Get pre-approved –

Complete a mortgage application online or with one of our loan officers. They will utilize your credit, income, and financial history to determine the cost of home you can afford to purchase.

Sign your documents –

Once your home offer is accepted, sign your loan documents and turn in any necessary paperwork need to process your loan.

Underwriting –

Your loan will be reviewed by our underwriters who may require additional information as well as an appraisal to complete your loan.

Closing –

Once your loan has reached final approval, you will be contacted to close your loan with a title company. Congratulations you are a new homeowner!

What Can I Afford?

The cost of owning a home is not just the cost of the home loan itself. If you are thinking about purchasing a home, there are many factors to consider when asking yourself how much you can afford to spend.

The following expenses are factored into the cost of owning a home:

  • Your annual income
  • The amount you have saved for a downpayment
  • Outstanding monthly debt (other than a mortgage payment or rent for your current residence)
  • Annual property taxes -Homeowner’s Insurance
  • Utilities -Cost of home repairs & maintenance
  • Expected interest rate
  • Cost of mortgage insurance

As you can see, the amount you can afford to borrow for a home loan is not just the cost of the monthly mortgage payment; it includes many monthly, annual and variable costs that quickly add up. Consult with your loan officer to determine how much you can afford to borrow while still able to afford your other financial obligations and save for your financial future.

7 Factors That Affect Your Rate

  • Credit scores
  • Home location
  • Home price and Loan amount
  • Down payment
  • Loan term
  • Interest rate type
  • Loan type