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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

Buying a house is a major decision. We want to make sure you know what to expect in the home buying process and give you the necessary information to make informed decisions throughout the process as a first time home buyer.

Step 1: Give us a call and get pre-approved with Shore Before

Think you are ready to buy a home? Give us a call or submit an online request to start the home buying process. Your loan officer will ask you questions to find out what your current situation is and what your financial goals are for buying a home. A Shore Before approval lets you know your price range for a home, lets sellers know you are serious, and gives you negotiating power. It is a free service for Shore Mortgage clients and, best of all, it sets you apart from the rest of home buyers. Unlike regular pre-approvals, with a Shore Before approval an underwriter looks at your information and verifies that you qualify for the loan amount.

Step 2: Determine what type of home loan is best for you

There are many different home loan programs out there and our job is to help you find the best mortgage program for your particular situation. Your purchase-certified loan officer will walk you through the loan options that are available to you and discuss the benefits of each.  

Step 3: Find a real estate agent

An experienced real estate agent can ensure you get exactly what you want in your first home purchase. Your real estate agent will help you find the right home, negotiate a price that works with your budget, and help you navigate the paperwork and process that goes into buying a home. Be sure to ask for recommendations from people you trust and interview multiple agents before choosing one. When you select an agent, let him or her know you are Shore Before approved.

Step 4: Find a home
Finding the right home can be the biggest challenge in the whole process. When you find the right home, you will want to submit an offer. Once the offer is sent to the seller’s agent, the seller can either accept your offer or issue a counter-offer. If you reach an agreement, you will then make a good-faith deposit.

Step 5: 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. Rates can vary based on the market, the type of loan you are getting, and your current situation. Your loan officer will discuss your rate with you before you lock it in.

Step 6: Processing

Our processing team will order all of the necessary third-party documents you need, such as the title work and appraisal. They will notify you if any situations arise while they are collecting the paperwork and help to resolve any challenges that may come up. If you have any questions during this time, our processing team is highly experienced and ready to help.

Step 7a: Underwriting

Make it or break it time. One of our experienced underwriters will review the paperwork to ensure that you qualify for a home loan. Want to get through this part quickly? Be sure to be a part of our Shore Before program! Once the underwriter looks over all of your documents, there are usually three possible outcomes:

  1. 1.Approved. Your loan will be approved.
  2. Approved with conditions. Further documentation is needed to qualify your loan. Your client communicator will give you a call to notify you and discuss what additional information we need.
  3. 3.Denied. Loans can be denied for many reasons. Ask for more information so you can improve your situation and apply for a home loan in the future.
Step 7b: Home inspection and appraisal
While your documents are in underwriting, you’ll want to have a professional inspect the home for any potential problems. If any problems turn up at the inspection, you can negotiate with the seller to have these repairs made or discount the selling price of the home. At the same time, we will schedule an appraisal for you to confirm the market value of the home. 

Step 8: Loan approval – clear to close
Once everything is approved by our underwriters, we will schedule the closing for you. In the meantime, we will prepare your documents for closing. You need to buy a homeowner’s insurance policy and call the utility companies to get service set up in your name after the closing date.

Step 9: Closing

Sign here…and here…and here. You are going to hear that a lot at the closing. Closing usually takes 30 to 45 minutes. Be sure to take your time and read over every piece of paperwork before you sign it.

Step 10: Move in!

Unless you have made an agreement with the seller, you will be allowed to take possession of your new home immediately. Welcome home!

Shore Before

What is Shore Before?

Shore Before is a step up from a regular pre-approval that many home buyers get. With Shore Before, our underwriting staff will review your loan before you make an offer on a home. Similar to being a cash buyer, this will give you an upper hand when bidding. When you do find a house, we will already have your documents on file, so your loan will close faster than if you had a regular pre-approval. The best part is this is a free service for you!

How does it work?

  • You’ll receive a dedicated concierge team – with priority processing and closing services.
  • Our team is licensed coast-to-coast so we can guide you through our top loan choices.
  • We’ll also connect you with Real Estate Professionals and relocation services.

Get Shore Before!

Shore Mortgage will make your offer stand out!

Call us to get started today at 855-SHORE-55 or apply online to see what you qualify for!

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?
All loans require a cash down payment. If you have a smaller down payment, 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.

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.
  • We're here to answer all of your questions! Give us a call at 855-SHORE-55.

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