See what information you need to provide as well as understand what is involved in our application process. Each step of the application is explained in the video with examples and can be reviewed in chapters to assist you with your application.

See how to order, schedule, and review all settlement services integrated into the process. Learn how ClosEasi Services can save you time and money.

Learn how to fully interact with your consumer Dashboard and manage your transaction with complete transparency. See how information, disclosures, reports, and requirements are displayed for viewing, uploading or execution.

See how to review your Closing Disclosure and all closing documents prior to settlement and learn what to expect when closing. Complete your transaction by signing all necessary documents either in person, digitally or remotely where available.

There are many challenges when purchasing a home for the first time. To help you with the process and to get the most out of the purchase, we have outlined some steps for you to consider before you buy a home for the first time. Once you have registered, please take the time to review both your Consumer Home Page and Dashboard tours, which will explain the functions available to you. Any time you have a question you may reach out to your Personal Assistant who will assist you or guide you through the application, the ordering and scheduling of settlement services or discuss the closing options with you.

Considerations Before You Buy

The first thing you'll need to determine is what are your financial goals and how home ownership fits in with those plans. Are you looking to own your own home? Will you be staying in the area for at least 5 to 7 years? Do you want to maintain your property or do you want to own a home where building maintenance is included? Narrowing down on your homeownership goals will point you in the right direction. Here are some questions to ask yourself and things to consider:

1. What type of home best suits your needs?

   You have several options when purchasing a home: a traditional single-family home, a townhouse, a condo, or a multi-family building with two to four units. Each option has its plus and minus, so you need to decide which type of home will help you reach your goals.

2. What specific features will you look for in your home?

   Create a list of the features you are looking for in your home. You're making one of the most important purchases of your life, and you should try to purchase a property that fits both your needs and lifestyle as closely as possible. Your list should include basic desires, like neighborhood, school district, size of the house, number of bedrooms, number of bathrooms, number of floors, kitchen layout and type of utilities (e.g. gas vs electric).

3. How much mortgage do you qualify for?

   Before you start shopping, it's important to get an idea of how much you can afford in terms of Mortgage, Taxes, Insurance, and any Homeowners Association or Condo Fees per month. It is important to consider not just what you qualify for but what you are paying to live in your home versus renting. EasiLoans has calculators within our Resource Center to help you with these estimates. EasiLoans can also Pre-Qualify you for a Mortgage so you are clear on what you can afford. Simply click the “Apply Now” link on the Tutorial Page to start the process.

4. What type of mortgage best suits your needs?

   There are many mortgage options for you to consider, adjustable rate or fixed rate, conventional or government, 30-year term or 15-year term? Familiarize yourself with the options and see how each fits your goals. Things to consider are how much of a down payment you are making, how long you plan on staying in the home, and how much monthly payment you are comfortable with. You can use Today’s Rates and our calculator to help you determine the best mortgage program for you.

5. Identify your potential down payment.

   Do you have 20% of your target purchase price available for a down payment? That's often considered the industry norm, but there are other options available. If you don't have the funds for a significant down payment, it may not be a problem. There are a variety of loan programs offered at various credit levels. Numerous loan programs offer a low or even a no down payment option for first time home buyers, veterans and active military. It is important to note, however, that most loans that offer the option to place less than 20% down have additional mortgage insurance premiums that will add to the monthly payment. Typically, a mortgage with less than 20% down may require some type of mortgage insurance, also referred to as Private Mortgage Insurance (PMI). Keep in mind that private mortgage insurance will increase your monthly payments.

6. Understand your interest rate, APR, and points.

   With the many financial considerations that go into buying a home, none may be as confusing to first-time homebuyers as the issue of interest rate, points, and APR. The interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. An APR, or Annual Percentage Rate, reflects the costs to borrow for one year including interest and additional fees related to the loan, including points. Points are an upfront fee that is paid to the lender typically to lower the interest rate. Some lenders charge origination charges and refer to that as points. “One point” is equal to 1 percent of the loan amount.

   It is important to review the overall cost of your loan including the APR, rate, any points and fees such as origination and application fees, as well as fees charged for title, closing, and other settlement services. At EasiLoans we can provide a competitive rate without points or fees as well as competitive settlement and closing options to help reduce your overall cost.

   Consider these options carefully, and make use of the many online tools and calculators to help you understand the cost implications of both. We would be happy to walk through our loan programs with you so you understand our pricing.

7. Season your down payment funds.

   Make sure your down payment and closing-cost funds are in your account 60 to 90 days prior to closing on your home. Some loan programs may require "seasoning" on those funds, meaning they have been in your account for a certain amount of time. If you will be using any gift funds from family or friends for your home, be sure to get them prior to when you will need them and be able to document where they came from.

8. Hold off on large credit purchases.

   Large purchases, such as a car loan or lease, may impact your debt-to-income ratio. Changes to this number may affect your ability to qualify for the loan amount you require. Avoid taking out any loans or adding significant debt to credit lines before you try to purchase a home.

9. Who will help you find a home and guide you through the purchase?

   Picking a good real estate agent will help you locate homes that meet your needs, lifestyle, price range, and help you schedule appointments to view the properties that interest you most. Once you've decided to buy a home, these professionals can assist you through the entire purchase process, including making an offer, and completing your sales contract. Immediately upon acceptance, an EasiLoans Personal Assistant will ensure you are notified of the status of your loan request and your mortgage transaction is processed in a timely manner. This includes your application being conditionally approved, they are there to assist you through the ordering and scheduling of the settlement services as well as selecting your preferred closing options. Once final underwriting, all the inspection and services are completed and you have received your final approval, you will be notified that you are clear to close. Your Personal Assistant will then walk through as well as explain any of the documents that you must sign. Our goal is to make the entire process, simple, transparent, accurate, and a stress-free experience for you.

Conclusion

This brief overview should help put you on the path towards understanding the things to consider before buying your first home. Remember that the more you educate yourself about the process beforehand, the less stressful it will be. Being prepared and knowledgeable will ensure you will purchase the house you want, for a price you can afford - with a smile on your face. At EasiLoans we are here to help you with the mortgage, settlement services, and closing options so you are successful in the purchase of your first home.