Buy a Home

It’s Not Just the Key to Your Home — It’s the Key to Your Future

Purchasing a house is a crucial financial decision, just like investing in stocks, buying a car, or saving for your retirement. Owning a home has the potential to offer numerous advantageous outcomes.

  • Appreciation. A home is a long-term investment. Many homes increase in value as the debt attached to them decreases, and many types of improvements may add to the total value.
  • Ownership. Investing in a home means acquiring an asset that you have a vested interest in over a period of time. By paying off your loan, you will eventually become the sole owner of your property and have developed equity in it.
  • Equity. As you accumulate equity in your home, you'll have the opportunity to leverage it through refinancing or a home equity line of credit. This could offer you greater flexibility in managing your finances, enabling you to consolidate debt, undertake home renovations, finance higher education expenses, or augment your retirement income.
  • Stability. Rent expenses can be highly variable, whereas a fixed rate mortgage provides the assurance of consistent payments that remain unchanged throughout the loan's term. This creates a sense of stability and predictability.
  • Deductions. Typically, mortgage interest and property taxes are eligible for tax deductions, while expenses such as application and appraisal fees, as well as points, may also be deductible. It is advisable to seek the guidance of a tax professional for more detailed information.

House Buying Process

Meet With Your Lender

By obtaining a pre-qualification, you have engaged with us, submitted preliminary paperwork, established your financial constraints, and contemplated your future actions. This can confer a benefit to you over other prospective home buyers in a fiercely competitive real estate market.

Advantages of buying over renting:

  • Build equity and wealth
  • Pride of ownership
  • Security and stability
  • Tax benefits (consult your tax advisor)
  • It’s YOURS! Pets, neon yellow walls, smart devices, YOUR rules!

Find a Home

Arrange a meeting with your agent to discuss your requirements and preferences, and then begin exploring the housing market for your ideal home about 3 to 6 months prior to your planned purchase

Your agent can help you be realistic about "perfect":

  • Cosmetic fixes vs. structural issues
  • Quality of the schools
  • Proximity to major interstates and public transportation
  • Neighborhood crime rates
  • Property taxes

Make an Offer

Once you’ve found your dream home, work with your agent to negotiate a price and schedule a home inspection.

Emphasis on “work with your agent”:

  • Your agent will know how much other homes are selling for in the neighborhood and will negotiate on your behalf for the fairest price.
  • The inspection will confirm there aren’t any hidden problems with the foundation, plumbing, heating, cooling and electrical systems.
  • If you want anything that’s not nailed down to be included in the sale, especially the appliances, it must be stated in the contract.

Apply for a Mortgage

Once you submit your application, it will furnish us with any additional financial details we require and fix your interest rate until the closing date.

Required documentation:

  • Two most recent and complete tax returns
  • Two most recent W-2s
  • Two most recent pay stubs
  • Two most recent and complete bank statements
  • A copy of your photo ID
  • Self-employed borrowers may need to provide additional documentation

Underwriting & Appraisal

We will verify the information provided in your application, evaluate your creditworthiness and the value of your assets, and commission a property appraisal to ensure that you are not paying an excessive amount.

The underwriting process:

  • An underwriter will complete an initial review within 48 hours.
  • If we require any additional information, also known as conditions, we will work with you to clear conditions within 2 days.
  • Your loan will return to an underwriter for final review and a clear to close (CTC).
  • The loan processor will inform all parties of the CTC and verify the closing date and time.

Closing

Time to celebrate! After all of the paperwork is signed, you’ll receive the keys to your new home!

Arrive prepared:

  • Plan to review the final documents to confirm the rate and loan amount.
  • Bring a cashier’s check to cover the closing costs and down payment.
  • Bring your photo ID and possibly a Social Security card to confirm your identity.

Ready To Purchase a New Home?

Let's Get Stared!

Right now is the perfect time to determine if you are eligible for a mortgage. It is a simple process to get pre-qualified, as you only need to answer five questions that do not require any documents or files. All we need is your contact details to initiate the loan application process. You are not obligated to proceed, so take the first step today and discover how Allied First Bank can assist you.

If you're unsure which loan is best for your situation, browse our selection of loan programs and reach out to a lender to start the process!

Or use our mortgage calculators today!

happy married family children by window

What People Are Saying About Us

Recent Mortgage Articles

VA Streamline Refinance and How it Works

VA Streamline Refinance and How it Works

If you're a veteran utilizing a VA home loan, there's an uncomplicated method for refinancing that could result in potential savings. Consider a VA streamline refinance, also known as a VA Interest Rate…

Do I Qualify for a VA Loan? Understanding Your Eligibility and Benefits

Do I Qualify for a VA Loan? Understanding Your Eligibility and Benefits

For veterans and active-duty service members, VA loans represent an incredible opportunity to own a home with favorable terms and 100% financing. Understanding whether you qualify for a VA loan and the…

Allied First Bank's Nationwide Lending Services

Allied First Bank's Nationwide Lending Services

VA Home Loan Agency Near Me: Allied First Bank When it comes to securing a home loan as a veteran or active-duty service member, finding a reliable and experienced VA home loan agency is paramount. The…

call contact