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Purchasing a Home

We have simplified the home buying process into three easy steps below.

 

1. Get Pre-Approved
Bank of Ashland can prepare a prequalification letter for you:

  • To see what price range you can qualify for so you can start looking at homes.

  • If you already have a home in mind and need to have the letter to put in an offer.

  • If you have placed an offer and need the letter to give to the seller

Just click on APPLY NOW and complete the quick web application. This will authorize us to pull a mortgage credit report. Once it is completed and submitted, you can fax/scan your income documentation so we may review the information to get you prequalified.

Once we receive your web application authorizing us to pull a mortgage credit report and proof of your income, we can provide you with a prequalification letter to present to the seller. This will inform them that you would qualify for the mortgage loan to buy the home. Providing a prequalification letter is sometimes required by a seller when placing the offer. It also may assist in the acceptance of an offer.

The credit report and the income documentation are the main factors used in preparing a prequalification letter.

If you have been prequalified and have not found a home yet, the next step would be to start looking for your new home. Once your offer is accepted you/your agent can send us the purchase agreement. We will then set an appointment to meet with the loan officer to go over the loan documents.

If you already had an accepted offer, we will need the purchase agreement so we can prepare your loan documents and set your appointment.

Any additional items needed will be requested to assist with the processing of the file.

The required items needed will then be ordered. Once they are received, the processing is completed and the file will be reviewed by underwriting. Once we have a clear to close the closing will be scheduled.

Final step – you move into your new HOME !!

2. Finding a Home

Choosing a home is one of the most important decisions you will make during your life. Everyone knows the most important thing about choosing a home is location, location, location. Although location is important there are several other things to consider. The following is a list of items that could be considered:  

  • Neighborhood
  • School District
  • What Entity Governs
  • Real Estate Taxes
  • Homeowners Association Dues
After considering these important things you need to think about what you want in a home. We have found the best way to do this is for each new homeowner to make a list of what they want. These lists then need to be combined and prioritized. To simplify this process we have developed the document below to help you.

Once you have found your home you need to contact us to find out what your loan payments will be based on the home’s address. We will provide you detail information of the loan options you have available. This will give you important information as you work to finalize the purchase contract. Once the contract is signed you are ready and you are just one step away from moving into your new home.
 

3. Closing

Bank of Ashland has made closing your loan easy. By completing the simple steps outlined below, you will be in your dream home quickly and easily:

  • Accept address specific contract
  • Complete a signed application from Bank of Ashland
  • Provide most recent paystubs and bank statements
  • Appraisal ordered
  • Obtain insurance
  • Schedule closing with bank/title company