First-Time Homebuyer's Guide

A mortgage lender can be a valuable resource while you are shopping for your home. Our customized pre-approvals set us apart from other lenders. There is a lot of confusion when it comes to what pre-approved means for homebuyers. We make it simple. We will verify your income, assets, and credit. If all those meet the requirements for the loan requested, we are making a commitment to make you this loan, subject to identifying an acceptable property and that there is no material change to your creditworthiness. We'll help you use your preapproval to find your best option, considering rates, costs, and loan structure. This way, you'll have all the information you need before making an offer to purchase.

Congratulations! The seller has accepted your offer for the home you were interested in. Now, your Park Bank Mortgage team will shift into high gear. During this phase, we will secure your interest rate, carry out all necessary third-party verifications (which may or may not involve an appraisal), obtain the title, and assist you in acquiring homeowners' insurance. Although a home inspection may not be mandatory for the mortgage process, we strongly recommend it as it can help identify any significant property issues that could potentially pose safety hazards or result in future expenses related to HVAC systems, the roof, pests, or other structural concerns. Once all these steps are completed, and your income and financial documents have been verified with no major issues, your Park Bank loan will be ready for closing.

As your close date approaches, you can expect a flurry of activity. However, there's no need to worry as the Park Bank team has successfully guided thousands of homebuyers through this process, and we're here to help you navigate through it as well. You will receive a Closing Disclosure that outlines all the costs and terms agreed upon at the time of lock-in, along with any subsequent changes that may have emerged during the final process. Additionally, your Park Bank Advisor will assist you in organizing your cash to close.

It's finally here - the big day you've been waiting for! As you prepare for the closing, make sure to bring a valid government-issued photo ID and any necessary cashier's checks for your down payment and closing costs. During the closing process, which typically lasts around an hour, you'll be joined by your lender, the title agent, the seller, and their representatives. Together, you'll go through and sign all the necessary documents. Once everything is completed and the keys are handed over, you officially become a homeowner!

The moment when you turn the key in the lock of your new home is an unforgettable memory for many homeowners, even years after the fact. The purchase contract with the seller should outline the specific dates for when you can move in. As a new homeowner, we recommend that you take steps to update your address with various entities, including the post office, federal and state agencies, social security, employers, insurance companies, banks, credit card companies, and other financial and subscription-based services. This will ensure that all your important documents and information are sent to your new address, and you can avoid any potential issues or delays.