Buying A Home FAQs
How do I get started on purchasing my new home?
Securing loan preapproval will not only help you shop with confidence; it will also help you understand how much home you can afford. So, whether you’re a first-time or repeat homebuyer, take the first step by contacting an Evergreen Home Loans™ loan officer to talk about your goals and dreams for a new home, and then we’ll work together to secure the loan that helps you achieve that goal. An Evergreen loan officer will also assist you through the loan application process, so you can start shopping sooner and close faster.
What documents will I need for my home loan application?
Any documents that can help verify employment, income, and assets will be helpful, including pay stubs from the last two months, W-2 forms for the past two years, bank statements for the past two or three months, federal tax returns going back two years, and information about any other current debt, such as auto loans, student loans, and credit cards.
What is the Evergreen Digital Mortgage Advantage?
Evergreen offers a suite of digital mortgage tools to help simplify and streamline your home loan process. These digital tools include a mobile app, digital asset verification system, and eClose process.
Digital mortgage tools offer a fast, secure, and paperless way to provide the necessary information for your home loan. Often shortening your closing time, improving accuracy, and avoiding last minute surprises.
How does my credit score affect my ability to qualify?
Your credit score has a big impact on your ability to qualify for a loan. Credit scores are determined by payment history, amounts owed, length of credit history, new credit accounts, and types of credit used. The higher the score, the more likely it is that you can get the loan you need at the best interest rate. An Evergreen loan officer can help you understand what impact your credit score might have on a loan application.
What does the typical purchase process look like?
Individual circumstances can influence the process of buying a home. At Evergreen, the process commonly involves five steps: (1) contact and chat with an Evergreen loan officer, (2) get loan preapproval, (3) perform an appraisal on your new home, (4) complete final underwriting, and (5) close at escrow.
How much do I need for a down payment?
When it comes to a down payment, there’s no standard amount that applies to every situation. On the contrary, there are many considerations that could require anywhere from zero down to 20 percent of the purchase price down—or more. Furthermore, first-time homebuyers often have a different set of down payment options than repeat buyers. An Evergreen loan officer can help determine the right down payment for your situation.
What’s the difference between an interest rate and an annual percentage rate?
Borrowing money for a principal loan from a lender comes at a cost which is expressed as an interest rate. An annual percentage rate (APR) factors in more than just the principal and includes lender points, closing costs, private mortgage insurance (PMI), and other charges.