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Freestone Mortgage

Home Buying Guide

Updated: Nov 15



Steps to Buy a Home:

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Pre-Qualify for a Loan:

What is pre-qualification?

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What are the benefits of pre-qualifying today?

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Understanding Your Credit Report:

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Check your own credit score before meeting with a lender.

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Verify report for accurate information.

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Paying down high credit balances may positively affect your credit score.

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Set up payment plans.

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Meet Your Licensed Loan Originator:

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Estimate Your Expenses:

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When budgeting to plan for a mortgage, a loan originator will help you include:

  • Monthly bills

  • Estimated property taxes

  • Estimated homeowner’s insurance

  • Estimated private mortgage insurance (PMI)

  • Living costs

  • Potential Homeowners Association fees

  • Closing Costs & Down Payment

Get Pre-Approved for a Mortgage:

Pre-Qualification

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Pre-Approval

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Find The Right Realtor:

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Avoid Dual Agents.

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Interview several agents before choosing one.

You may consider asking them a set of similar questions:

  • How long have you worked in real estate?

  • Is this your full-time job?

  • Have you sold homes in the area I am interested in before?

  • How many sales in this area have you done?

  • How many sales have you done in the last year?

  • Will you be present for the closing of my loan?

Start House Hunting:

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Location is key!

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Be aware of the condition the home is in.

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Start The Loan Process:

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Gather all necessary identification and paperwork

Identity & Income Information​

  • Your full legal name, Social Security number, and date of birth. A copy of your Social Security card may be required.

  • Your phone number, email address, and residential mailing addresses for the past two years.

  • Your primary and secondary income and sources.

  • Your government-issued photo ID.

  • All employer names, addresses, and phone numbers for the past two years.

  • The values of your bank, investment, and retirement accounts, as well as any other asset accounts.

  • Your monthly debt obligations.

  • The address of the property being purchased, year built, estimated down payment amount, and purchase price.

  • Estimates of annual property taxes, homeowners insurance, and homeowner association dues (if any).

Income Information for Self-Employed Borrowers

  • Your personal and business federal tax returns for the past three years.

  • A year-to-date profit and loss statement.

  • A complete list of all business debts.

Credit Information

  • A letter of explanation for any late payments, judgments, collections, or other derogatory credit history items.

  • Source of funds documentation for any large deposits on asset or bank statements.

  • The judicial decree or court order of each obligation due to legal action.

  • Bankruptcy/discharge papers for all bankruptcies in your credit history.

  • Payment histories for utilities, cable TV, internet, phone, auto insurance, and any other expenses.

Income & Tax Documentation

  • IRS Form 4506-T — request for tax transcript; must be completed, signed, and dated.

  • Your W-2s for the past two years.

  • Pay stubs for the past 30 days.

  • Your federal tax returns (1040s) for the past two years.

  • Your most recent two months’ asset and bank statements for all accounts on your application (all pages, including blank pages).

  • A written explanation if you have been employed less than two years or if employment gaps exist.

  • A purchase contract signed by all parties.

  • Homeowners insurance information, including the agent’s name and phone number.

These documents may not be all-inclusive, but by having these on hand, you will expedite the application.

Submit your application

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Review your Loan Estimate

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Review your Good Faith Estimate

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Clear any additional requests from underwriting

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Review your Closing Disclosure

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Make Your Offer:

You may want to keep several factors in mind:

  • The asking price of the home

  • Recent home sales in the area

  • Market conditions

  • Prospective resale value

  • Satisfaction with the neighborhood and amenities

  • Condition of the home

  • How many other prospective buyers are interested

  • If you have a backup home in mind

After the Offer is Accepted

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Get A Home Appraisal:

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Take the Time to Get Commitments in Writing

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Set Closing Date, Time and Location:

Bring along any co-applicants and your realtor if desired. Be prepared for several things:

  • Review the final documents. Ensure all details are correct.

  • Bring a cashier’s check. Cover closing costs and down payment.

  • Sign the loan documents. Have photo ID ready.

If You Currently Have an Apartment, Condo, or House Lease

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Receive Your New Set of Keys

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Guides and Resources:

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Are You Ready To Buy A Home?

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I Want To Buy A Home and I …

  • Want stability in payments & rate

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  • Want a low interest rate and predict rates will stay low

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  • Want a property that needs renovations/improvements

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  • Want a luxury/high-priced property

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  • Am a Veteran

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  • Am looking for a low down payment

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  • Want a home in a rural area location

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If you're interested in learning more about Loans, Contact Us.


The information provided in this blog post is for general informational purposes only and does not constitute professional financial advice. Freestone Mortgage LLC makes no representations or warranties about the accuracy, completeness, or suitability of this information for your specific situation. Mortgage refinancing options and outcomes can vary greatly depending on individual circumstances, market conditions, and regulatory changes. Before making any decisions regarding mortgage refinancing, you should consult with a qualified financial advisor or mortgage professional to obtain personalized advice. Freestone Mortgage LLC is not liable for any losses or damages arising from the use or reliance on the information provided in this blog post. All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction

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