steps to homeownership
It's easier than you think to become a homeowner. Experience the difference with First Community Mortgage.
Steps to Homeownership
Leave the worry behind and allow our loan originators to show you the personalized experience you deserve. We'll help you with your application and gathering the proper paperwork. We’ll fully explain fees and find the best option for your unique needs. Because of our experience, we’ve seen it all. We’ll be by your side to answer questions, deal with any issues that may arise, and get you to your closing with minimal stress.
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Pre-Qualification
To begin the loan process you must first pre-qualify. This informal process determines the maximum amount you are eligible to borrow, but it does not guarantee you a loan.
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Start Shopping
Once you’ve been pre-qualified, you can begin a more accurate search for the home that fits your budget.
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Purchase & Sale Agreement
Once you find the right home, you will negotiate the terms of sale, including the sale price, repair requests, move-in-date, and more. Your agent will then present your offer to the sellers, and you’ll continue to negotiate until all parties agree.
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Loan Application
Once the seller accepts your offer, you can officially begin your mortgage application!
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Provide Documentation
The documentation we require protects you and ensures that you’re getting the best loan possible. Paperwork of this sort may include pay stubs, tax returns, and bank statements.
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Property Inspection
Most home purchases require an inspection for things like pest infestation, water damage, and potential safety hazards.
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Appraisal
This step ensures that the sale price and the appraised value of the house are in line with each other.
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Title Search
At this point, a title company conducts a search for any liens against the property.
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Mortgage Insurance
We require our borrowers to have mortgage insurance if your down payment is less than 20 percent of your home’s sale price.
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Other Insurance
Fire and hazard insurance is required on the replacement value of your home. Depending on your home’s location, you may need flood and earthquake insurance too.
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Processor Review
The processor assigned to your loan will package all of your information together and will send it to the underwriter for final review.
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Final Approval
The underwriter reviews the documentation to ensure you still meet the financing requirements, and makes the final decision to approve your loan.
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Closing/Signing
You’ll meet with a closing attorney and notary to sign the final documents and provide the necessary funding to complete the transaction.
