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In part one of this two-part blog series, we went over some of the basic steps you’ll be taking if you’re a first-time homebuyer entering the mortgage market. First-timers are one of the largest groups of people in the mortgage world, and our loan officers are happy to help many entering this realm for the first time understand the relevant steps ahead and how to proceed.

At Primary Residential Mortgage, we’re proud to offer a number of home loan options for any of our Ellis County buyers, including first-time homebuyers looking for both funds and assistance with the process. Today’s part two of our series will go over the rest of the basic steps in the process for those obtaining a mortgage to buy their first home.

Beginning the Home Search

We left off in part one discussing finding a great real estate agent, who will assist you with several areas of the home search process. After this is done, it’s time to get started with the actual house hunting.

For many, this is the part of the process you’ve been looking forward to for weeks or months. Your agent will help you narrow down the areas and home types you’re searching for based on your needs, budget and other factors, and you can begin the enjoyable process of looking around at homes. This can be done both online and in-person – we obviously recommend touring any home you’re seriously considering, but you’d be surprised how many good resources are available online these days.

Offering on a Home

Once you’ve narrowed down your homes and have found the ideal choice, it’s time to make an offer. This is an area where your real estate agent will play a big role – the current market is very competitive, and many good homes will have multiple offers placed on them. Your agent will help you determine what makes a good offer and how to help yours stand out, while still getting you a great deal.

Mortgage Application

If the seller accepts your offer, it’s go-time on your mortgage application. This will require several documents or items, including W-2 forms going back two years, recent pay stubs, recent bank statements, debt and asset lists, and your social security number. Your loan officer will assist you with any other details here.

Closing Time

If your desired mortgage is accepted and everything is deemed kosher, the process will move forward into closing. Standard home closing processes can take anywhere from 30 to 60 days, with closing day itself serving as the final part of this period and allowing for the signature of several documents and transfer of ownership to the buyer. Closing costs, which your loan officer will discuss with you in detail, will be paid at this time as well.

For more on the process for a first-time homebuyer, or to learn about any of our mortgage or refinance services, speak to the staff at Primary Residential Mortgage today.

*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. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Opinions expressed are solely my own and do not express the views of my employer.