10 Steps To Buying A New Home
- Do your research: There’s no better time than the present to compare rates, see what’s out there and what you’ll be able to afford. Knowledge is power.
- How much house can you afford? Determine your budget and the payment amount you’re comfortable with by using our Mortgage Loan Calculator.
- Get pre-approved/pre-qualified: This will let you see which options are available to you, and the price range of the home you should be looking for.
- Find the perfect real estate agent: Having a Buyers Agent on your side that’s going to look out for your best interests and who will be fully invested in you, is a good choice.
- Make an offer: Once you’ve found the right home within budget, it’s time to negotiate a fair offer with the help of your real estate agent.
- Ask for a home inspection: The last thing you want is a nasty surprise after signing on the dotted line. Always get the house inspected for any damage prior to closing the deal.
- Select your mortgage loan: Based on your needs and budget, we’re able to find you the perfect mortgage loan to turn your dream into a reality.
- Arrange for an appraisal: The appraisal determines whether you’re paying a fair price for the home in question.
- Get the paperwork done: Always ensure that the seller is the rightful owner of the house before closing the deal.
- Sign the paperwork: It could take a couple of days for the deal to be complete, but once the check is delivered, you’re officially the owner of a new home.
Get pre-approved for the perfect mortgage loan to match your lifestyle.
What Is The Difference Between Pre-Approved & Pre-Qualified?
Pre-qualified and pre-approved are frequently used interchangeably but are actually very different processes that every home buyer should understand.
A pre-qualification is the best way to find out how much home you could afford and how much you could borrow. To get pre-qualified, it takes just a few minutes to fill in some basic information online and is absolutely free. Your credit report will be run and reviewed to see your current liabilities and credit history. Keep in mind, the pre-qualification is a preliminary step and is an estimate of how much home you could afford and how much you can borrow. However, this is not a guarantee of loan.
A pre-approval on the other hand is a deep dive into your financial picture and requires more information than a pre-qualification. At Arbor Financial pre-approval means you can be confident in knowing the loan amount you are approved for. With this information, you can start searching for your home, that's within your budget. We recommend starting the pre-approval process as early as possible so you are ready to make an offer when you find the right home.
Determine your monthly payments. Use our Mortgage Loan Calculator
What Type Of Questions Should I Ask When Buying A Home?
- Will owning a home be more affordable than renting?
- What is a good credit score in order to get pre-qualified?
- How much are the closing costs?
- How much is required for a down payment?
- What does private mortgage insurance (PMI) mean and should I pay it?
Have any other questions not stated above? Contact us to speak to a qualified mortgage loan consultant.
Arbor Financial Member Resources
No need to go in blind when you have us to guide the way. In order to ensure that you’re making the right financial decisions when purchasing a home, make use of our member resources and financial tips.
Home Is Where The Heart Is. Arbor Financial Is Where The Savings Are.
Purchasing a home doesn’t have to be a stressful obstacle in your life. With Arbor Financial to help you navigate through choosing the right mortgage loan and the correct terms that you’ll be able to sustain, you’ll be able to move into your dream home in no time.
Find the perfect home for your family.
“I recently switched to Arbor FCU and I am truly impressed by their knowledge and dedication to customer service! 5 stars!” - Crysta S.
*Annual Percentage Rate (APR). Rates disclosed are the lowest rates available and are determined by your credit score at time of application and are based on borrowers with a minimum credit score of 700 and maximum LTV of 80%. APRs are calculated on a $150,000 mortgage amount for the fixed-rate loan both with no PMI. Some restrictions apply. Rates subject to change.