Purchasing

Interested in Buying A home?

Your homebuying journey is a big deal. My City Home Loans is here to offer a guiding light, ensuring a seamless and enjoyable experience for every soon-to-be homeowner.

Get a Pre-Approval.

What if I change my mind?

That’s perfectly fine.

There is no obligation to purchase a home or use a particular loan program, or lender once you have been pre-approved. In fact, pre-approval simply helps to assure you know exactly what’s involved, that you are comfortable in a particular price range, and that you are truly ready to make your move.

The process of purchasing a home is easier when you have financing in place before you make an offer. We’re here to help get you started, and it’s never too early to do exactly that.

Give us a call when you are ready.

Helpful Downloads

Buying Your 1st home The Loan Path

Why should I be pre-approved for a mortgage loan?

In recent years, mortgage guidelines have been tightened. Documentation requirements have been expanded and scrutinized more closely.

A pre-approval is designed to identify your loan program eligibility, purchase price limit, and will help you frame your home search. Many sellers will only consider an offer from a buyer with a valid pre-approval from a trusted lender.

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What advantage will I have once pre-approved?

You’ll be certain about the price range that’s best for you. You’ll know how much cash you’ll need to close, and you’ll know your maximum monthly payment. Understanding your limits will help you negotiate with confidence. Plus, you’ll have an advantage over buyers who may not have been through the process.

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How long is the pre-approval valid?

Your pre-approval is usually good for the “shelf life” of the documents used. These will include a credit report, pay stubs, bank statements, W2’s, tax returns, ect. The usable life of these documents will vary, yet it is usually safe to say that your approval is good for up to three or four months. As long as nothing changes with your personal financial situation, refreshing your pre-approval is quick and easy if it takes longer to find the right house.

get a head start on your pre-approval.

Start gathering your paperwork to get started. Your situation may call for other documents and your loan originator will let you know what exactly will be needed but here is a generic list of documents commonly required:

Most recent 2 years of federal tax returns

Most recent 2 years of W-2s

Most recent 30 days of paystubs returns

Most recent 2 months of bank statements

Top 10 Things to Avoid During the Loan Process.

1.

OMITTING DEBT AND LIABILITIES

Always include all debts and liabilities on your loan application.

2.

JOB CHANGES

Avoid quitting, reducing hours, changing jobs, or becoming self-employed.

3.

CO-SIGNING FOR ANY LOANS

Avoid helping anyone out by co-signing for their loan, credit card, or adding them to your accounts.

4.

MISUSING CREDIT CARDS

Avoid running up balances, falling behind on payments, or opening a new card.

5.

OPENING NEW CREDIT LINES

Avoid applying for or opening any new credit lines.

6.

DEPOSITING LARGE AMOUNTS

Avoid making any large deposits, especially cash before speaking with a loan officer.

7.

CHANGING BANK ACCOUNTS

Use the same bank account your verified at the beginning of the loan process until you close. Try to avoid transfers.

8.

BUYING NEW FURNITURE

Avoid buying furniture or any large purchases until after you close your loan.

9.

BUYING A NEW VEHICLE

Avoid buying a new car with a loan or your verified funds.

10.

SPENDING CLOSING FUNDS

Avoid spending your required minimum closing fund amount or verified reserves.

The Loan Process

We are here to help.

Embarking on the journey of purchasing a new home can often feel like an overwhelming and complex endeavor. We are here to offer a guiding light and Expert assistance throughout this demanding process, ensuring a seamless and enjoyable experience.