801.448.3800

Mortgages Made Simple

Homebuying Process


Homeownership is a wonderful opportunity, and the homebuying process can be exciting, especially if you're a first-time homebuyer. Should you buy a home or continue to rent? How much home can you afford?  Our resource center is designed to answer many of the questions you have as you embark upon buying a home and planning your financial future.


Step 1: Why Get Pre-Qualified?
Getting pre-qualified for a mortgage loan shows you where you stand financially. It is used to estimate the monthly house payment you can afford but it doesn't guarantee you a loan.


Step 2: Housing and Debt Ratio Worksheet?
To determine the amount of monthly mortgage payment you qualify for, we use a Housing and Debt Ratio Worksheet. Before you get started on the worksheet, learn more about the questions we ask and the terms we use.


Step 3: Consider the Up-Front Costs
You've determined how much home you can afford, but have you considered all the up-front costs that you must pay in cash?


Step 4: Comparing Rates and Costs
Your total expense for a mortgage depends on interest rates, annual percentage rate (APR), number of points and other costs required to obtain the new loan.


Step 5: Choosing a Mortgage
After determining how much home you can afford using the Housing and Debt Ratio Worksheet, the next step is preparing for and completing a loan application.


Step 6: Application Prep Kit
As you complete the paperwork for your loan application, be sure you have all the necessary information in front of you.


Step 7: Start Shopping!
There are many steps in shopping for a house. We cover them all in this section. From finding a real estate agent to conducting an appraisal, learn about the shopping process before you begin.


Step 8: The Closing Process
Closing is the final step in the home buying process. At the closing, you’ll settle all the financial details associated with the purchase and receive the title to your new home.


Glossary of Terms
During the homebuying process you'll encounter words that are new to you. Understand what you're reading from A to Z.