What to expect when buying a home:

Home Buyers Guide from Prequalification to Closing

Throughout the home buying process, your Loan Officer will be with you every step of the way. To start, your Loan Officer will let you know exactly what documentation is needed to proceed. These are records such as paystubs, tax returns and your credit report. Your loan officer also will provide some documents that you will need to complete and sign. With this information, your Loan Officer will pre-qualify you, giving you an idea of how much home you can afford. This first step is important, setting the platform for the rest of the home buying process by granting you negotiating power with potential sellers as you search for the perfect home.


Find Your Home
After pre-qualification, you will move forward in searching for the home of your dreams. Most home buyers will do so with the help of a real estate professional, who will show you homes that meet your personal requirements within the price range determined during the pre-qualification process.
Make an offer
Congratulations, you have found the house you wish to buy! Next, you must make a written offer.  The seller may accept your offer outright or there may be some nego tiating involved. Once the seller accepts the offer, it becomes a legally binding purchase agreement.
Apply for your Mortgage Loan
Once you have made a legally binding purchase agreement, you are able to apply for your mortgage loan. You will need to prove your identity, document your income and assets, and show that you are able to repay your mortgage. Required documentation includes:

  • Pay stubs and W2’s
  • Tax returns (if applicable)
  • Investment and retirement income documentation
  • Bank statements
  • Purchase agreement

When all documentation has been verified and your application has been approved, you will then decide on the interest rate and terms of your mortgage.

Closing on your new home
After the underwriter approves the loan, your Loan Officer will schedule the closing during which you will sign all final paperwork to complete the loan transaction. The closing will be scheduled at a time and place convenient for you. During this final phase, you’ll have plenty of documents to review and sign. The closing attorney will go over all of them with you and answer all of your questions.

Many other lenders use different loan processes. Primary Residential Mortgage has decades of experience that have helped us refine our process to ensure an excellent and smooth experience. Thank you for choosing us for your mortgage needs. We are eager to help you every step of the way.