When you’re in the market for a new home, it’s helpful to know what to expect as you navigate the mortgage process. Here is an overview that will keep you one step ahead.
Begin by examining your budget. Look at the full picture—know how much you bring in and spend on a monthly basis. You’ll need this information when you talk to your BB&T mortgage professional about a home loan.
Using some basic information, such as your income, debts, assets and credit situation, we can determine the price of the home you can afford. This is known as prequalification. Determining your price range ahead of time allows you to focus your search on the right properties.
Work with a licensed real estate agent to find homes in your price range in areas you like. Remember to consider the features you want in your home and neighborhood, such as number of bedrooms, size of lot and proximity to schools or shopping.
Your real estate agent should arm you with information on comparable homes in the area. Use this data to help determine how much you should offer for a house in that neighborhood. Keep in mind the costs of repairs or renovations when you are evaluating homes. Once you settle on a home you like, you should be ready to make an offer.
After the seller signs the contract, call your mortgage professional. With a copy of the contract in hand, we can start the preapproval process. We’ll walk you through your loan options and current interest rates and put together a good faith estimate.
Next, you’ll sign documents that allow us to finalize with the loan. We’ll request additional information from you at this time such as copies of paystubs, W-2s and bank statements.
Your mortgage professional will order an appraisal which will determine the value of the home. In addition, we urge you to have an inspection completed by a professional home inspector who will look closely at the homes structure including the roof, air conditioning, heating, plumbing and electrical systems. Be sure to discuss any items of concern found during inspection with your real estate agent. You should be able to negotiate with your seller to fix these issues or lower the selling price.
You will attend the closing, along with the real estate agents, the seller and the closing agent (sometimes an attorney or a title company). Your mortgage professional will ensure the funds for the closing are wired on time. After you sign all the paperwork you will be handed the keys and will be the proud owner of your new home!
For generations, BB&T Home Mortgage has provided buyers with the best mortgage solutions for their needs. We’re here to help you too. Contact a local BB&T mortgage professional for more information.