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Our top priority is helping families through the mortgage process by providing education and strategy.

Home Buyers Guide

Step 1: Prepare to Buy a Home

Feel ready to buy a new home? The real question is: are you financially ready to buy a new home? Ask yourself these questions before heading into the homebuying process:

  • Is my income stable?
  • Am I able to put a small percentage of my income away each month into savings?
  • Is my monthly debt manageable?
  • Do I have a good credit score?
  • Is my savings account already in place, and do I have enough set aside to pay a small down payment?

Did you answer ‘yes’ to most or all of these questions? If so, you are likely ready to jump into the homebuying process.

 

Step 2: Know Your Options

The following loans are available to qualifying buyers:

  • FHA
  • Conventional
  • Jumbo
  • VA
  • Refinancing
  • Renovation and Construction

*Fairway Independent Mortgage Corporation is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency.

If you have any questions about one or more of the home loans listed above, contact a member of our team who will be happy to assist you.

 

 

Step 3: Get Approved

Once you decide which loan is best for you, one of our loan officers will be in touch to get your application started. This step is one of the most important of the process, as we’ll be reviewing your financial documents to see if you qualify. We will need access to your household income, current assets, outstanding debt, and overall credit score.

 

Step 4: Work with an Agent

If you are approved, we will then recommend a real estate agent who can help you find your dream home. Before starting with the agent, make sure you have a relative budget, list of neighborhoods, and nearby amenities you would like to see from the home.

 

Step 5: Discover Your New Home

Feel overwhelmed at the thought of finding the perfect home for you? Here are certain things to keep in mind when starting the home search:

  • The neighborhood
  • Local schools
  • Your potential commute time
  • The nearby amenities
  • The price
  • The number of rooms/bathrooms needed

If you are still having trouble, contact either your real estate agent or loan officer for help!

 

Step 6: Make an Offer

Found your dream home? It’s time to make an offer on the property. Your agent will be able to guide you through the tricky negotiating process to ensure you get the best possible price on your new home.

 

Step 7: Almost Closing Time

Not so fast! Three things need to happen before you can close on the home:

  • Get a home inspection

You will need to find an inspector to double check that the home is in good condition. This step is important, as you’ll need to make sure you are not being ripped off.

  • Get an appraisal

Once you’ve received the home inspection, your officer will prepare an appraisal. This step is essential to make sure you don’t pay more for the home than it’s valued.

  • Get an underwriting approval

During this time, our team will work on underwriting your loan. This step simply means we will verify your financial status in order to give the loan a final approval.

 

Step 8: Closing Time

Finally! Once these three steps are complete, it’s time to close on your new home. You will perform one final walk through of the home to ensure everything looks good, and our team will walk you through the Closing Disclosure document to ensure all financial details are in order. These are the documents we will need from you:

  • A government-issued ID or driver’s license
  • A check that includes the home’s down payment and any unpaid closing costs
  • The Closing Disclosure given to you by your lender

 

Step 9: Manage Your New Loan

Once you’ve moved into your new home, you can maintain your monthly mortgage payments and adjust your monthly payment plan, if needed. If you ever have trouble making a payment, contact our team and we will be happy to assist you.

 

ARE YOU READY TO HAVE US ON YOUR SIDE?

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