WHAT YOU NEED TO KNOW AS A FIRST-TIME HOMEBUYER

Save for a down payment

This amount you’ll need for a down payment will vary depending on your circumstances and the type of home you’re looking to purchase. Schedule an appointment with a loan officer to see how much or how little of a down payment you might need.

Know your budget

Knowing your budget is critical. Thankfully, Associated Bank offers a fast, easy pre-qualification process. This will help you determine what you can afford for your mortgage. Simply schedule an appointment at one of our many locations and we’ll guide you through the process. No formal documentation is collected, and no underwriting review is completed. You can also use our handy calculator to help you figure out what your monthly payments will be.

House hunting

When you begin looking for a home, start by creating a list of must-haves. This will help narrow your search and save you considerable time by ensuring you only tour homes that match your criteria.

When you’ve created your must-haves list, share your criteria with your real estate agent, or use one of the many home listing websites and apps to see what’s available.

Making an offer

When you finally find your dream home, it’s time to make an offer. There are many considerations that should go into your offer amount, including the strength of the housing market, comparable home prices in the area and home condition.

Getting a home loan

As you proceed with your home search, make sure your financial situation stays the same as when you applied for your pre-qualification. If your employment, income, debts, credit status, or the property type or occupancy type change, your pre-qualification may be affected.

Once you provide us with a signed Offer to Purchase, we will verify the information you provided to us for this pre-qualification letter. This includes, but is not limited to, a full underwriting review of your income, assets, credit report, debts, appraisal, evidence of clear title and other loan documentation.

Inspection and appraisal

Hiring a quality home inspector can help eliminate many headaches down the road. A home inspector will examine the house from top to bottom to make sure there are no problems. The home appraisal will ensure the agreed-upon purchase price matches the real value of the home.

Closing

Closing day is the last step on your homebuying journey. It’s when the funds for your home purchase are transferred from buyer to seller, closing costs are paid, and the home finally becomes yours. It’s an exciting day, but it’s important to come prepared with a cashier’s check, made out to the title company, to cover the closing costs you owe, a photo ID, and the purchase agreement.

Start packing those boxes!