Have more questions about buying your first home? Contact us today to speak with a Mortgage Loan Officer.
You’re ready for the next chapter in life—your first home. So, what’s next?
Realtors have their pulse on what’s available in your market, in your price range. Looking for your dream home? Working with a realtor is often the easiest way to find it.
You’ve found your home. Now, you’ll work with your realtor to make an offer. You also want to lock in your interest rate. Interest rates can change on a daily basis depending on market expectations, levels of inflation, economic growth, and Federal Reserve policy. Locking in your interest rate allows you to reserve a rate and avoid any fluctuations for a period of time. When you lock your rate, you create an agreement with the lender. The agreement stipulates the number of days for which the interest rate—and any discount points—are guaranteed. Typically, buyers lock their rate 45 days before closing.
Closing on your home is the last step in the purchasing process. Once you close, legal ownership is transferred form the seller to you and the house is officially yours. During closing, you’ll sign all the papers and pay closing costs. Closing costs are the fees associated with the actual purchase of your house and transfer of the title. Your Mortgage Loan Officer will provide you with a full list of closing costs. Often, they include credit report fees, origination fees, appraisal fees, title search fees, and recording fees.
Have more questions about buying your first home? Contact us today to speak with a Mortgage Loan Officer.