What goes into purchasing a home with Shore Mortgage?
Buying a house is one of the biggest decisions most people make, especially if they’re a first-time home buyer. This is why we set clear expectations for the home buying process; making sure you know what options are available so you can make an informed decision. Step 1: Get Pre-Approved
One of the best advantages you can leverage as a home buyer is to have a pre-approval already completed before you start house hunting. This tells the seller you're a serious shopper and can give you the negotiating power you need when you’re ready to make a solid offer. This also informs you how much you can afford so you know what price range to look for during your home search. Click here to get pre-approved! Step 2: Determine What the Best Mortgage is for You
There are many loan programs available that offer varying options for home buyers. You’ll need to find out which loan best fits your personal financial goals. Our home buying experts can walk you through the process or you can follow our step-by-step guide. Step 3: Find a Home
Finding the right home can be a challenge - but we can help! We’ll connect you with a real estate professional to ensure you get exactly what you want in a new home purchase. If you’re already working with an agent, let them know you are pre-approved with Shore Mortgage and we will provide them with the information they need to get the home buying process underway. Step 4: Complete the Loan Application and Lock in a Rate
Once you find the perfect home, you’ll provide your Loan Officer with a purchase agreement so you can lock in at a competitive interest rate. Home purchase rates vary depending on your down payment, credit score, appraised value of the home you want to purchase, the type of loan program you choose and how much of a down payment you make. Step 5: Home Inspection and Appraisal
After signing the purchase agreement, you’ll want to have a professional inspect the home for any potential problems. This step could save you thousands of dollars in the long run! At the same time, we will schedule an appraisal with a local appraiser, to confirm the market value of the home. Step 6: Loan Approval and Closing
After you have submitted all of your required loan documents, we will cross the t’s and dot the lower-case j’s of your loan. Once everything is approved, we will schedule the closing at the home, real estate office or title company. The closing will last around 30 minutes, and then you will get the keys to your new home!