Purchase Guide

Your straightforward guide to homebuying

Understanding the Home Buying Process

Buying a home is a significant investment. Here's a breakdown of the key steps:
  • Pre-Approval: Get pre-approved for a mortgage to determine your budget.
  • Find an Agent: Determine who will help you locate properties and navigate offers and negotiations through closing.
  • Home Search: Find your dream home using online listings, real estate agents, or open houses.
  • Making an Offer: Submit an offer on a property you like.
  • Negotiation: Discuss terms and conditions with the seller.
  • Home Inspection: Hire a professional to inspect the property.
  • Appraisal: A lender will assess the home's value.
  • Compare Options: Review various loan types for the best rates and terms.
  • Apply for Your Home Loan: Submit your application and provide the required documentation.
  • Go Through Underwriting: We evaluate your finances, creditworthiness, and property to determine eligibility.
  • Closing: Finalize the purchase and receive the keys to your new home.

Tips for First-Time Home Buyers

  • Save for a down payment: Aim for a down payment of at least 20% to avoid private mortgage insurance (PMI).
  • Improve your credit score: A good credit score can help you qualify for better interest rates.
  • Work with a real estate agent: A knowledgeable agent can guide you through the process.
  • Set a budget: Determine how much you can afford to spend on a home.
  • Consider location: Think about factors like schools, commute, and amenities.
  • Negotiate wisely: Don't be afraid to negotiate on price, closing costs, or repairs.

Home-Buying Checklist of Items to Prepare

✓ Proof of Income: Pay Stubs, W-2 forms, Tax returns
✓ Proof of Assets: Bank statements, statements for other accounts (Our digital process helps speed up some of these steps!)
✓ Credit Information: Credit report (lender usually pulls this), be prepared to explain anything unusual
✓ Debt and Liability Information: Current debt obligations like student loans, car loans, credit cards
✓ Identification: Governement-Issued ID
✓ Rental History: (If applicable) Proof of rent payment (for first-time buyers or recent renters) 
✓ Property Related Documents: (if already identified) Purchase agreement and homeowners insurance information

If you have any questions about closing or any aspect of purchasing a home, we'd love to help! Connect with an experienced Onity Loan Officer at 1-855-233-9749.