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, and it’s not like most people will buy houses often to get good at it. Instead of taking it all on yourself, you can have a team who is actually trained in the process and understands the ins and outs. But the key with that, is 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. Community State Bank can help.
Our team can help you even before you start looking for a house. If you come to see us, we can sit down with you to see how much you can qualify for and can go over your options based on credit score, credit history, down payment, and debt to income. We will get you pre-qualified so you can start looking whenever you feel ready. Your other partner in this processes – your realtor – will want to see your pre-qualification letter from a bank before they start showing you homes. So, what do I do next?
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.
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 will go over the documents that 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.
During your first meeting, you will go over the documents that 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.
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!
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: CSB will start the formal mortgage process
Congratulations! You’ve made it to an application with your bank. The process will go fast. In most cases, your loan will be finalized within 30 – 45 days. The hard part is done – you found your dream home. 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
Vice President & Market Development Officer at Community State Bank
dough@csbemail.com
260.994.6036
May, 2024
Vice President & Market Development Officer at Community State Bank
dough@csbemail.com
260.994.6036
May, 2024