go over the documents you brought with you in addition to your financial goals and housing needs. Oftentimes, banks will provide you a list up front that shares all the documents you can bring in. This will help the conversation be more meaningful, and you can walk away with actionable items.

Important things to look for in this meeting:

• A banker that’s listening to what you want to do
• Time set aside to discuss options – not just tell you what to do

Step 3: Underwrite Request

For banks, it’s important to make sure they are only lending money out to individuals that can afford to make the payments. The lending team will underwrite your loan based off your documentation and information provided to ensure all regulations and policies are met before issuing a pre-qualification letter. This process typically takes less than 48 hours.

Step 4: Begin House Hunting

It’s time to really dive into searching for your dream home. To make the process run smoothly when you find “the one”, follow these tips and tricks!

• Stay within the pre-qualification limits
• Don’t change jobs
• Don’t open or close any personal loans or credit cards
• Keep in contact with your lender
• As soon as an offer is accepted, reach out to your lender

Step 5: Start the Formal Mortgage Process

Congratulations! You’ve made it to an application with your bank. The process will go fast. Your banker and realtor will help you along the way to finish everything up and get you to move-in day!

Written by Doug Hanes VP, Market Development Officer at Community State Bank, Avilla IN

June 2024