Purchasing a Home
There are many important things to consider throughout the process, especially if you're a first-time homebuyer. Here's some information that will help keep you on track:
Step 1: Get pre-qualified for mortgage loan
- Know how much you can afford monthly and what purchase price ranges to look for.
- Have a pre-qualification letter ready to provide for your real estate agent.
Step 2: Find a real estate agent and a property
- Helps you find a home that suits your needs, schedules viewings, and filters out any unfavorable properties.
- Prepares a sales contract and submits it to the seller’s agent.
- Negotiates the best deal for you.
- Submits signed contracts to your lender and works with you.
- Schedules any home inspections.
Step 3: Proceed with your mortgage loan with SLCCU
- Send signed sales contract(s) to mortgage@stlouiscommunity.com as quickly as possible so we can get started.
- Review and sign disclosures issued by Carrollton Bank.
- Provide updated income and asset documentation, when needed.
- Shop for homeowners insurance quotes, a policy will be required before you can close.
- Be responsive and provide decisions as soon as reasonably possible.
- Expect delays in closing if contracts are not received within 30 days of the closing date.
- Inform your loan officer if you have any changes to your application details as quickly as possible. Changes to employment, income, and/or credit reporting information could stop your loan from closing.
Step 4: Close on your new home!
- You will sign closing documentation at the title company you chose.
- The seller will sign their portion of the documents at the title company they chose.
- Most of the time, your realtor and your loan officer will be present during the closing.
- Once everyone has signed, the title company will do the rest and you will be ready to obtain your keys to your new home!
Step 5: Be proud of yourself for accomplishing this major milestone, and welcome home!
Getting the keys to your new home is exciting! Here are some things to consider doing as soon as possible after closing.
- Secure your home by changing the exterior locks, changing key/security codes and locking all windows and doors.
- Transfer utilities into your name, if you have not done this already.
- Safety check: Test all smoke/carbon monoxide detectors, and locate your main water shut-off valve, your gas shut-off valve and your electrical panel.
- Check the thermostat for desired setting.
- Update your address with your local post office, all financial and insurance providers, employer and vehicle registration.