The Home Buying Process

For most people, a home is the biggest purchase they’ll ever make. Knowing that, we ensure that you’re walked through the process carefully. When questions pop up, we’re here to answer them. When you have concerns, we address them. At Field & Main, we’re interested in building a relationship with you, whether you buy a home or not.

Review Your Finances and Determine Borrowing Power

We recommend that you schedule an appointment with one of our mortgage lenders. If you’re ready to be prequalified, we will go over your credit report with you.

Our process for reviewing your financial situation includes:

Reviewing your credit report thoroughly for accuracy.
Resolving any inaccuracies or outstanding issues.
Reducing the percentage of available credit currently in use, if possible (pay down other debt).
Gaining an understanding of your debt-to-income ratio. (A good rule of thumb: Your future housing payment totals no more than 35% of your current monthly gross income, and if you have other long-term debt, your total debt does not exceed 40% of your current monthly gross income.)
Using our mortgage calculator to estimate your borrowing power.
Determining the amount you may have available for a down payment.

Once you’re prequalified, we will issue a letter to you stating the maximum purchase amount you qualify for.

Put an Offer on a Home, and Proceed to Closing:

Once you have a sales contract on the house you plan to purchase and all other necessary steps have been completed (such as inspections, appraisals, etc.), we will proceed to closing. Depending on the situation, the buyer, seller, lender, Realtors and attorneys may all be in attendance. Be sure to bring the following to closing:

A cashier’s check (if not using a wire transfer) to cover any applicable down payment and closing costs
Valid photo ID

Celebrate

Once all the paperwork is signed, you’re a homeowner! As you leave the closing, you will receive:

A copy of the loan and title company documents you signed
Keys to your new home

To get started, meet with a Field & Main mortgage lender. We can help get you prequalified. This takes the guesswork out of shopping for a home because you will know your target price range. If you aren’t currently a client at Field & Main, we may ask to meet you in person. We want to get to know you!

Typically, a pre-qualification meeting lasts about thirty minutes. We can often tell you the same day what type of loans you qualify for.

After you’re prequalified, you can start shopping for a home. Make a list of all the “must-have,” “nice to have” and “cannot have” features that are important to you, and share this information with your real estate agent.

When it comes time to make an offer on a home, your real estate agent will guide you through this process. It typically starts with submitting a formal offer to the sellers or their agent. This letter would include the amount of your offer and any conditions you’d like to include. Before you make an offer, you will want to make sure the asking price is in line with other homes in the area. You’ll also want to consider the current condition of the home. Is it “move-in ready” or will you have to make substantial improvements? If the home needs major upgrades or has been on the market for a long time, you might consider submitting a lower offer. A good real estate agent will know this process well and can guide you with expertise.

A fixed-rate loan has one interest rate that stays the same throughout the term of the loan, while an adjustable-rate loan can change over time. Adjustable-rate mortgages (called ARMs) are popular because they offer low rates in the beginning. However, borrowers should consider how a higher monthly payment would impact their budget if the rate rises. When deciding between these loans, it’s important to consider the length of time you plan to stay in the home. A Field & Main mortgage lender can help you decide which is right for you.

Closing costs are various items that you have to pay for at closing. These can include appraisal fees, title insurance fees, attorney fees, pre-paid interest and documentation fees, among others. The fees can vary depending on the type of mortgage and your location. We will make sure you receive a good faith estimate of closing costs within three days of application.

In some cases, the seller will pay closing costs. You can also consider alternative closing cost options.

Once the deal is negotiated, homeowners are eager to move in right away. But typically it takes around four weeks from the time you apply for your loan until the time that you close on your house. Field & Main works with in-house underwriters to move the process along as quickly as possible.

The quicker you supply any documentation requested by your lender, the less likely it is that the process will be delayed.

We don’t think so. One of the biggest benefits of working with Field & Main’s mortgage lending team is that you are our friends and neighbors and we make sure you have a great experience every step of the way. Our rates and terms are competitive—but our service is out of this world. With local underwriting and personal attention from our expert mortgage lenders, we can offer so much more than a big bank.