Prequalification is the first step in your journey to homeownership.
When you prequalify, you are obtaining an estimate of what you may be able to borrow. It can also strengthen your offer to a seller
and the seller’s real estate agent. Prequalification is dependent upon your finances, including credit, income, and other information.
We provide many tools, such as a payment calculator, that will provide a general idea of your monthly mortgage payments, but you should get pre-qualified to get a better idea of the price range of homes to view. Get pre-qualified today!
Each customer has different goals , from the first-time homebuyer to the seasoned homeowner. There are a wide range of loan options to customize to your needs, and you deserve expert advice to help you choose the right loan for your situation. Visit our loan options page to learn more about available programs, and reach out to one of our home-buying experts if you have any questions!
Once you’ve been prequalified and have an idea of what homes are in your price range you can work
with a realtor to view homes for sale. If you need assistance locating a realtor in your area,
your First United mortgage loan consultant can help.
Once you find a home you’re interested in purchasing, you can contact your realtor to draw up an offer and
complete a purchase agreement. The seller has the option to submit a counter-offer, and you may go through several rounds of counter-offers.
After you find a home you are ready to purchase, it is recommended that you review your initial loan application with your First United mortgage loan consultant.
If a significant amount of time has passed since you received prequalification, your credit history, income,
employment or other financial factors may have changed. We may need to collect some updated information and
documents from you.
At this point, if you would like to secure a fixed interest rate, your First United mortgage loan consultant can send
a lock agreement to confirm the terms of the loan and rate.
It is advisable to schedule a home inspection with a professional who will walk you through the property to look for any red flags such as structural damages or other items that need to be fixed. Any major issues must be
addressed before the close of escrow date.
While your loan is being reviewed and processed, First United will schedule an appraisal appointment with the seller’s agent to confirm the value of the home. Unlike a home inspection, that appraisal is a requirement to determine that the home is worth what you are paying for it.
Once we have everything we need, your First United mortgage loan processor will submit the complete file to our underwriting department for approval. Once approved, First United will prepare loan documents for you to sign. Generally, the closing will take 30 minutes to an hour and when you’re done, you’re the proud owner of a new home!
If you have any questions after the loan closes, First United will be happy to assist.