Getting started on your home purchase

Buying a home can be a complex process, but it doesn't have to be hard. With a little preparation up front, you can save a lot of time and hassle.

 

Be Prepared

 

In order to consider a loan application, all lenders need personal information to verify employment for you and your co-borrower (if there is one). Information regarding debts and assets also is required.

To expedite the paperwork process, gather the following items:

  • Most recent paystubs for one month

  • W2s from the last two years

  • Signed copies of your last two years' Federal tax returns, including all schedules

  • Homeowners insurance company name and number

  • Most recent asset statements for two months (checking, savings, investment, retirement)

 

Understanding costs involved 

Within three days of your loan application, your loan officer must provide you with a Good Faith Estimate (GFE) of closing costs.

In addition to your down payment, here is a brief rundown of fees that could be associated with your new mortgage: 

Application/Processing Fee – Charged by the loan officer to process your loan application.

Underwriting fee – Charged by the lender to evaluate your loan file.

Appraisal Fee – Charged by the appraiser to determine the current value of the property.

Closing Fee – Charged by the closing agency (escrow, attorney, title) to ensure the close of your transaction.

Credit Report Fee – Charged by the credit reporting agency to provide your credit report to your loan officer and/or lender.

Title Search/Title Insurance Fees – Charged by the title company to ensure the property is free from liens or title defects.

Notary Fee – Charged by the Notary Public to notarize your loan documents.

Origination Fee – Paid to the originator to obtain a lower interest rate. This is usually expressed in the form of points. One point equals 1% of the loan amount.

Discount Points – Paid to the lender to secure a lower interest rate.

Miscellaneous Fees – VA and FHA loans may have other fees associated with them. Private Mortgage Insurance (PMI), document preparation, notary, recording and tax service are other fees which may fall under this category.

NMLS# 149728  I   Co. NMLS# 3138

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Christian Roberts Mortgage (CRM), and its loan officers, are not liable for information, claims or agreements made by/between the public and third-party entities. These third-party entities may include, but are not limited to: builders, developers, or real estate agents. Even though the loan officer co-sponsoring this site makes efforts to update the information contained, much of it is provided by independent vendors and data feeds, and thus, this site may contain errors, outdated information or purchase conditions, promotions, incentives and/or possible omissions. CRM cannot guarantee the accuracy of information provided, and we encourage buyers to complete their own due diligence in making a decision to build or purchase a home. We also suggest that you seek the professional representation/advice of a licensed Realtor®, as well as any other licensed professional that is appropriate to your purchase decision, including, but not limited to: attorney, accountant, or certified financial planner. Visitors to this site are responsible for the use and decisions made regarding the purchase of a home with regards to the information contained herein.CRM is an Equal Housing Lender.

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant. Christian Roberts Mortgage. is an Equal Opportunity Lender.