Atlantic Blog

In today's housing market, first-time buyers and even veteran homeowners have a lot of questions – what should you look for in a lender? What is the process of buying a home? How can you set yourself up in the best possible position to get your offer accepted?   

We went straight to one of our expert Mortgage Advisors, Laurie Gaudreau (NMLS ID #746916), to get your burning questions answered! With over 20 years in the mortgage industry, Laurie has a lot of advice on how homebuyers can effectively navigate the current market and set themselves up for success.   

Let's start at the beginning - What is the first step when buying a home?   

Assuming you are financially prepared, have researched homebuyers' programs, and know how much you can afford, the first official step would be to connect with a lender to get prequalified.    

What should people look for when considering a lender?   

Homebuyers need to look for someone that they "connect" with and can trust that they are giving you all the information you need. You will be spending a lot of time talking with your lender while looking for a home - and even after you find one!  

Considering today's market, how long does it take to buy a home?   

The typical home buying process averages about 45 days – from the offer getting accepted to signing the papers at closing!  

Can you give me a brief overview of the process?  

After you are prequalified, you are then ready to make an offer on a property. If the offer is accepted, you are officially under contract - and that is when the mortgage process truly begins. Your loan officer will ask for documentation such as pay stubs and bank statements. They will also provide you with disclosures that include the loan estimate, which details your fees, rate, and payment. Your loan file is then submitted to underwriting for a conditional approval, and the appraisal and title work is ordered. When all the conditions are met, the loan is "cleared to close," and the closing time is set up.    

What is involved in a prequalification?   

The first step in the prequalification process is collecting the borrower's pertinent information as well as employment, income, and asset information. Along with a credit report, the information is then analyzed to ensure it meets the specific criteria and guidelines of the loan program applied for. This includes creditworthiness, job stability, and affordability.  

Are there any things a homebuyer can do to put themselves in the best position for getting the loan they want? Are there any big DOs?  

YES! I would say the main thing would be to obsess over your credit score to make sure it is as high as it can be. Also, make sure you are in a good debt position overall in order to take on a mortgage payment. Lastly...save as much as possible!   

Are there any big DON’Ts?   

There are definitely some things that can crush a loan approval: Taking out a new loan that puts your total payments over the threshold, paying a loan late where it reports negatively on the credit report – plummeting the credit score, and changing employment where it impacts the "stability" or qualifying income.  

Would you like to learn more about the Home Buying Process? Learn Laurie Gaudreau's tips for staying competitive in an aggressive market, and specific mortgage finance options to consider. Still have questions you’d like to have answered? Contact an Atlantic Mortgage Professional. They are ready to help. 

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