Are you ready to become a homeowner?

Homeownership is the American Dream. Let’s see if you are ready to buy. There are many considerations to think about before you decide to move forward.

Common Reasons for

Buying

Benefits of home-ownership include:

  • Pride of Ownership
  • Mortgage Interest Deductions
  • Property Tax Deductions
  • Potential Equity Growth

The Purchase Process

Once you have made the decision to buy, it’s important to learn everything you can about the home buying process.

  1. Understand Your Finances – Having a sound financial foundation and the money for a down payment are key elements of the home buying process. It is also equally important for you to review your credit report. This will allow you to be aware of and to address any issues on the report before you apply for a loan. A complete understanding of your financial situation will give you a good start in the buying process.
  2. Determine a Down Payment - The type of loan you choose will determine the amount of your down payment. A larger down payment equals a lower monthly mortgage payment. If needed, our Mortgage Professionals can suggest ways to increase the amount you have available, and can help you review additional sources for down payments that you may not have considered. Determining how much money you will need for a down payment enables you to be prepared to buy when you find the right home.
  3. Prequalify - Prequalification assures that you will be ready to buy when you find the right home. A prequalified buyer who is negotiating with a seller is dealing from a position of strength. Our Mortgage Professionals at Gulf Atlantic Funding Group, Inc. are ready to take you to the next level. Let our company help you prequalify now.
  1. Select a Real Estate Agent and Find a Home - Every real estate market is different. An experienced real estate agent can help you find the right home and guide you through the purchase process.
  2. Make an Offer – Once you have found the perfect home, you will need to consider how much to offer, the amount of the loan you will need, the terms of the loan, and when you would like the loan process to be completed--also referred to as "closing." Offers are typically presented by real estate agents. The agent you select will work on your behalf to negotiate with the seller and/or the seller’s agent.
  3. Loan Processing Period - Once your offer has been accepted and the terms of the purchase have been agreed upon, the loan processing period will begin. During the loan processing period, you will work closely with your Mortgage Professional at Gulf Atlantic Funding Group, Inc., to ensure that you will reach the closing table in a smooth and timely manner.
  4. Closing and Funding - Once the legal and financial processes are completed, you are ready for your loan to "close." Closing (also called "Settlement," or in some states, "Escrow") is the date you sign your final paperwork. The designated Settlement Agent will coordinate a time and date that is convenient for all parties to the transaction. Funding will occur when all papers have been signed, all conditions have been met, and the Seller and other parties are paid.
  5. Move-In - Once all contracts have been signed and the loan has funded, you will receive the keys to your new home. Whether you intend to move in immediately, or do work to prepare it for you, congratulations are in order. The home you have chosen is now officially yours!