1. Gather Your Documents
2. Get Pre-qualified
Getting qualified before you apply for a loan can help you understand how much you can comfortably borrow before you start looking at homes. You can typically get pre-qualified over the phone, in person or by completing the form on our website. When you prequalify, you’ll be provided with a specific mortgage amount and property tax value. All of this puts you in a stronger buying position when negotiating with the seller. To prequalify online, click here.
3. Submit a Purchase Offer
Choose a licensed Real Estate Agent to help locate your dream home. Your realtor will work with the seller’s realtor to complete a purchase offer.
4. Obtain Loan Approval
Once your purchase offer has been accepted, contact a Fairport Mortgage Specialist to complete a loan application.
We recommend not making any major purchases such as a car, furniture or another house until your loan has closed. Major purchases will cause your debts to increase and might have an adverse effect on your current application.
5. Close the Loan
After your loan is approved, we will provide you with a commitment letter. Once all conditions are met, you will be ready to close on your new home. Closings are typically done at an attorney’s office. If required, you will be expected to bring a cashier’s check for your down payment and closing costs. Prior to closing, you are given 3 days to review your loan documents and verify that the interest rate, loan term, name and address are all accurate.
Congratulations, you are now a homeowner!