Navigating the Mortgage Process when Purchasing your First Home

Searching for your first home can be an exhilarating, yet overwhelming time in your life. If you are having trouble with where to start, you are not alone.  With some guidance and organization, German American can help you be on your way to owning your first home. Here are some simple steps to get you started.

Step 1: How much can I afford?

The first question is what is your budget and how much can you comfortably afford? Don’t worry, you don’t have to guess or pull this answer out of thin air. German American has an array of helpful tools such as our Home Loan Calculators as well as the Pre-Qualification Process on our website.

By completing a Pre-Qualification application, you will save yourself the aggravation of not knowing how much you can afford. (No one wants to find their dream home and realize that it is not in their budget.) The Pre-Qualification process will ask you questions of your current income, loans, and will also pull your credit history. This snapshot of information ensures that a comfortable budget and loan amount will be proposed for you and your family, so you can shop for a home with confidence.

After you press submit on this application, you will be contacted by a German American Mortgage Loan Originator, who will contact you to answer your questions and help you take the next step.

Below are a few of our Home Loan Calculators:

How much Home Can I Afford?

Mortgage Calculator

Loan Comparison Calculator

Step 2: Find your First Home

Patience is key in this part of the process. We recommend finding a realtor that you feel comfortable with in the search for your new stomping grounds. If you are new to the area, we would be happy to recommend a realtor to you. After you find the home that is right for you, you will contact your German American Mortgage Loan Originator to then apply for your home loan. During the searching process, please feel free to contact us with any questions that you may have.

Step 3: Closing the Deal

We want you to feel confident in taking this step to purchase your first home. This step will include an appraisal, possibly counter offers, closing costs, and additional discussions of terms and conditions. Guiding you through the closing process and discussing individual aspects of your buying terms and conditions, our experienced team of lenders will ensure you lock in the rate and loan that you feel is best fit for your needs.

We are excited for you in this new chapter in your life. With the right home and our mortgage lending expertise, you will be suited with a home loan that ensures you will make many memories in your new home. If you have any questions, feel free to contact us.

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