Buying a home is a rewarding experience, but it's also a major financial commitment - especially if you're a first-time buyer. These helpful tips can guide you in making smart choices from start to finish.

Keep your credit looking sharp

Strong credit can help you secure better interest rates and loan terms. In the months leading up to your home purchase, manage your credit with care. Avoid opening new accounts, transferring large sums between bank accounts, or maxing out your credit cards. These activities can lower your credit score and potentially impact your loan eligibility.

Add up the true costs of a home before you buy

The purchase price of a home is just the beginning, Be sure to account for the ongoing costs you'll face after moving in. For example, older homes often come with higher homeowners insurance premiums. If you're buying a condo, townhome, or a home in a planned community, ask about homeowner's association (HOA) fees, which can vary widely.

Don't forget to budget for annual maintenance costs as well - these can add up quickly and vary based on the age, size, and condition of the home.

Get pre-approved for your loan before you shop

While being a pre-qualifed for a mortgage is a helpful first step, getting pre-approved is even more powerful. A pre-approval means your finances have been reviewed by a lender and you've been approved for a specific loan amount. This gives you a clear price range to shop within and shows Realtors and sellers that you're serious, qualified buyer.

Being pre-approved can also speed up the purchase process and give ou a competitive edge when making an offer.

Remember, you’re buying a house – not dating it

It's easy to fall in love with a home, especially if it looks like the one you've always dreamed of. But making such a major purchase based purely on emotion can lead to costly regrets. Before you commit, be sure the home is a smart investment - one that fits your budget and has no major structural issues or hidden expenses.

Get a good education about your new location

If you’re planning to buy in an unfamiliar neighborhood, check out the local public schools before you buy – even if you don’t have school-age children. A property in a sought-after school district may be worth considerably more when it’s time to sell. And if you’ll be driving to work, get up early and test-drive your potential commutes from different neighborhoods before making your choice. You may discover that the shortest commute isn’t the fastest. If you're considering a home in a unfamiliar neighborhood, take time to learn about the area - starting with the local public schools. Even if you don't have school-age children, homes in desirable school districts often retain or increase their value over time.

Also, if you'll be commuting to work, try test-driving your potential route during rush hour. You might find that the shortest distance isn't always the quickest drive.

Can I get my loan approved before I start shopping for a home?

Yes! We offer both pre-qualification and pre-approval services. If you're looking for the fastest route to closing, our pre-approval program helps you get the paperwork out of the way early.

With pre-approval in hand, you'll have a real edge in today's competitive market. Sellers will know you're serious, and you'll be able to focus on finding the perfect home-without financial guesswork getting in the way.

How much house I can afford?

This depends largely on the loan program you choose. There are a wide range of programs designed to fit different lifestyles and needs each with unique rates, terms, and requirements for down payments, credit and income.

Speaking with one of our mortgage advisors is the besy way to narrow your options and determine how much house you can comfortably afford. At AmWest Funding Corp, we'll help you assess your income, credit, debt, and assets. This helps us understand your overall financial picture, including how much you have available for a down payment, closing costs, points, and other fees.

Be sure to ask about local or state down payment assitance programs you may qualify for - they can make a big difference.

Getting pre-approved is the best way to learn which loan programs you're eligible for, and what fits within your budget. We offer pre-approvals at no cost.

What’s the difference between pre-qualification and pre-approval?

Simply put, pre-approval is a more formal and comprehensive process than pre-qualification. Pre-qualification is an informal assessment based on a discusstion on your finances, while pre-approval involves a thorough review and verification of your income, assets, and credit.

With a pre-approval, your lender conditionally agrees to a loan amount based on verified financial information. This gives you a strong advantage in the homebuying process, as sellers, and real estate agents tend to take pre-approved buyers more seriously. In fact, some agents may only work with buyers who have been pre-approved.

Pre-qualification, on the other hand, provides an estimate of how much you might be able to borrow. It's a useful first step to understand your price range and prepare for the next stages.

At AmWest Funding Corp, both pre-qualification and pre-approval can be completed easily over the phone.

How much money do I need to buy a house?

The amount you'll need to buy a home can vary based on the purchase price, the loan program you qualify for, and your personal financial situation. Some loan options may require a low down payment for qualified buyers, including first-time homebuyers and veterans.

In addition to the down payment, you should also plan for other upfront costs such as closing costs, homeowners insurance, prepaid interest, and property taxes.

For a more personalized estimate, we encourage you to speak with one of our incensed mortage advisors.

Is there anything I should avoid doing before applying for a loan?

Yes. To strengthen your chances of loan approval, it's important to maintain financial stability leading up to your application. Avoid making significant changes to your banking or spending habits - this includes opening new credit accounts, making large withdrawals or deposits, or taking on new debt.

You should also avoid changing jobs during this time, as employment changes can complicate the approval process. If possible, consider postponing any career moves until after your loan has closed and you've moved into your new home.

What information may be needed to apply for a home purchase loan?

To help determine what loan options you may qualify for, you may be asked to provide documentation related to your income, assets, and identity. Commonly requested documents include:

• A signed purchase agreement
• Recent pay stubs and two years of W-2 forms for all borrowers
• Federal tax returns (typically the last two years)
• Bank statements (usually the most recent two months)
• Asset statements (such as retirement or investment accounts)
• Government-issued ID (e.g., driver's license and Social Security card)
• A signed loan application and borrower authorization
• Proof of current housing (rental agreement or mortgage statement)
• Additional documents if self-employed (e.g., business tax returns, schedules)
• Other supporting documents as applicable (e.g., divorce decree, child support documentation)

This information helps give an overall picture of your financial profile, which lenders use to assess affordability and eligibility.

Please note that depending on your individual situation and the underwriting process, additional documentation may be requested.

How long does it take to buy a home?

The homebuying process can vary, but it often takes approximately 30 to 60 days from the time your purchase agreement is signed to the closing date. The exact timeline can depend on several factors, including the terms negotiated between you and the seller, the type of loan you're using, and how quickly required documents and inspections are completed.

Keep in mind that individual circumstances may affect the process. Your mortgage advisor can help provide a better estimate based on your specific situation.

This is for informational purposes only and does not guarantee loan approval or specific timelines.

Do I need a home inspection?

While a home inspection ins't required, it is highly recommended. A property may appear to be in excellent condition on the surface, but a professional inspection can uncover hidden issues that could become costly or time-consuming down the road.

A thorough inspection gives you the opportunity to address concerns with the seller, negotiate repairs, or reconsider your purchase altogether. At the very least, it provides peace of mind helping you make a confident, informed decision.

What happens at the loan closing?

At the closing of your mortgage loan, you will likely meet at a designated settlement office, such as a title company or an attorney's office. During the meeting, you will review and sign all necessary documents in the presence of a notary public.

You will also be required to pay any remaining fees at the loan closing. These may include the down payment, closing costs, and other applicable fees. You can typically make these payments in several ways, including:

• Certified Check
• Cashier’s Check
• Wire Transfer to the Title Company

Your loan processor will guide you through the entire process, explaining each step and offering advice on what needs to be done next. Once all fees are paid and the documents are recorded, the property officially becomes yours!

Can I do anything ahead of time to speed up the home loan process?

If you haven't checked your credit reports in the last 12 months, you can obtain free copies from the three major credit reporting agencies at   www.annualcreditreport.com

Carefully review each report and look for any discrepancies or errors. If you find any, request corrections directly from the credit agencies. This will help ensure that our staff can quickly obtain your correct credit score when you apply for financing, helping to avoid delays.