Buying a new home is a milestone investment for many people, which makes it important for first-time homebuyers to be prepared. To help as you work with your mortgage banker to navigate the process, be sure to keep these tips in mind.
Have a Financing Commitment Before You Make an Offer
As a potential buyer competing for a property, you have a better chance of getting your offer accepted by being prepared, and that includes having a pre-application review. Having one in place means that you have provided written evidence of income, expenses, assets, liabilities and credit, and the lender has verified that information. Since most of the paperwork has been completed, it tells the seller that the closing process is likely to go quickly and without problems. It also shows that you are serious about your commitment to buy the home. As a potential buyer, getting a pre-application review will give you the better chance of having your offer accepted as you can provide the seller with a financing commitment from Sandy Spring Bank.
Arrange for Professional Inspections
Unless you’re buying a new home with warranties on most equipment, it’s highly recommended that you get property, roof and termite inspections. This way you’ll know what you are buying. Inspection reports are great negotiating tools when asking the seller to make needed repairs. When a professional inspector recommends that certain repairs be done, the seller is more likely to agree to do them.
Get Home Insurance Rates Early
Start shopping for insurance as soon as you have an accepted offer. Many buyers wait until the last minute to get insurance and do not have time to shop around and compare prices.
Read What You Sign
Whenever possible, review in advance the documents you’ll be signing. Even though some specifics of your transaction may not be known early in the transaction, the documents you’ll sign are standard forms and are available for review.
Be Patient
Ideally, every house sale would close on time and without issue. Unfortunately, any number of issues can pop up, delaying the process. It’s another reason why having an experienced mortgage professional on your team is so critical. They understand the process better than most and if issues do arise, their experience and expertise helps resolve them quickly.
If you’re ready to start the homebuying process, visit our First-Time Homeowner information page, call 800.399.5919 or talk to a mortgage professional.
Read more Sandy Spring Bank home buying blogs. »
Loan programs subject to change without notice and cancellation at any time. Please consult a Sandy Spring Bank Mortgage Banker for specific details. This is not an offer of credit or commitment to lend. Actual loan qualification is subject to verification and approval of income, credit, property appraisal, and other factors. Additional fees, terms, and conditions may apply. Adequate property insurance required. Sandy Spring Bank is a Maryland corporation headquartered at 17801 Georgia Avenue in Olney, Maryland 20832. As a residential lender we provide mortgage financing in the metropolitan Washington D.C. and greater mid-Atlantic markets. Other rates and terms are available.
View our Fair Lending Policy statement online.