Steps To Buying A Home of Your Own
Buying a home is likely to be one of the largest investment decisions you will ever make. Careful thought must be given to how much you can afford to spend, how you're going to finance the purchase, and how to qualify for the mortgage loan.Our Mortgage Loan Representatives are knowledgeable, experienced and qualified to assist you ... every step of the way!
Step #1 - Selecting A Realtor
Finding the perfect home isn't an easy task. Working with an experienced Realtor can save you a great deal of time and legwork. By utilizing the Multiple Listing Service, your Realtor can help you find a home that fits your life-style and price range. Your Realtor can answer questions about the costs involved in purchasing a home and help you through the financing process.
Step #2 - The Prequalification Process
After making the decision to buy a home, visit our Mortgage Loan Center before you begin house-hunting. One of our representatives will sit down with you to complete a probing-checklist. This checklist will indicate what price range you can afford.Knowing approximately how much money you are qualified to borrow can save you time and prevent disappointment when you are looking at houses.Generally a borrower can afford a payment of approximately 29% of their gross monthly income. This amount includes principal, interest, real estate taxes, and insurance.A borrower's total debt, including any other monthly payments, should not exceed 41% of gross monthly income.
Step #3 - Selecting Your Mortgage Loan
Security's Mortgage Loan Center offers a variety of home loan options. Our Mortgage Loan Representatives are qualified to help select the Mortgage Loan that's right for you.
(Please note-These products are offered through Security National Bank of Sioux City, Iowa.)
- Fixed Rate Mortgage Loans
- Government Loans
- Conventional Loans
- Adjustable Rate Mortgage Loans
- 1 Year ARM
- 5/1 Year ARM
- 7/1 Year ARM
- 10/1 Year ARM
Step #4 - The Loan Application
After considering all the mortgage loan options available and determining the one that's right for you, it's time to apply for your loan.The loan application can be greatly simplified if you take the time beforehand to complete the loan application checklist available at Security's Mortgage Loan Center. Together, you and your Mortgage Loan Representative will review the information you provide to complete your application.Should you have any questions throughout the loan application process, don't hesitate to ask.
Step #5 - Loan Approval and Closing
We realize that you need to have an answer on your loan as quickly as possible. You will be notified the moment your loan has been approved. At that time, your Mortgage Loan Representative will outline for you all that needs to be done regarding the closing of your loan.Again, if you have any questions throughout the closing phase, please ask. It's your home loan and we want you to fully understand every aspect of what we're doing on your behalf. Our staff is available to assist you. Just give us a call at (712) 277-6785.Your Mortgage Loan Representative will be with you at the closing to make sure you understand all that is involved. At the conclusion of the closing phase it's time to begin making plans to move into your new home.
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