Tips for first time borrowers
Homeownership offers a range of benefits, both financially and in regard to lifestyle. However, navigating the complexities of the real estate market can be daunting, especially for first-time homebuyers. Our goal is to make you aware of what to expect during the homebuying process and provide guidance to ensure a smooth process. Review the tips below and reach out to our mortgage loan team with any questions you may have.
Prepare Your Budget
Before embarking on your homebuying journey, it is important to thoroughly assess your financial situation. Determine how much you can comfortably afford by considering your income, existing debts, and potential future expenses. Beyond the purchase price, factor in other costs like property taxes, homeowners insurance, maintenance, and potential homeowners association (HOA) fees to ensure you're prepared for the complete financial commitment.
Be Mindful Of Your Credit Score
Your credit score plays a crucial role in mortgage approval and interest rates. Check your credit report, address any issues, and work on improving your score if needed. Qualifying for a loan: Tips to help you obtain approval.
Keep in mind, Western State Bank offers several in-house loan options for borrowers who do not have established credit, or whose credit scores are low. Visit with a Western State Bank mortgage loan officer to learn more.*
Get Familiar With The Home Buying Process
The first step of the home buying process is to obtain an approval letter from your bank so you know how much you’re approved to borrow. Then you can start shopping!
Your local realtors will help locate homes within your price range. Once you’ve found a home and have made an offer, you’ll begin the mortgage process.
At this point you’ll be anxious to get into that beautiful home, but keep in mind the financing process usually takes 30-45 days. It is crucial for buyers to submit all required documentation on time in order to prevent delays in the process.
Keep It Local
It’s no secret, the home buying process can be complicated, and for some, it can feel like an emotional rollercoaster. This is largely due to unexpected events such as a failed appraisal or even a government shutdown. If these types of issues come up, you’ll want to be working with a local lender who will sit down face-to-face with you and guide you through the process. Also, local lenders are more familiar with your community, so they can assist you even further by helping you locate area realtors, inspectors, title companies and more. The Mortgage Loan Officers at Western State Bank are here to assist you every step of the way.
Keep it local, keep it personal. Learn more about our Mortgage Loan products and meet our lenders.
How To Apply
Review our mortgage loan options to get a better idea of prequalification requirements. To seek preapproval for a conventional loan, apply in person today. To explore or seek preapproval for our in-house loan options, please contact your local Western State Bank mortgage loan officer.
*Loan preapproval/approval is not guaranteed.