Buying a home is one of life’s most exciting events – and is still one of the smartest investments you can make. But the process of finding, buying and financing your new home can be confusing and, sometimes, overwhelming.
The key to making the home buying and financing process a little easier is to take it one step at a time, as illustrated in these six simple steps.
- Set your sights. Determine your borrowing potential by visiting with a Bremer mortgage loan officer to prequalify. By prequalifying, you are able to verify your borrowing potential for extra confidence when negotiating with the seller.
- Find the right house. Use a checklist to compare the merits of the homes and neighborhoods that interest you. When you decide on the right house, you and the seller will then agree on a purchase price and sign a contract.
- Prepare for your loan application. Gather the information you need to bring to the meeting with your lender. Being prepared streamlines the application process so you can move into your new home sooner.
- Apply for the loan. Apply online or meet with a Bremer Mortgage Banker to complete your loan application - if you haven’t done so during prequalification. When you have your income, assets and debts handy as outlined on the application checklist, this step goes very smoothly. Your lender will discuss how our full range of financial services may benefit you.
- Getting approved. We will gather and evaluate information to support your application (verification of employment, income, assets, credit history and property appraisal). Upon approval, we send you a commitment letter that outlines the terms and conditions of your loan and a checklist of items you need for closing. Bremer Bank arranges title work, inspections, settlement figures and other closing documents.
- Closing. During your closing appointment, you sign various legal documents, your loan is funded, the seller is paid, and the title to the home is transferred to you.