Mark Montano | BB&T Home Mortgage
Mortgage Loan Officer | AVP | NMLS# 432894
Clayton | Smithfield | North Carolina
Ph: (919) 553-2744 | Mobile: (919) 830-7000 | Fax: (919) 550-9379
Buying a Home: Your Steps from Prequalification to Closing
As you get started on the path to homeownership, keep in mind that you might actually need less for a down payment than you think. The 20% down payment myth isn’t written in stone, to put it plainly. You have many options as you invest in a home mortgage. Ask your BB&T mortgage professional about the options you have on your required costs to close and down payment.
Ready to begin? Here are all the steps to follow on your homeownership adventure.
1. Get Prequalified
Before looking for your home, contact a BB&T mortgage professional. We can determine how much you can afford to pay on a mortgage before you begin your search. There are three areas we evaluate:
- Your income—how much you earn through your job and other sources of income
- Your debt and credit—the bills you pay and how well you generally pay them
- Your assets—your savings
Our mortgage experts will work with you to help fit you into the right loan. You can meet with your BB&T mortgage professional or prequalify online.
2. Choose a Home
With your prequalification letter, work with a real estate agent to find the home that’s right for you. Determine the type of home that meets your lifestyle. Have your wish list ready so you know if a home fits your needs.
3. Make an Offer
Once you find the home you want, work with your real estate agent to develop your offer. Your agent will find comparable homes in the area to help you calculate the right offer price. Make sure your offer leaves you enough money to make necessary improvements to the home. Your agent will complete and negotiate the sales contract with the seller. The signed contract will be required by your BB&T lender. You should schedule your home inspection. Home inspections are optional but provide you with a detailed evaluation of the house, including the soundness of the roof, electric, plumbing and air conditioning and heating systems.
4. Apply for a Mortgage
Once you have an accepted offer, it’s time to convert your prequalification into an application and verify your loan selection with terms. We’ll discuss interest rates, costs to close, and review the documentation needed to confirm your income and assets. View our mortgage checklist to learn what documents are needed to finalize your loan.
5. Home Appraisal, Underwriting and More
A few steps happen at this point:
- Your mortgage professional will order an appraisal to verify the home’s value.
- Your mortgage professional will order a title search.
- Your documentation will be verified.
- Calculate monthly payment including any home owners insurance (binder), tax payments and any HOA payments
During this time, we will review all the documentation you provided to support your income, assets and other details in a step called underwriting. Once the underwriter finishes and the home appraises at a value that supports the sale price, our goal is to provide you with loan approval and finalize your loan. While this is happening, you should work on securing your homeowners insurance. Proof of insurance will be required prior to closing.
6. Receive Final Costs to Close
We will give you the opportunity to review the closing disclosure in advance so you will know the exact amount of the certified check that you will need to bring to closing. You will receive the statement three days prior to closing. If you have opted in to use electronic documents, you will be able to view it in our online document center.
7. Attend the Closing and Move In!
You will also need to bring identification, such as a driver’s license, to present to the title company or attorney managing the closing. There will be a number of documents to sign, but once they are completed, congratulations will be in order. You will be the owner of your new home and the keys to that home will be handed over to you!
Information brought to you by BB&T