Roadmap to Homeownership

  • 1

    Prepare To Buy A Home

    Feeling ready to buy a new home? The real question is: are you financially ready for home ownership? Ask yourself these questions before heading into the home buying process:

    • Is my income stable?
    • Am I able to put a small percentage of my income into my savings each month?
    • Is my monthly debt manageable?
    • Do I have a good credit score?
    • Is my savings account already in place, and do I have enough set aside to pay a small down payment?

    Did you answer ‘yes’ to most or all of these questions? If so, you are likely ready to jump into the home buying process.

  • 2

    Know Your Options

    Total Quality Lending can provide the following loan options to qualifying buyers:

    Total Quality Lending is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency.

    If you have any questions about one or more of the home loans listed above, contact a member of our team who will be happy to assist you.

  • 3

    Get Approved

    Once you decide which loan is best for you, one of our loan officers will be in touch to get your application started. This step is one of the most important in the process, as we’ll be reviewing your financial documents to see if you qualify. We will need access to your household income, current assets, outstanding debt, and overall credit score.

  • 4

    Work With An Agent

    If you are approved, we will then recommend a real estate agent who can help you find your dream home. Before starting with the agent, make sure you have a relative budget, list of neighborhoods, and nearby amenities you would like to see from the home.

  • 5

    Discover Your New Home

    Feeling overwhelmed at the thought of finding the perfect home for you? Here are a few things to keep in mind when starting the home search:

    • The neighborhood
    • Local schools
    • Your potential commute time
    • The nearby amenities
    • The price
    • The number of rooms/bathrooms needed

    If you are still having trouble, contact either your real estate agent or loan officer for help!

  • 6

    Make An Offer

    Found your dream home? It’s time to make an offer on the property. Your agent will be able to help guide you through the tricky negotiating process.

  • 7

    Almost Closing Time

    Not so fast! Three things need to happen before you can close on the home:

    • Get a home inspection

      You will need to find an inspector to double check that the home is in good condition. This step is important to determine the fitness of the property and if any costly repairs may be needed.

    • Get an appraisal

      Once you’ve received the home inspection, plan accordingly for an appraisal. This step is essential to make sure you have an accurate evaluation of the market value of the property.

    • Get an underwriting approval

      During this time, our team will work on underwriting your loan. This simply means we will verify your financial status in order to give the loan a final approval.

  • 8

    Closing Time

    Finally! Once these three steps are complete, it’s time to close on your new home. You will perform one final walk through of the home to ensure everything looks good, and our team will walk you through the Closing Disclosure document to ensure all financial details are in order. These are the documents we will need from you:

    • A government-issued ID or driver’s license
    • Available funds in the form of a bank check or wire sufficient to cover the down payment and any unpaid closing costs
  • 9

    Manage Your New Loan

    Once you’ve moved into your new home, you can maintain your monthly mortgage payments or potentially adjust your monthly payment plan, if needed. If you ever have trouble making a payment, contact our team and we will be happy to assist you.