Purchase Guide

Your credit score is based on several factors, including how much debt you have, your credit history and whether or not you pay your bills on time. Your credit score can affect whether or not you’ll meet the requirements for a mortgage loan and, if so, what types of loan programs you will qualify for. You can find out about your credit score by obtaining your credit report:

• During your initial pre-qualification or application

• You can obtain a free credit report once per year from www.annualcreditreport.com

Red Oak Mortgage’s pre-approval program offers you the ability to know what you can qualify for. Click here to Get Pre-Approved Now at no cost or obligation.

Once you are pre-qualified for a mortgage and are in a stronger position to shop for a home, connect with a real estate agent who knows your market.Using online resources, shopping for a home has never been easier. When you are shopping for a home, you may want to consider not only the price and location but also the school systems, safety of the neighborhood, and access to services such as medical care.Once you select a property, you will make an offer and negotiate with the seller on a final sales price. It’s likely the seller will take your offer more seriously because you’ll have a pre-qualification from Red Oak Mortgage.

You can apply for a mortgage once you have selected a property. The actual process of applying for a mortgage requires reading, signing and supplying a number of documents. Red Oak Mortgage wants to make the mortgage process as easy as possible! If you’ve already pre-qualified with us, then there’s nothing left to do except tell us that you have a contract! If you haven’t, please click here to Apply for a Purchase.

Once we have your loan in process, we will obtain an appraisal of the property. If you are working with a real estate agent, they may recommend service providers for a home inspection.

Once your loan is approved and your appraisal and inspection are satisfactory, it’s time to prepare for closing. Your Mortgage Consultant will guide you through this exciting time. One of the biggest risks to closing on time is a change in your finances. Avoid opening a new credit card account, buying a car or making any other large purchase without speaking to your mortgage consultant first. Moving isn’t fun, but your real estate agent and mortgage consultant will guide you the entire way, helping you with new utility providers, references for qualified movers, and any other services you may need.

Although it only takes about an hour, we suggest you set aside a bit more time to be sure you clearly understand what you are signing. Generally, it’s required that you attend the closing in person and bring a government-issued photo ID and the funds to close (generally in cashier’s check). You won’t be alone! All closings are handled by a licensed settlement agent, and in many cases your attorney will be present at your purchase as well. Also, the seller and real estate agents are likely to join you.

You’ll feel great when you get your keys and unlock the door to your new home!