FAQ Series: How Do I Get Financing?
You’ve decided to buy a house, but now you’re thinking, “Now what?”
Don’t let the fear of what happens next stifle you from taking the next steps toward homeownership.
Now that you’ve decided to buy a home, we’re walking you through the first three steps of where to go and how to apply for financing.
Step 1: Select Your Financial Institution
The first step towards obtaining financing is to decide which financial institution you’d like to apply through.
There are commercial and private banks, savings and loan associations, and credit unions, just to name a few options.
If you can’t decide, reach out to one of our Sales Centers to chat with a Home Specialist.
They can offer information on frequently used institutions in the area and advice on potentially expediting the process.
Once you decide which direction to go, you’re onto step 2!
Step 2: Gather Required Paperwork
Next on the list, you must gather all the documents financial institutions require to apply.
There are usually six required documents when applying for financing, and for memory’s sake, the first letter of each document type spells “pencil.”
The necessary documents are:
Property Address
Estimate of Value (property value)
Name (applicant)
Credit Report (or social security number to obtain a credit report)
Income
Loan Amount
Once you’ve gathered all your important information, head down to your chosen financial institution and begin the process.
Step 3: Dependant on Financial Institution
What happens in step 3 is greatly influenced by which financial institution you choose and its specific practices following the initial submission.
From there, your financial institution will guide you through the next steps on the path.
Before you know it, you’ll be approved for financing and ready to pull the trigger on your new forever home!
