Buying a House

Buying a House

Answers to Your Home Buying Questions.

Should I get pre-qualified for a mortgage loan first?

Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now, we'll issue pre-qualification subject to you finding the perfect home. You can use the pre-qualification letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-qualification for a mortgage may give more weight to any offer to purchase that you make.

When you find the perfect home, you'll simply call your Loan Officer to complete your application. You'll have an opportunity to lock in our great rates and fees then and we'll complete the processing of your request.

What can I expect when I apply for a mortgage loan?

Completing our online application is as easy as 1-2-3! We'll ask you questions about your personal finances and the home. You'll probably know all the answers off the top of your head.

But if you’re thinking about making a move, the first thing you should do is work with one of our loan officers to establish a home mortgage budget. This will save you time (and heartbreak) as you explore real estate options. Here’s a brief overview of the steps to take:

  1. Initial conversation
    To get started, we’ll want to speak with you about your financial goals then we’ll be able to help you decide which home mortgage product will best fit your budget.
     
  2. Pre-qualification
    Once you’ve completed this step you can use your loan prequalification approval when making an offer on a home.
     
  3. Official mortgage application
    Once your home purchase offer is accepted your loan officer will move quickly to complete your home mortgage application so you can reach the closing stage as fast as possible.

    What you will need:

    • Most recent paystubs reflecting 30 days of employment
    • Photo ID
    • Two years of W-2s
    • Two years personal tax returns with all schedules
    • Copies of 2 most recent months of checking and savings account statements
    • Copies of most recent investment/retirement account statements
    • Home owners insurance declarations page
    • Signed purchase agreement
    • Proof of down payment
  4. Closing on your home
    Closing is a key final step in the purchasing and financing of a home—it completes your mortgage application and transfers your new home into your possession.

Now it’s time for the fun part, moving into your new home!

Working with Amanda and John at Better Banks on our home purchase in Morton has been an awesome experience! They have been very helpful and professional in every aspect of the loan process. Thank you!!
Greg and Lynn - Morton, IL
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