First-Time Homebuyer Guide

There are so many factors to think about if you’re considering when to buy a house including annual market trends (which is the best season to buy in?), broader market trends (what does the state of the economy and job market look like?), and your own personal financial outlook.

If you’re buying a home in today’s market, it’s important to know what kind of mortgage gives you the biggest bang for your buck. Our dedicated team of experienced Loan Officers are ready to help you find the best solution for your mortgage needs.

It’s also important to get pre-approved for a loan early in the homebuying process so you know what you can afford, secure financing, and be ready put in an offer and close quickly. Qualified buyers will also be moved into Leader Bank’s Purchase Pass Program at this point, which further helps you present sellers a strong, competitive offer by expediating the closing process. Reach out to our team today!

Once you’re pre-approved, finding the right real estate agent will help you navigate the local real estate market by providing insights on sales prices, home inventory, and a range of other points of information that will help you during your home search. We work closely with an array of qualified and experienced real estate agents and would be happy to recommend one!

This is the exciting part! When it’s time to look at houses, it’s important to remember your must-haves or dealbreakers in terms of price, location, and features. Don’t get too focused on minor cosmetic details and be sure to think about each house you tour as a long-term investment.

Making an offer not only tells the seller how much you’re willing to pay but provides a guarantee that you’re able to pay that amount, establishes a closing date, and states what you expect of the seller leading up to closing. Getting pre-approved early in the process helps expedite this step.

After you make an offer and before closing, it’s important for buyers to have the home inspected to determine if there are any issues that could lead you to further negotiate the purchase price or request repairs from the seller.

The formal mortgage application will be used to verify certain information about you and the property including verification of income and employment, assets, and your credit history. You’ll be asked to provide some of this information while other details, such as your credit history, will be obtained by Leader Bank directly from a credit bureau.

Once your formal mortgage application is submitted, Leader Bank will schedule an appraisal of the home to assess its market value. The appraisal will show the home’s market value as compared to the purchase price. 

After the appraisal, if the information you provided in your formal application regarding income, employment, assets, and credit history checks out you will receive underwriting approval. This is the final approval on your loan application and can sometimes come with conditions that requiring you to provide additional clarification or documentation to Leader Bank.

The final step of the journey to homeownership is closing, which involves obtaining homeowner’s and title insurance, a final walkthrough of the property to ensure the seller has completed any required fixes resulting from the inspection, a review of the Closing Disclosure to make sure you understand the terms of your loan, and the official transfer of property. Congratulations, you’re a homeowner!