You’ve decided to buy a home, but what comes next?
Time to meet with your mortgage expert!
Contact a Mortgage Loan Officer (MLO) and schedule a meeting to discuss your financing needs and determine what amount you are comfortable paying each month for a mortgage. Once your MLO fully understands your financing needs; it’s time to begin the paperwork to get prequalified. This will help you determine how much of a home you can afford today and/or help you plan for preparing yourself in the future to have the home of your dreams.
What to bring
A Solarity MLO will ask for these documents. We recommend preparing them ahead of time so you are ready for your appointment.
Your current address and any other addresses for the past two years
Most recent two months of bank statements
Social Security numbers for all borrowers
Your employment history for the past two years
Most recent 30 days of paystubs
Last two years’ tax returns, both personal and business if self-employed or more than 25% owner of a corporation
Information about other debts such as child support, spousal support and tax liens
2. Finding a Home
Time to start the house hunt!
- Have a list ready of features that your new home must have vs. what would be nice to have.
- Contact your real estate agent and take a look at some houses that fit your needs.
- When you find the house you must turn into home, your real estate agent will handle the negotiations of your offer.
- As soon as your offer is accepted, schedule a home inspection. Your lender will coordinate a separate appraisal inspection they will need.
Processing and Funding
You will need to provide any additional documentation required to complete your loan
Your mortgage application goes through underwriting, a process where the lender evaluates your ability to repay the loan and makes a formal loan determination. During this process, you may be asked to provide some additional documentation based upon the underwriting review or length of time since application. Don’t worry, this is normal and expected in today’s lending environment.
Some things to consider while house hunting:
- Determine your requirements for location, one level vs. multi-level, number of bathrooms, kitchen space, number and size of bedrooms
- Do you need a fenced yard for pets or young children?
- The commute to all of your favorite places – the coffee shop, the pizza place, work, etc
- Is there enough parking? Some auto insurers reduce premiums if you have off-street or covered parking.
- If there are any big repairs needed, you may renegotiate a price reduction or other allowance. It could be beneficial to go through the house with the inspector and take your own notes on any repairs or changes you may want to budget for.
Autograph, please! Schedule an appointment with the escrow company to sign all the final paperwork: this is the closing process.
3. Then the Deal’s Done
You’re ready to move in!
Here are some tips to make the move easier: Schedule any painting, cleaning, flooring, or other interior work you can before you move in. If you’re replacing any large appliances, try to have them moved in before other boxes and things get in the way. Collect some takeout menus from your new neighborhood, it may take a while to find all the boxes of dishes and cookware!