The home purchase process can be confusing, especially if you are a first time buyer. But our team at Starboard Financial is here to help clarify the process and keep you informed of everything you need to know, including how to get the lowest mortgage payment. Here are some of the most common questions home buyers ask:

1. Can you help me get the lowest mortgage payment possible?

This is the question on everyone’s mind when setting out to secure a mortgage. Several different factors determine the size of your monthly mortgage payment. These factors include your loan amount, down payment amount, credit score, interest rate and the loan program you choose. Here at Starboard Financial, we offer many different mortgage products including Conventional, FHA, VA and USDA loans. We will help you review these options and choose the one that works best for you.

2. What do I need to qualify for a mortgage?

Depending on your situation, you may need your most recent pay stubs, previous two years’ tax returns, proof of employment, W-2s, bank statements and a photo ID. You must also provide any other documentation the underwriter requests throughout the approval process.

3. How long does it take to buy a new home?

Unfortunately, this question doesn’t have a one-size-fits-all answer. The time it takes to buy a home depends on many different factors, including how long your loan approval takes, how long it takes you to find the home of your choice, the seller’s closing date requirements, whether you choose to have an inspection and other issues. For a personalized estimate of how long your home purchase may take, talk to your Starboard Financial loan officer.

4. What happens at closing?

At closing, all of the financing contingencies must be satisfied. You and the home’s seller will sign paperwork to finalize the transaction, and you will become the home’s legal owner. Closings typically take place at a title company office.

5. Can I move into my new home immediately after closing?

Depending on the agreement you made with the home’s seller, you may or may not take possession of the property at closing. If you aren’t taking possession at closing, your purchase agreement will specify the amount of time the buyer has to move out. As soon as the buyer has vacated the property and handed over the keys, you will be able to move in.

To learn more about buying a home, getting the lowest mortgage payment possible or any other issue related to home financing, contact us at Starboard Financial. With nationwide lending opportunities available, we are here to serve you.