- Get pre-qualified – Meet with a qualified home loan specialist to find out exactly how much you qualify for, and what documentation you will need to provide. A credit check will usually be completed by this part of the process.Documentation Needed for Pre-qualification:
A. 2 recent pay-stubs
B. 2 months of bank statements to verify funds that will be used
C. Government issued ID
D. Most recent year’s tax returns
- Find a home – Now that you’re pre-qualified, it’s easier to find the right home. A realtor can help you find the right home for you and, when ready, help with the purchase contract. They are a great resource, but aren’t required for the home-buying process.
- Begin loan application – Pre-qualification was just a preliminary step. Once you find a home, and have an accepted offer, we can begin the loan application. If anything has changed since your pre-qualification, updated documentation may be necessary along with a copy of the purchase contract for the home.
4. Complete Due Diligence – A buyer’s due diligence are the things the buyer needs to complete to finish the home purchase. These include:
A. Home inspection
B. Final loan approval
5. Closing – Once all the above steps are completed, you’re ready to close. This is the big day! All parties involved will schedule times to sign the necessary documents to transfer home ownership to you.
The home buying process can seem daunting, but don’t let that overwhelm you. Any Mortgage Loan Professional at Utah Community Credit Union can help walk you through the process. Speak to our mortgage professionals today at 801.223.7640.