Six simple steps to home ownership for first-time home buyers
At American Bank, we know that the home buying process can be a bit overwhelming - especially when you are a first-time home buyer!
When you choose a lender at American Bank, you can rest assured that you will have a partner walking you through all the steps necessary to become a home owner.
Don't be overwhelmed with the home buying process, work with a friendly and knowledgeable lender at American Bank and follow the six easy steps below!
Step 1 - Start the application process
You can do this online at your convenience or by stopping in to one of American Bank's three Beaver Dam locations, or our office in Necedah.
Once your lender receives your application, you can make an appointment when its convenient for you, including evenings and weekends to meet one-on-one with your dedicated lender. To contact one of our friendly and knowledgeable lenders, visit Our Lenders page.
Based on your unique situation, our lenders will be able to answer questions such as:
- How much can I afford?
- Do I need a down payment?
- What role does my credit score play?
- How will a mortgage compare to a rent payment?
Step 2 - Pre-Qualification
If you provide your lender with a W2 form or tax return, past bank statements and current pay stubs, our lenders will be able to give you a pre-qualification letter after your first meeting.*
This letter will give your realtor the assurance you've met with a lender to discuss how much you can afford. It also helps avoid surprises for you later in the home-buying process.
Step 3 - It's time! Contact a realtor.
When you're buying a home, just like it's important to find the right lender, it's as equally important to find the right realtor. Work with someone who knows exactly what you're looking for in an ideal home - and in your price range.
Step 4 - Make an offer
When you find the home that's perfect for you - make an offer.
Work with your realtor at this stage to not only negotiate on the price of the home, but also on items such as who will be responsible for the closing costs - you or the seller.
Step 5 - The finishing touches
Once your offer is accepted, a copy will need to be provided to your lender. You'll also need to let him or her know which loan program you've chosen based on the options provided to you during the first meeting in step one.
After that, an appraisal will be ordered to ensure the loan amount is appropriate.
Step 6 - Closing
CONGRATULATIONS - you are now a home owner!
Rest assured, you can complete this process easily at American Bank, because the team of friendly and knowledgeable lenders will be with you every step of the way.
*All loans subject to credit approval