If you are serious about home ownership, it is time to start looking now. This checklist will help you prepare for all aspects of the home buying process.

 FIRST AND FOREMOST, CONNECT WITH YOUR MORTGAGE LOAN PROFESSIONAL.

A mortgage loan professional will review and discuss your individual needs and expectations. They will explain the home buying process to you in detail and assist in evaluating the various loan programs and products available. There are many financing options available in the mortgage world, so having the right mortgage professional will ensure you get the right mortgage rate and program for you and your wallet.

 QUALIFY FOR FINANCING TO GET PREAPPROVED.

Luckily, when you speak with a mortgage loan professional, it is fairly easy to get prequalified and more importantly a PREAPPROVAL for your home loan. The main aspects evaluated in the preapproval process are income, assets and credit worthiness. Once those items are evaluated, you will learn the estimated monthly mortgage payment that you qualify for.

 LOOK AT HOMES WITHIN YOUR PRICE POINT.

The estimated mortgage payment, along with any down payment, are considered in determining the price range of the home you may qualify to purchase. Your time is valuable. You will want to spend it looking at homes that you know you can afford and are pre-approved to purchase.

 EMPLOY THE SERVICES OF AN EXPERIENCED REALTOR.

The home buying and selling process is a contractual agreement and a Realtor is a licensed professional that can guide you through that process. The process and negotiations that are involved are greatly streamlined when you take advantage of using a Realtor. While many buyers often believe they might be getting a better “deal” when working independently, unfortunately, in many instances, that is not the case. Generally, the resources that the Realtor has access to will help you to get a better deal.

HOW LONG IS THE PROCESS?

While each home purchase is different, most industry experts say the process can take anywhere from 4-6 months. This includes the timeframe from when you first start the home hunting process until you finally close on the purchase. The actual formal, financing process will usually take about 30-45 days.

Remember, utilizing the services of a Notre Dame FCU mortgage loan professional in combination with a licensed Realtor will almost always make the entire process a much more positive and enjoyable experience. Visit NotreDameFCU.com/HomeLoan to hear what our Members have to say.