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Financial Guidance Library

Know Your Dough: An Inside Look at Mortgages


“Buying a home… it’s just like buying a car,” said Carolyn Fast, Family Trust mortgage loan originator, at Saturday’s free “Home-buying Made Easy” workshop that included over 40 participants.

Attendees were able to speak with mortgage experts and get prequalified. Plus, it gave an inside look at the home-buying process. Here are a few tips presented by our mortgage team:

The Process:

1. Prequalify to determine the price range you can buy before beginning your home search. Your lender will review your credit score (a minimum score of 640 is typically needed) and ask about the down payment you’ve set aside. Make sure your monthly payment is comfortable to avoid becoming “house poor.”

2. Begin your home search by having a general idea of where you’d like to live. Most people prefer to work with a real estate agent to help negotiate and choose a home that fits your needs.

3. Submit your full loan application once you make an offer on a home. Lenders will need a copy of the purchase contract, 2 years of tax returns, driver’s license, recent pay stubs, 401(k)/IRA statements and bank statements from the last two months. This is when the loan process begins.

4. During the loan process, lenders will verify documents and request an appraisal, title search, and property inspection. It’s important that buyers do not have any changes in finances during this time such as new loans or job changes.

5. Closing occurs when the underwriting is complete. Buyer and seller meet to sign final documents.

Loan Options:

  • Family Trust offers Conventional, FHA, USDA and VA loan options as well as jumbo loans over $417,000. We offer up to 95% financing for construction loans with no seasoning required. For lot loans, we can finance up to 90% with eligible properties.
  • Often the credit union provides up to $500 toward your appraisal and credit report for a home purchase; we offer several loans with 0% origination. Buyers who qualify can get up to $5,000 for a down payment (income restrictions may apply).
  • We’ll help you decide if a fixed or adjustable rate is best based on your finances and how long you plan to stay in the house.

Family Trust’s mortgage team can help you start your home-buying journey. Learn more today about our mortgage loans and prequalify today.