• First Time Home Buyer Mortgage Checklist

  • Are you looking for a first time home buyer mortgage? If so, you have come to the right place!

    At First Commerce Financial, we understand how tricky it can be to navigate the mortgage process, especially if it is your first time. Lucky for you, it isn’t ours!

    Throughout our years of experience in the mortgage industry, we have learned of the importance knowledge has on the ease of the mortgage process for our clients. We have found that the more information we are able to provide to our clients from the beginning, the less stressful the entire process will be for them.

    We want you to benefit from our past experiences as we continue to grow from them as well. In an effort to make your mortgage process as simple as possible, we would like to provide you with the following mortgage checklist:

    1. Check Your Credit Score
      1. You will probably hear this a lot, but checking your credit score is the first step to moving forward with the mortgage process.
      2. Check this first so you have time to fix any outstanding issues before you apply for your pre-approval
    2. Gather All Necessary Documentation
      1. Identification
        1. Usually driver’s license and social security cards
      2. Most recent financial statements
        1. Bank statements
        2. Investment statements
        3. Outstanding debts, other loans and/or credit card statements
      3.  Employment information
        1. Most recent pay stub and tax forms
    3.  Apply to Be Pre-Approved
      1. NOT pre-qualified – there is a big difference! Getting pre-qualified only lets you know that you might get approved for your mortgage.
    4.  Start Your Search
      1. Once you are armed with your pre-approval, you can better narrow down your search for the perfect home. A pre-approval gives you a more realistic figure for what you will be able to afford and gives you a greater amount of bargaining power with sellers.
    5.  Make an Offer
      1. If your offer is accepted, you can move forward with the mortgage process
      2. If your offer is rejected or if the seller sends a counter offer, you can decide to enter negotiations with the seller or move on to another property
    6.  Apply for Your Mortgage
      1. Once you have found the home of your dreams, that fits within the limits of your pre-approval, it is time to apply for your mortgage.
    7.  Closing
      1. After your final mortgage application is approved, you are ready to close on your new home!
      2. Make sure you come prepared with your down payment and any other documentation that may be required.
      3. You will sign the contracts for the purchase of the home and receive the funds for the mortgage which will be used to buy the property.

    Now you are officially a homeowner!

    While this information has been compiled with the needs of a first time home buyer mortgage in mind, even someone who has previously purchased a home may find some of the information useful.

    If you are ready to start the process and get pre-approved for your first time home buyer mortgage today, give us a call at (248) 949 -1116!


    Source: consumerfinance.gov

    Source: https://www.moneyunder30.com/mortgage-pre-approval-checklist

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