An important step in purchasing a home is determining what you can afford to spend on the monthly mortgage payment. After evaluating your financial situation, you may be pre-qualified with an estimate of a purchase amount. Then you’ll be ready to shop for the homes that are in your price range saving you time, effort and money. Let F&M pre-qualify your application so that you can shop with confidence when making an offer on a new home.

Once you have found a home your mortgage lender may request additional financial, employment and personal information. Providing complete, accurate information will result in a faster process, approval, and closing of your loan.

Before closing day, your closing agent will give estimates of your closing costs so you can plan your expenses. This loan estimate will help you and the lender decide if the expenses to buy a home can be covered by your income. Closing costs vary depending on financing, but they generally include items such as down payment, appraisal fees, prorated property taxes, insurance, attorney’s fees, and lender’s fees and expenses. Before the closing date, title companies will make sure the title is clear and you will also need to review a closing disclosure.

The final stage in the loan process is the Loan Closing. It’s the date on which the title for the property passes from the seller to the buyer… and the day you take legal ownership of your new home!