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Shore Mortgage

First Time Home Buyer First Time Home Buyer

Buying your first home can be overwhelming. But rest assured, we've made it easy for you! Below is a collection of all the mortgage tools and information you will need to make an informed decision about your new home loan.

How to Buy a House
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!
Get Pre Approved
Getting pre-approved is the first step in buying a new home and provides you with two main benefits:

  • It will tell you how much you will qualify to borrow. This will help you narrow down your  search for a home and ensure you’re buying a home you’ll be able to comfortably afford.

  • It tells the seller you are a serious shopper and can give you the negotiating power you need when you’re ready to make a solid offer. Click here to get pre-approved!
Calculate my rate
  • We're here to answer all of your questions! Give us a call at 855-SHORE-55.
Home Buying FAQ's
How much can I afford?
Check out our useful Affordability Calculator to help you figure out how much home you can afford!

What is a down payment?
Most loans typically require a cash down payment. If you can put down more than required, we may be willing to overlook credit blemishes, approve your loan without verifying your income or both. If you come up short on the down payment, before your loan is approved, you may have to obtain private mortgage insurance, or PMI. You can often lower your mortgage payment or afford a more expensive house by putting more money down.

How long does the process take?
Typically, the whole process takes about 30 days from application, to closing. We have been known to close loans in as little as 14 days*!

Do I need to have a home inspection?
If you are a first-time home buyer, an inspection can give you a crash course in home maintenance and a checklist of items that need attention to make your home as safe and sound as possible. A home inspection will cost you a little bit of time and money, but in the long run you'll be glad you did it. The inspection can reveal problems you may be able to get the current owners to fix before you move in, saving you time and money. 

What is an appraisal?
A real estate appraisal helps to establish a property's market value – the likely sales price it would bring if offered in an open and competitive real estate market. Depending on our loan product type, we may require an appraisal to verify the property will sell for at least the amount of money you wish to borrow.

What happens at the closing?
You’ll sit down with your real estate agent, probably the seller, and a closing agent. The closing agent will have a stack of papers for you and the seller to sign. While they will give you a basic explanation of each paper, you may want to take extra time to read each one to make sure you know exactly what you're signing. Before you go to closing, we're required to give you a "good faith estimate" of how much cash you'll have to supply at closing, and a list of documents you'll need at closing. If you don't get those items, be sure to call us before you go to closing.
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  • We're here to answer all of your questions! Give us a call at 855-SHORE-55.

Monthly Payment Calculator
Home Affordability Calculator
Calculate My Rate