8 Steps to Home Buying
Step 1: Check Your Credit
Your credit report includes information on where you live, where you work, how you pay your bills, etc. It is one of many pieces of information that is used to evaluate a mortgage application. To help avoid unexpected issues or delays, it is important to review your credit report before making big credit decisions. The major credit reporting agencies (Equifax, Experian, and TransUnion) are required to provide you with a free copy of your credit report once every 12 months. Free credit report information is available at: annualcreditreport.com.
Step 2: Submit Your Loan Application
With Security Bank of Kansas City, you can complete your application using your computer, tablet, or phone and it takes less than 15 minutes.
Step 3: Pre-Qualify for Your Mortgage
If you’re thinking about buying a home, you’ve probably heard that you should get pre-qualified. Security Bank of Kansas City offers free pre-qualifications, so you can shop with confidence knowing how much you can afford. Sellers typically will give a buyer with a pre-qualification letter more credibility.
Step 4: Get Personal Local Sevice
After your application is submitted, a Security Bank of Kansas City Loan Officer will contact you to answer any questions you may have and work with you to design a loan program that meets your personal financial situation. Your Loan Officer is a mortgage expert and will provide help and guidance to you throughout the home-buying process.
Step 5: Shop for a Home
Now that you know how much you can afford, it is time to find your dream home! Online is where most home buyers begin the process of finding a home! Once you have done initial research on homes and neighborhoods, you will be ready to attend some open houses to help find the home that is right for you.
Step 6: Get Final Loan Approval*
Now that you have found your dream home, it is time to get final loan approval. The Bank will need to collect financial documents from you so they can verify the information provided on your loan application. A package will be sent to you that will contain documents for you to immediately sign, as well as a list of items you will need to collect and send to the Bank. After you have returned the support documents, the Bank will order an Appraisal and Title Insurance. Once these items have been completed, your loan file is sent to an underwriter to review and issue a credit decision. Work closely with your Loan Officer to get the support documents needed for final loan approval. Purchase contracts have deadlines that need to be met.
* This is not a commitment to lend. All loans are subject to credit and property approval.
Step 7: Sign Closing Paperwork
After you receive final loan approval, we will contact you to schedule the loan closing. If you are purchasing a home, we'll also schedule the closing with the real estate broker and the seller. 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 contact you to walk through the final information.
Step 8: Congrats! You're a Homeowner!
That's all there is to it! Apply now and be on your way to the most convenient home loan ever!