family in front of home

How To Prepare For A Home Purchase Loan


First Step… determine how much home you can afford.

The amount of house you can purchase will all depend upon what type of mortgage loan you qualify for, and at Old Point Mortgage, we are here to help you increase your buying potential. First, you need to know how much you qualify for before you start shopping for a house. By getting prequalified, you are prepared to begin your home search knowing exactly what you can afford. At Old Point Mortgage, we have experienced loan officers that can help you through this simple process.

We are here to help you determine how you can buy a home by providing you with mortgage loan options. Give us a call today at 757.769.7169, or get the prequalify process started!

1. Know Your Financial Standings

  • What can you afford?
     
  • How is your credit?
     
  • What are your financial goals?

2. Get Prequalified

  • Get a better idea of exactly how much you can spend and get prequalified for a mortgage.
     
  • Providing certain financial information will allow your loan officer to get you prequalified.
     
  • This will save you time and put you in a better position to make an offer on the house that is right for you.

3. Working with a Real Estate Professional

  • A real estate professional can help with structuring your offer and avoiding pitfalls. 
     
  • They can help you explore your home ownership goals.
     
  • Work closely with your real estate professional and your loan officer for a smooth process all the way from offer to closing.

4. Make an Offer

  • Talk to your real estate professional when you are ready to write a contract.
     
  • Your loan officer can assist you in preparing an offer that best suits your financial budget.
     
  • Your loan officer can help with information about down payment and closing costs.

5. After the Offer is Accepted

  • Contact your loan officer so they can walk you through the process to finalize the loan application.
     
  • Your loan officer will order appraisals and inspections, and give you options in selecting homeowners’ insurance and finding a settlement agent.
     
  • Your loan officer will gather any additional documentation and finalize the paperwork to ensure a smooth closing.

6. Closing Day!

  • Enjoy your new home!
     
  • Refer your friends and family to Old Point Mortgage, LLC.!