- Check Your Credit Score
Credit scores allow lenders to quickly and objectively evaluate your credit history when reviewing your loan application. However, there are many other factors to consider when making a loan decision and our team never evaluates an application without looking at the total financial picture of a customer.
- Set Your Budget
Financial experts recommend that homeowners spend a maximum of 30% of their gross monthly income on principal, interest, and taxes. Be sure to budget about 1% of the home price for condo or homeowners association fees and maintenance costs.
- Apply Online
The first step to a mortgage loan is our online application. Once submitted, we’ll review your request for instant approval. Contact one of our trusted lenders to get started.
- Find a Reputable Realtor
TC Federal Bank understands how stressful home buying can be. That’s why we work closely with realtors, real estate brokers and sellers to ensure a smooth buying process. If you are not sure where to look for a reputable realtor, our staff is happy to recommend local experts who understand your needs and financial processes.
- Narrow Your Priorities and Start Your Search
Before beginning your search, spend time thinking about what is most important to you. Do you want to live in a particular neighborhood? A specific type of home? Make a list and discuss your top priorities with your banker and realtor.
- Make an Offer
Once you find your perfect home, it’s time to make an offer. A reputable realtor can walk you through the process to make sure you are dealt with fairly and will present your offer to the seller, who will accept, counter or reject it. Once the price is settled, you and the seller sign a Purchase Agreement, defining the terms of the sale.
- Have a Home Inspection
Never buy a home without having it inspected. An inspection looks for serious flaws in the home, but can also tell you what to expect in terms of repairing or replacing systems and appliances as an owner.
- Apply Online and Meet with a Lender
Once you’ve submitted your online application, we’ll review your request for instant approval. If it is approved online, we’ll ask you for a deposit to cover the cost of the appraisal on your home. One of our trusted loan officers will contact you to answer any questions you may have. Your loan officer is a mortgage expert and will provide help and guidance throughout the home buying process.
- Application package
We will send you an application package that will contain papers for you to sign and a list of items we’ll need to verify the information you provided about your finances during the online application.
- Reviewing Your Credit Score
A credit score is one of the pieces of information we will use to evaluate your application. Credit scores used for mortgage loan decisions range from approximately 300 to 900.
- Home Appraisal
To determine the value of a property, an appraisal will be required. Typically, an appraiser will inspect both the interior and exterior of the home. Upon completion, a written report will be drafted and provided to us. You will be given a copy at your loan closing. If your home does not appraise for the amount you offer, then you will need to renegotiate your contract.
- Obtaining Title Insurance (Where Applicable)
Title insurance will be necessary. If you’re refinancing or purchasing a new home, we’ll work with the real estate broker or seller to ensure the title work is ordered as soon as possible. This will guarantee that the property you are purchasing is free of liens and insures against any losses to the property that results in the title or deed.
- Closing on the Property
After we’ve received the application package back from you, and the appraisal and title work have been completed, we’ll scheduled your loan closing. The closing will take place at the office of a title company or attorney in your area who will act as our agent. A few days before closing, your loan officer will walk you through the final information to ensure you are fully prepared for closing.
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