Step by Step Process Buying a Home

1. MEET WITH AN IFG AGENT-GET PREQUALIFIED – 

Begin by evaluating your financial health, including your income, expenses, savings, and credit score. This assessment will help you determine how much you can afford to borrow and what type of mortgage might be suitable for you.

 *The terms “prequalified” and “preapproved” are often used interchangeably in the context of mortgage applications, but they represent distinct stages in the process with different implications. Prequalification offers an estimate of your borrowing capacity based on self-reported information, while preapproval involves a thorough evaluation of your finances by a lender, providing a more reliable indication of your eligibility for a mortgage. Preapproval carries more weight in the eyes of sellers and can give you a competitive edge in a competitive real estate market, as it demonstrates to sellers that you’re a serious and qualified buyer.

 Discover various products with us that are best suited for your needs. We evaluate interest rates, loan terms, fees, and requirements to pinpoint the most advantageous options.

2. REVIEW THE OPTIONS

3. GETTING PREAPPROVED

Getting preapproved for a mortgage is a crucial step before house hunting. Pre-approval requires you to submit an application to a lender, who then examines your financial details and offers a conditional commitment to lend you a specified sum of money.

4. FIND A HOME-MAKE AN OFFER

Collaborating with a dependable real estate agent is crucial for success, and obtaining preapproval ensures you can secure the best deal available. It’s essential to negotiate concessions that favor your interests and are acceptable to the seller. Ensure you’ve consulted with your IFG agent, so we can assist in formulating a robust and advantageous deal for you.

5. APPLY FOR A MORTGAGE

Complete the mortgage application accurately and thoroughly, providing all requested information and documentation. Be prepared to disclose details about your finances, employment, and personal background.

6. HOME APPRAISAL AND INSPECTION

Generally, all property purchases necessitate an appraisal to determine the property’s value and confirm that it satisfies the lender’s criteria. Additionally, you might opt for a home inspection to uncover any possible problems or areas of concern. Appraisals are out of pocket expensive you will need to be prepared for. An appraisal can provide additional assurance that your investment is sound.

7. UNDERWRITING & APPROVAL

 After you submit your application, we will conduct a thorough review of your financial information. We may request additional documentation or clarification during this process. Once the underwriting process is complete and your mortgage application is approved, you’ll receive a formal loan commitment. Review the terms of the mortgage carefully, and if everything meets your satisfaction, proceed to the closing stage.

8. CLOSING

At closing, you’ll sign all necessary documents, pay any closing costs or fees, and officially take ownership of the property. After closing, you’ll begin making regular mortgage payments according to the terms of your loan agreement. Be sure to budget accordingly and stay current on your payments to maintain a positive credit history and avoid defaulting on the loan.