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SAFE offers local lending for existing homes and newly built homes. On this page, we’ll walk you through the homebuying process and the benefits for each option, so you can decide which option is right for you. Whether you’re financing your first home or your next move, we take care of your needs to make sure you have the right financing to close on your perfect home.
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Our SAFE Mortgage Team has an excellent record of personalized service because we're all about you. YOU are the star of the show.
Meeting with one of our SAFE Mortgage Officers is the first step in starting your homebuying journey.
Tip: To prepare for your initial meeting, bring your income and asset information with you. Bring items like paystubs, W-2s, bank statements, investment statements, and retirement statements, just to name a few.
If you want, you can use our online Home Financial Calulator to get an idea of how much house you can afford. This is only an estimate. When you meet with a Mortgage Officer, you can get a more accurate assessment.
We’ll be with you every step of the way to your new front door. Each step of the process for existing homes is outlined below. We’ll also call out the differences in the process for newly built homes within a home builder development.
Our initial meeting provides you with a prequalification evaluation, so you can get an estimate of what your current homebuying power is based on the financial information you provide your Mortgage Officer. You’ll also learn if there’s anything you can do to better position yourself, and what the best home loan options will be for your situation and priorities.
We’ll guide you to get ahead of your credit, debt, and savings, so that you’ll have a bigger homebuying budget when it comes time to officially get preapproved, which happens once you are ready to put an offer on a home. A preapproval is a more official step that requires the SAFE Mortgage Underwriting Team to verify your financial information and credit history.
Note: In some situations, prequalification is all that is required. In other instances, you will need to be preapproved.
For a preapproval, we take a few factors into consideration.
Your credit score determines eligibility for a mortgage and influences your mortgage rate. The higher your credit score, the lower your interest rate. Check out these tips on how to improve on any of the 5 factors of credit that may be weighing your credit score down. Here are a couple of favorite apps that help you monitor and manage your credit score. Dovly Credit Karma
Your debt-to-income ratio (DTI) shows the percentage of your monthly gross income that goes toward debt repayment. This includes credit cards, auto loans, student loans, and other loans. You don’t have to be debt-free to purchase a home, but less debt can increase purchasing power.
Conventional loans require at least 3% to 5% down. You’re also responsible for closing costs. If you don’t have enough cash, some mortgage programs allow you to use other funds such as gift funds and investment accounts to cover all or a percentage of you mortgage-related expenses. If you need a little extra help with your out-of-pocket costs, ask your loan officer about your options.
We want to make sure you’ll be able to afford your home, so it’s important to provide proof of income, whether you are self-employed, work for an employer, are retired, have a new job, or are in another unique situation. Ultimately, our underwriter is looking for consistency of income over time. SAFE has several programs that may support your situation.
When you work with a home builder, they need extra assurance that you can afford the home they are building specifically for you.
There are instances when you may need to be preapproved twice. Once by the home builder’s internal lender, and once by SAFE, if you’d like us to be your local lender for your newly built home.
Most often, a home builder will have referred you to SAFE because we’ve established a trusted, preferred lending relationship with them. In this case, you’ll only need to be preapproved by SAFE.
You may have thought this would be the first step, but knowing your price range is a big factor that will help guide your agent to find your perfect home. Finding a reliable and experienced Real Estate Agent is critical to the homebuying process.
A good agent can help you navigate the local real estate market, identify homes that meet your needs and budget, and negotiate the best possible price and terms on your behalf.
To find a trusted realtor, get recommendations from friends and family or find a good fit for your through our partnership with Newzip. Members who work with an agent within their network can save thousands on closing costs* with SAFE HomeRewards.
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Having your own Real Estate Agent is optional when working with a home builder. The builder will typically have their own Realtor you can work with directly. They will be able to answer your questions regarding the homes and lots available in that development.
Within the current market, having your own Realtor may be beneficial. There may be room to negotiate on a newly built home, especially if you’re looking at their existing inventory that’s already built and move-in ready.
Once you have a Realtor, you can start searching for homes that meet your criteria, together. Ask them to create a weekly automated list of homes available within your price range for the size of home you’re looking for in your specific neighborhoods of interest. If there’s a home that catches your eye, ask your Realtor to make an appointment for you to view the home together.
You can also use online real estate websites to search for homes, attend open houses, and drive through neighborhoods to get a feel for your favorites. Stay in touch with your agent throughout the process, so they’re ready to help you make an offer when you find “the one.”
Searching for homes that aren’t built yet may sound a little tricky. But typically, a home builder has secured a development and will have open houses with model homes. Keep an eye out for Grand Opening signs for new developments, usually on the outskirts of your desired town or city. If you want to search online, type in “new home builder + city name” to get started.
When you’ve found “the one,” the next step is to make an offer. Your Realtor can help prepare a competitive offer including your price, contingencies, and any other terms you want to include.
You’ll also need your SAFE Mortgage Officer to write up a preapproval letter for the sellers and their agent, which can give you a competitive advantage. A preapproval letter lets the seller know that both you and the lender are serious and may increase your chances of your offer getting accepted.
Additionally, you’ll need to submit check with your offer. This is called “earnest money”, typically between 1% to 2% of the sale price, saying, “I’m a serious buyer.” The seller doesn’t pocket the money. The funds are held in an escrow account, and either returned to you at closing or applied to your closing costs and/or down payment. If the contract falls through, this amount may be refundable, depending on the contract.
For a newly built home, you’ve already established a preapproval. So at this point, it’s more of a conversation with the home builder’s agent to determine the availability of the home that best fits your needs and budget. Builders release homes for sale in small groupings. If there is not a home in the current release that fits your needs, you can get on a wait list by placing a “lot hold” deposit with the builder. This will reserve your place in line and give you priority once the home is released for sale.
Most home builders will require a deposit between 2-3% of the sale price which will also be held in escrow. Those funds can be used toward upgrades you choose or be applied toward your closing costs or down payment. If the contract falls through, typically the amount is not refundable, depending on the contract. So be sure to read through the purchase contract!
Builders may be open to an offer but typically not unless they have standing inventory. Be sure to ask about any incentives they may be offering. These can include discounts on the price of the home or cash credits to use to toward closing cost or design center options
After your offer is accepted, you will be able to lock your interest rate and start the processing of your mortgage loan. During this time, you will receive your initial disclosures. Your Mortgage Officer will ask you for the purchase contract and updated documentation (if applicable).
At this point, they will also order the appraisalvaluation of property, such as real estate, a business, collectible, or an antique, by the estimate of an authorized person. This is an upfront fee so make sure you are prepared. Some loan programs allow for an appraisal waiver. The lender uses an appraisal management company that will select the appraiser for you.
Work with your Realtor to schedule a property inspectiona limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Inspections can identify any issues or problems with the home that need to be addressed. If the home inspection comes back with issues, you may be able to ask the seller to fix, pay for repairs, renegotiate the sale price, or even cancel the contract. Other inspections that your agent may advise on getting are optional but highly recommended. Each inspection usually cost a few hundred dollars. In the long run, these inspections will give you peace of mind knowing exactly what you are walking into.
After a complete review by a Loan Processor who works in partnership with your Mortgage Officer, your application will move to underwriting for final approval.
After you are in contract, the home builder’s agent will start scheduling appointments for you to meet with the design team to design your new home. You’ll receive your initial disclosures and may be able to lock in your interest rate depending on when your closing date is. SAFE offers extended lock programs.
Depending on when your home will be completed, the mortgage process will typically start 60 days from your close of escrow date. Once you are 60 days away from your close of escrow, SAFE will start processing your mortgage loan. The SAFE mortgage team and home builder will work together to ensure the appraisal is ordered at the right time and to gather the final sales price (after choosing your upgrades and options). The Mortgage Team will gather updated documentation and will move the application to underwriting for final approval.
The city or county signs off on each step of the building process, so in this case, there’s no need for an official home inspection. The builder will invite you to visit your new home for two walkthroughs:
Two appraisals are done.
You are finally on the home stretch. This involves signing final loan documents, paying down payment and closing costs, and transferring ownership of the home to you. Your Real Estate Agent and your SAFE Mortgage Officer will stay in close communication to make sure everything is in order before you sign on the dotted line. You will sign all documentation with a Title Company.
For closing costs and down payment, you can pay by wire or cashier’s check. SAFE will provide a Closing Disclosure (CD) with closing fees a few days before your home is schedule to close. The Title Officer will also let you know specifically how much, when, and how to pay.
Remember how we talked about your two walkthroughs? During your first walk, you will sign your loan documents that day.After your second walk about a week later, you are ready to close, and you’ll get your new keys in hand!
California is a beautiful state with a diverse range of cities and neighborhoods, making it a popular choice for homebuyers. However, the state's competitive real estate market can make the homebuying process challenging. In this video, we will provide tips for homebuying in California to help you navigate the process and make an informed decision.
Purchasing a home can be an exciting and significant milestone in your life. However, it can also be a complicated and overwhelming process, especially in California's competitive real estate market. To help you navigate the home buying process and obtain your dream home, here is a buyer's guide to purchasing your first home in California.
One of the most significant decisions you will make in your life is choosing between buying a new home construction or an existing home. Both options have their advantages and disadvantages, and it is crucial to weigh them carefully to make the best decision for your needs and preferences. In this video, we will compare and contrast the pros and cons of each option.
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*Home buyers who utilize Newzip's agent matching service will receive HomeRewards in the form of credit at closing equal to 0.5% of the home sale price. Home sellers who utilize Newzip's agent matching service will save 1% in the form of a pre-negotiated agent listing fee of 2%.
SAFE is proud to provide HomeAdvantage, an exclusive member service that simplifies the process of buying or selling a home by connecting you to a network of experienced and trusted real estate agents! Best of all, the service is absolutely free to use.
Our trusted partner, TruStage® Insurance Agency, LLC, is committed to helping you find the coverage to fit your needs, at a price that's right for you. For more information on the full range of insurance products TruStage has to offer, or for an instant quote, please visit:
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