Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you’re a first-time homebuyer. Here’s some information that will keep you on track.
In general, a home purchase may be your largest financial transaction to date, so it’s important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and your Personal Banker, it should be an efficient, pleasant, and ultimately rewarding experience.
Count on your Real Estate Agent to:
- Preview available homes to weed out those that are overpriced, or undesirable in some other way.
- Present the homes that suit your needs as you’ve defined them.
- Help you determine the difference between a “good buy” and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future.
- Negotiate the best deal for you. With a pre-approval letter from us in hand, your Real Estate Agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the seller, and may make the difference between the seller accepting your offer or someone else’s – even if your offer is lower!
Count on Security State Bank and Your Personal Banker to:
- Assist you in selecting the best loan to meet your personal situation and goals (This single decision can save you thousands of dollars in interest throughout the years!).
- Keep you informed of your loan status throughout the entire process.
- Keep your Real Estate Agent informed of our loan progress (Note: your personal information is always kept confidential between you and the bank; only status updates and progress are shared).
- Get the appropriate loan for you with the best rates and fees. This will save you significant money “up front” and throughout the years to come.
You are responsible to:
- Keep your Real Estate Agent and Personal Banker informed of any questions or concerns as they develop.
- Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.
- Enjoy purchasing your home, but do try to remain objective throughout the process so you can make the business decisions that are best for you.
- Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.
Information you will need to provide for your Personal Banker:
A properly documented loan application makes your loan process go smoothly. Print and complete the residential loan application. Below is a list of other documents we will need to process your loan application. Please bring in copies of the documents, or we can make copies so you can keep your original documents.
Your social security number (card).
Two current pay stubs within the last 30 days and the two most recent years’ W-2s or, if self-employed, your tax returns for the past two years.
Bank statements for the past two months (if you’re already a SSB customer we can get these for you!)
Investment account statements for the past two months.
Retirement account statements for the past two months.
If you currently own Real Estate, you will also need:
Mortgage account information
Home insurance policy information
Property Tax information
Home equity account information (if applicable)