Basics of Buying

Follow these helpful tips when applying for a mortgage to help make the process go smoothly.

Buying a Home? Here are the basics.

If you know what to expect – and you have a knowledgeable team of real estate and mortgage-lending professionals to assist you – finding and financing your first home can be an exciting and rewarding experience.  Here’s what you need to know:

Obtain a mortgage preliminary approval before you begin house hunting.

•  Learn how much home you can purchase.
•  Strengthen your bargaining position with sellers.

Work with your real estate agent to find the right home.

•  Determine your needs and create a wish list of desirable features.
•  Take notes as you preview homes using our house hunting checklist.

Make a purchase offer.

•  Your real estate agent presents your offer to the seller, who will then choose to accept, counter or reject the offer.
•  When the price is settled, you and the seller sign a Purchase Agreement, defining the terms of the sale.

Complete the loan application process.

If you have already obtained a mortgage preliminary approval, contact your lender and let them know you have a contract on a home. Your mortgage consultant will update your loan application and help you to proceed with the home financing process.

Have the home inspected.

If you choose to have a home inspection, hire a professional home inspector after the offer has been accepted to provide an in-depth look at the basic systems of the house, which can reveal any safety hazards and give you a chance to reconsider the deal.

The home will be appraised.

An appraisal, required by your mortgage lender, is a formal, written estimate of the home’s current market value.

Obtain title insurance. (where applicable).

Title insurance guarantees the property you are purchasing is free of liens or confusion in rights of ownership, and it also insures against any losses to the property that result from defects in the title or deed.

Close on the property.

•  A closing agent coordinates and distributes all the paperwork and funds.
•  Ownership of the property is transferred.

And you become the proud owner of your new home!

Whatever your home financing needs, we are ready to help with a broad range of programs and services.

Contact your local mortgage consultant with any additional questions!

*Not all borrowers will qualify

*Not all borrowers will qualify

More Loan Types

Fixed & adjustable rate mortgages
These are two of the most popular loan types when buying a home or refinancing your mortgage.
Learn more
FHA and VA mortgage programs
Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans are popular homebuyer...
Learn more
FHA streamline
Allows qualified borrowers to refinance a current FHA mortgage loan to a lower interest rate more quickly and ...
Learn more
VA loans
As a servicemember or veteran of the United States military, your duty has been to support and defend our ...
Learn more
Rapid Close ™
RAPID CLOSE is Prosperity's trusted platform for closing loans fast. Powered by Notarize, RAPID CLOSE allows ...
Learn more
Uplift
Our Uplift program ensures all FHA and VA qualified customers receive low rates and fees, which will reduce ...
Learn more
USDA Loans
Offers eligible borrowers in rural areas with no-down-payment financing options. These loans must meet certain criteria.
Learn more
Jumbo (Non-Conforming) Loans
Provide financing for loan amounts higher than the maximum conforming limits set by Fannie Mae and Freddie Mac.
Learn more
FNMA HomeReady ™
FNMA HomeReady™ by Fannie Mae is designed to help qualified borrowers in designated low-income, minority, and ...
Learn more
First Time Homebuyer Loan Options
Great news! With the many options now available for qualified buyers, you may be able to buy a home sooner...
Learn more
Low Down Payment
Qualified first-time home buyers may be able to get a conventional loan for as little as a 3% down.
Learn more
FHA Streamline
Allows qualified borrowers to refinance a current FHA mortgage loan to a lower interest rate more quickly and ...
Learn more
USDA Loans
Offers eligible borrowers in rural areas with no-down-payment financing options. These loans must meet certain criteria.
Learn more
3% Down First Time Homebuyer Program
Is your savings account standing between you and homeownership? We may be able to help.
Learn more
The Buyer Advantage
Getting pre-approved for a mortgage is a great place to start when buying a home, but if you want your offer to ...
Learn more
Lock, Shop & Home
We understand rising interest rates are a concern while searching for a home, but our Lock, Shop & Home program may ...
Learn more
BorrowSmart - Low Down Payment Program
You may qualify for up to $1,500 in down payment and/or closing cost assistance!
Learn more
Real Estate Investor Loan Programs
Let us help you reach your real estate investment goals with a variety of different programs.
Learn more
Good Neighbor Next Door
Contribute to the revitalization of your community while becoming a homeowner.
Learn more
Wedding Gift Funds
Planning your wedding or just married? Congratulations! If you’ve decided the next step in your life together will ...
Learn more
The Buyer Advantage
If you know what to expect, finding and financing your first home can be an exciting and rewarding experience!
Learn more
Calculate Your Mortgage Payment
Find out what your monthly payment will be with applicable finance charges, PMI, hazard insurance, and property taxes.
Learn more
Basics of Buying
Follow these helpful tips when applying for a mortgage to help make the process go smoothly.
Learn more
Things to Provide: Document Checklist
Use this handy checklist to gather documents for your home loan.
Learn more
Mortgage Process Roadmap
Wondering what to expect from start to finish when it comes to obtaining financing for your mortgage? Find out below.
Learn more
Understanding Your Credit Score
Learn about the 5 components that determine your credit score and how to manage it.
Learn more
Mortgage Glossary
Not sure what appraisal, escrow or private mortgage insurance are? Find out about these mortgage terms and more.
Learn more