Home Financing Guide
This page was designed to prepare for the home buying process. Know what is required of a home buyer and how you can help educate them on best practices for a successful transaction.
Step-By-Step Home Buyers Package
This step-by-step guide will give detail of documents, timelines, and government regulations associated with real estate transactions.
Residential Loan
Process
Know what is to come during our transaction! See the steps you will take before the closing on your new home.
Residential Loan
Checklist
See the required documents needed to start your loan. Some additional documents may be needed based on the buyer’s financial situation.
Government Appraisal Checklist
This checklist is designed to assist you in identifying potential repairs associated with government financing available for properties that meet minimum health and safety requirements.
Buy/Sell Vs.
Sell/Buy Guide
Help your clients buy and sell their homes for the best financial outcome. This includes the universal standard for 20% down although this may not lead to the best financial outcome.
Seller Concessions Cheat Sheet
What are Seller Concessions? When the home seller pays certain closing costs on the home buyer’s behalf!
i.e. Title insurance, Processing fees, Origination fees, Inspection fees, Transfer taxes. These can differ with each financing type or transaction purposes such as primary residence, second or vacation home or investment property.
FHA and Rural Development:
6% of the purchase price is the MAXIMUM seller concessions to be used for closing costs and prepaid items.
Conventional Financing:
6% MAXIMUM seller concessions for 10% or more down payment.
Less than 10% down payment, the MAXIMUM seller concessions is 3% of the purchase price.
20% or more as a down payment the MAXIMUM seller concessions are 9% of the purchase price.
Conventional Financing for an investment property will be limited to 2% of the purchase price.
Cyber Security Tips
When looking for home loan financing, it’s more important than ever to be cautious and aware of possible scams.
Here are some helpful tips for safeguarding your finances and identity during the loan process and in any other transaction.
✓ Send Securely
✓ Confirm the Source
✓ Don’t Send Funds Without Checking!
In loan transactions, you will often get requests for supporting documentation. This usually includes documents that reflect your date of birth, full name, and often – your social security number.
Always be sure that when you share your documents – it is done securely! Highlands Residential Mortgage provides an easy-to-use secure portal for submitting documents. If you must email, please encrypt those documents and verbally provide the key to your Loan Officer.
If someone asks you for information and you don’t know who they are or why they are asking for it – call your Loan Officer! They can tell you all the players associated with your loan and whether it is a legitimate ask. If your Loan Officer is unavailable, contact our Highlands Corporate line and we will put you in touch with the right person to help! Always ask!
Scammers aggressively target the real estate market and go after unsuspecting borrowers. If someone emails you asking for funds to be wired for your closing – ALWAYS confirm with your Loan Officer. We have seen instances where scammers send emails that LOOK like they are from the title company, but really aren’t! It’s very hard, if not impossible, to get those funds back. Check and double-check before sending any funds for the closing!
Be prepared for a
successful home purchase!
Questions about any of our guides?
Reach out to us via our contact page!