The guide is for people who are thinking about buying a home and want to understand the process before they talk to a lender. It suits first-time buyers in particular, and anyone who has not bought in several years and wants a refresher on how things work now.
1. Check your finances. Look at your credit report, your monthly debts and how much you have saved for a down payment and closing costs. 2. Get pre-approved. A lender reviews your income, assets and credit and tells you how much you can borrow, which sellers and agents take seriously. 3. Shop and make an offer. You pick a home within your budget and work with your agent on an offer. 4. Go through inspection, appraisal and underwriting. The home is inspected and appraised, and the lender verifies your file. 5. Close. You sign the final documents, pay closing costs and receive the keys.
Opening new credit cards, financing a car or furniture, changing jobs, or moving large sums between accounts can complicate underwriting. Hold off on new debt until after closing, keep copies of your statements, and be ready to document where any large deposit came from.
Each step has its own page: the first-time homebuyer guide, how to get pre-approved, the documents checklist and closing costs explained. If you are comparing loan types, start with FHA vs. conventional. To test a budget, use the affordability calculator.
Questions about your own situation? Call Chris at (410) 913-1530 or send a message.
The guide is general education and not a loan offer or commitment to lend. Chris Nieberlein NMLS #313519, Bay Capital Mortgage Corp. NMLS #39610.