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Buying Your First House: Learn the Home Buying Process

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Are you a first time home buyer ready to enter the market? Now is an excellent time to buy. At Landmark Bank, we know that buying your first house can be an exciting, yet stressful endeavor. While there are many steps to the home buying process, Landmark Bank is here to help make it easy for you. 

The home buying process is much easier once you know what to expect, so you can focus on buying your first house and making it right for you. If you are a first time home buyer, someone relocating to our markets in Missouri, Texas or Oklahoma or are just looking to upgrade to a larger home, trust the experienced, friendly lenders at Landmark Bank to assist you. 

Here is what you should expect from the home buying process, and how Landmark Bank can help streamline the process, giving you an understanding of what you can and can’t afford, as well as a thorough understanding of the home buying process and our available loan products. 

Turn your dream home into reality. Here’s what you can expect during the home buying process, step-by-step.

Talk to One of Our Real Estate Lenders First

The biggest mistake a first time home buyer often makes is hiring a real estate professional and falling in love with a property before establishing a way to pay for it. 

When buying your first house, or any house, for that matter, the first person you will want to talk to is one of our experienced real estate lenders. This is step one in the home buying process.

Your Landmark Bank home loan lender is your advocate and will guide you through the process of home-ownership and answer any questions you have. They will match your finances and home-ownership goals with the appropriate loan product, and help you complete the paper work required for your loan application.

When buying your first house, you have several options. You could opt for a traditional fixed rate mortgage loan, an Adjustable Rate Loan (ARM) or a Balloon Loan. Each real estate loan product has its advantages and there isn’t a single solution that fits every first time home buyer. Learn more about our line of Real Estate Loan products.

FHA Loans are also a popular choice among first time home buyers, because they only require a minimum 3.5% down payment. Your Landmark Bank lender will walk you through these options and help you determine if an FHA Loan is right for you. 

Complete Your Loan Application

Planning on buying your first house? Apply online or at one of our banking centers for pre-qualification before you begin house-hunting. Pre-qualification gives you an idea of the homes within your price range and shows the seller that you’re a serious first time home buyer who is able to secure a loan.

Find Your New Home with a Real Estate Professional

Now that you know how you are going to pay for your new house, the real fun begins for the first time home buyer. 

After loan pre-qualification is complete, it’s important to find an experienced, knowledgeable real estate agent who can save you time and money while understanding your needs. 

They will assist in your research of homes in your price range, provide information on neighborhoods, taxes, and school districts in the areas that interest you, handle negotiations, and order home inspections. 

Appraisal

Once you find the home you wish to buy and your loan application is approved, we (Landmark Bank) will order an appraisal of that home. A professional appraiser will visit the property, analyze the recent selling prices of similar homes in the area, and determine the market value of the property

Underwriting 

Once your home loan is fully processed, an underwriter will verify all data entered by processors and originators, and ensure that all necessary documentation is present. This is the last step in the home loan approval process. 

Title Search

A title search will be ordered during the purchase process. A title search is a review of public records and the preparation of a report detailing the property's history of ownership. When the search is complete, a mortgage title insurance policy will be obtained which protects the lender against losses due to a faulty title. 

Closing 

Buying your first house – or your next house is complete at closing. Once all the conditions have been met and the title search is complete, a date is set for the closing. You, your loan officer, the seller, and other parties involved in the transaction will meet to complete the sales transaction, which will include the signing of many legal documents and the payment of various fees. You can ask the seller to pay a portion of these fees, up to 3% of the home’s purchase price on a conventional loan and 6% of the purchase price on an FHA loan, if you wish to include that into your earlier offer. 

Move In!

Congratulations, you are a first time home buyer and home owner! Once you take possession of the property, you are free to move in! 

Become a First Time Home Buyer with Landmark Bank

The lenders at Landmark Bank are here for you, and are committed to make buying your first house as simple as possible. From start to finish, we are committed to helping the first time home buyer realize their options and make dream homes reality. 

Our home loan specialists are ready to talk to you about the home buying process and assist you in buying your first house. Apply for a first time home buyer loan with one our lenders online today

 
 
 
 
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