At PRMI Home Financing, we know buying your first home is a big decision and we want you to feel confident.
Here are 5 things you should know about the homebuying process so you’ll know what to expect when you’re ready to buy a place of your own.
Explore your options
PRMI offers hundreds of loan options. When you’re ready to buy a home, meet with a Loan Officer to get personalized advice about the many options available. Common options include FHA loans, VA loans, USDA loans and Conventional loans. In many cases you can get a loan with 100% financing* or a low down payment. Your Loan Officer will talk to you about your goals and financial situation to help you find the loan that’s right for your specific needs.
Get prequalified
Before you start shopping for a home, meet with your Loan Officer to get prequalified. The lender will look at your credit score, income, assets, debts and more to get an idea of how much you can afford to borrow. Getting prequalified for a loan is faster and less official than getting pre-approved. You’ll get a rough estimate of how much you’ll be able to borrow; use this information to set a budget when house shopping. A prequalification letter can also help you make a stronger offer when you pick a home you like.
Shop for a home
Once you’re prequalified, it’s time to start looking for homes in your budget. In many cases, a real estate agent can help you navigate the market; if you need help finding an agent, ask your Loan Officer for a suggestion. Set your priorities ahead of time to make
it easier to choose a home. Then share those priorities with your real estate agent. Once you’ve picked a home, your agent can help you prepare a competitive offer. Be sure to schedule a home inspection to make sure everything is in good shape.
Complete the loan process
Your Loan Officer can walk you through the loan process step by step. They will arrange for an appraisal to get an independent estimate of home’s value. You will also be asked to provide documentation. Keep the process moving smoothly by getting requested documents to your Loan Officer quickly.
Documents you may need to provide include
Close on your home
When the loan is ready to close, you’ll review and sign documents. Your Loan Officer can answer any questions you have about the paperwork. When the loan is funded and closed, you’ll get the keys to your new home!
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by Primary Residential Mortgage, Inc. NMLS#: 919520 Utah DRE Mortgage Office License # 8335595. MLO 0117736. MC3094-122. All loans subject to credit and property approval. PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
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