What does the homebuying process look like?
Depending on where you live, what kind of mortgage you’re looking for, and your credit history, the loan process will be different for every homebuyer. There’s a lot of information to absorb and important decisions to make, which can be overwhelming at times, but we’re here to help answer your questions and show you how to buy a house.
Where should you start?
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Understand the homebuying path ahead
Whether you’re a first-time homebuyer or you’ve purchased before, it’s a smart idea to become familiar with the home buying process and everything that’s involved. Being informed prepares you for the best experience possible.
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Find your Summit Mortgage loan officer
Nobody understands the mortgage process like a Summit Mortgage loan officer. They’ll get to know you, your goals, and your needs to help you find the perfect mortgage program and the most savings possible.
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Check out our Homebuyer Guide
Download our Homebuyer Guide to get an idea of what the typical loan process looks like, learn about what happens at each step, and prepare for your own homebuying journey.
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Calculate how much you can afford
This might seem like an obvious step, but knowing exactly how much you want to spend on your house can determine which mortgage programs you qualify for. Use our mortgage calculator to get started.
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Get pre-qualified
It’s not required, but if you get “pre-qualified” for a loan it will make the process easier down the road by ensuring your finances are in order and you have all of the correct documentation to complete the application process. Your first step is to find a Summit loan officer, and they will help you get pre-qualified.
Position yourself for mortgage approval
Your credit score and credit history are the two most important factors that determine whether or not you get approved for a mortgage loan. This makes the process fair for every homebuyer and removes the possibility for biases or subjective opinions to impact the lender’s decision. Unfortunately, that means you won’t be able to explain small inconsistencies or convince a lender that those few missed payments were out of your control. So, how can you be sure that you look good on paper?
- DO: Pay all your bills on time
Missed and late payments have a negative impact on your credit score. - DO: Pay off your credit cards
This will lower your debt-to-credit ratio and raise your credit score. - DO: Keep records for all deposits into your accounts
Lenders want to know where your funds come from, especially if the source isn’t your employer.
- DON’T: Take on any new debt
Your credit report will be pulled for large purchases like furniture and cars, which can be seen as a risk to lenders. - DON’T: Close any credit accounts
This will raise your debt-to-credit ratio and lower your credit score. - DON’T: Make inexplicable deposits into your accounts
Deposits from unidentified sources are red flags and cash deposits are often subtracted from your balance if you don’t have documentation.
What mortgage program is right for you?
Every mortgage program has something different to offer, so what’s best for someone else might not be best for you. Your current needs may steer you toward one program, while your future plans suggest another. Take some time to educate yourself about the different options, then talk to a Summit Mortgage loan officer who can help you decide what’s going to work best for you.
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I’m looking for a small down payment
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I’m looking for a home that needs some work
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I’m looking for a loan above $510,400
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I’m looking for help with my down payment
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I’m looking for a low interest rate
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I’m looking for a home in a more rural area
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I’m a veteran or active-duty serviceperson looking for a loan
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I’m looking for a fixed rate with no mortgage insurance