10 ESSENTIAL MORTGAGE STEPS FOR FIRST-TIME HOMEBUYERS

Mortgages can feel intimidating, especially if it’s your first time buying a home. Between understanding loan terms, managing paperwork, and navigating the approval process, it can be overwhelming. However, when you break it down step by step, the path to homeownership becomes much more manageable.

We believe that buying a home should be an exciting milestone—not a stressful one. That’s why we’ve created a simple road map to guide you through the process, so you’ll know exactly what to expect every step of the way. From pre-approval to closing day, we’re here to make your journey to homeownership as smooth and straightforward as possible.

As soon as you decide to start on your pre-approval, here are the steps you’ll follow until you get the keys to your new home. 

Step 1: Give e-messaging consent

After getting in touch with your Premia Mortgage Consultant, you’ll be sent an electronic consent form by email. By giving your consent to receive messages, our Mortgage Consultants will have permission to send files safely, quickly, and electronically. This helps get the ball rolling and speeds up the process for everyone helping with your mortgage application.  

Step 2: Send required documents

Safely and securely send any documents asked for by your Mortgage Consultant or someone from their team through our online portal, Premia DigitalMove. These documents help your Mortgage Consultant verify your fitness for a mortgage.

Step 3: Sign your initial application

Confirm your applications by eSignature when it is sent to you virtually.

Step 4: Receive your pre-approval

Once your conditional approval has been issued, your Mortgage Consultant will send you the pre-approval letter. The letter will help you compete with cash buyers by providing full underwriting credit approval to helps speed up your buying process.

This official document includes:

• The approved loan amount
• Loan terms and interest rate
• Down payment amount
• Expiration date of the pre-approval
• Any conditions required for final approval

Now is a great time to start looking at homes!

Step 5: Finalize your homeowner’s insurance

Found your home? Great! Now get insurance for it. Find an insurance company you like or use your Mortgage Consultant’s recommendation and apply for homeowner’s insurance. The insurance company will need to see a copy of your preliminary loan approval info. Before you sign anything, make sure your homeowner’s insurance is effective on the day of closing.

Step 6: Send any outstanding documentation

Sometimes, there is missing information that needs to be confirmed. Send any requested documentation or forms requested by the Client Loan Specialist through DigitalMove.

Step 7: Confirm appraisal report

Review the appraisal report receipt and confirm no structural damage or other red flags on your property. If you see anything you don’t like, let your real estate agent and Mortgage Consultant know and talk about how you’d like to handle the issues. In general, you have three choices if something pops up on your home inspection report that you don’t like: 

• Continue with the home purchase, knowing you’ll need future repairs

  • If you go this route, you’ll accept the red flags and take on the responsibility of fixing them. Or getting used to living with them. If you’re handy or want to build some renovations into your budget, this may be the option with the least resistance. 

• Ask the seller to fix the issues

  • Talk to your real estate agent about returning to the seller and ask them to take care of the repairs themselves. They can usually do this in one of three ways: Take the cost of the repairs off the purchase price, offer to pay for the repairs themselves or take care of fixing the issues themselves. 

• Terminate the deal altogether

  • If the red flag reveals enough of an issue that you don’t feel comfortable buying the home, the home inspection allows you to walk away from the deal. There may be a cost associated with terminating the deal, so talk with your real estate agent if you decide to go this route.

Step 8: e-Sign the preliminary closing disclosure

You’ll receive this from your Client Loan Specialist. This disclosure will contain your initial estimate, so you’ll know how much money you’ll need for your closing.

Step 9: Review Final Closing disclosure

Once you approve your Final Closing disclosure, wire your required funds to the title company.* You can also obtain a check made payable to your title company/closing attorney.

Step 10: Celebrate!

Congratulations — you just became a homeowner! Show up to closing, sign the papers, and you are good to go. Perhaps you want to start getting the invitations together for a housewarming party?

Here to help

That’s all it takes. Once you’ve completed the steps to secure your mortgage, you’re well on your way to becoming a homeowner. 

We understand that questions or concerns can arise at any stage of the process. That’s why we’ve built a team of dedicated mortgage experts who are just a phone call or email away. Whether you need clarification on a document, want to check on your loan status, or have any other inquiries, our team is here to help.  

*Before wiring any funds, call the intended recipient at a number you know is valid to confirm the instructions – and be very wary of any request to change wire instructions you already received. A Premia employee will never provide nor confirm wire instructions.

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Premia for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Premia Relocation Mortgage, LLC. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Premia Relocation Mortgage, LLC. Premia Relocation Mortgage, LLC. does not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Premia does not provide tax advice. Please contact your tax adviser with any tax-related questions.