Your step-by-step guide to buying a home
Here's everything you need to know about this exciting time in your life. Knowing what to expect can help you enjoy the moment.
Take a closer look at the numbers
Use our mortgage calculators to analyze the cost of your options and to figure out how much home you can afford.
The Purchase Process
Get an idea of what loan amount and purchase price you can comfortably afford. Also, a pre-qualification lets sellers and their agents know you're prepared and serious about the transaction.
GreenState Credit Union offers various home loans for all types of borrowers with fixed rates or adjustable rates and flexible terms. Connect with one of our Loan Officers to discuss all your options, including traditional mortgages, government-backed programs, and special mortgages for first-time buyers.
Once you've been pre-qualified, we suggest you work with a Realtor who will show you homes that fit your budget and needs. Need a realtor? No problem. We can help connect you with one in your area.
Depending on how much time has passed since we issued your pre-qualification, we may need to collect some updated information and updated documents from you.
Once we have updated your file, your loan officer will explain the details of your loan program, confirm the rate you want, and discuss your closing fees.
If you want to secure your interest rate, your licensed Loan Officer will send you a lock agreement to confirm the terms of the loan and rate.
Scheduling a home inspection with a professional provides valuable peace of mind. During this walk-through, your inspector will look for warnings signs, such as structural damage, appliances not working properly, and other items that may need repair. Any major issues would need to be negotiated and addressed with your Realtor and seller before the close date.
While we review and process your loan, we will schedule an appraisal appointment with the seller's agent to confirm the value of the home. Unlike a home inspection, the appraisal is required to confirm that the home is worth what you're paying for it.
Once we have everything we need, your Loan Processor will submit your complete file to the underwriting department for approval. Once your loan is through the initial underwrite, any final conditions needed will be gathered from you to obtain final loan approval and then you will be cleared to close.
The final step is your loan documents will be prepared for signatures. Generally, it will take 30 minutes to an hour for the closing. After that, you're handed the keys as the proud owner of a new home!