Purchasing a home can be one of the most exciting times in one’s life. There are many factors that can make buying a first home a bit of a daunting task. Our third topic in our Budget Bosses series, we will cover what really goes into buying a first home through HomeTown Bank Mortgage by following along one couple’s real journey using HomeTown Bank.
Laying A Solid Foundation
Caleb and Suzanne are young professionals working and living in Roanoke, VA. When they first started their house searching journey, they knew right away that they wanted to work with someone locally.
“I wanted to bank locally and had heard how helpful that can be from both realtors and other homeowners. Having a local mortgage officer that you have a relationship with can come in handy versus doing it all online. I went to HomeTown Mortgage because of the strong recommendations and experiences people have had working with local lenders,” says Caleb.
Caleb and Suzanne were helped by Loan Officer, Adam Armstrong, who works out of the Christiansburg location. Caleb highlights how helpful Adam was prior to even making an offer on a home.
“Suzanne and I met with Adam in his office to discuss the general process and how things would move forward. He answered questions we had and helped us get things in order until we found the house we wanted to buy (e.g. building credit scores, getting down payment together). He also did some calculations for us just to verify that we could afford the price range we were shooting for,” Caleb says.
Adam shares that there’s no reason to be nervous about buying your first home. He works with first time home buyer all the time. His advice is to ask whatever questions you have. After all, he’s there to help.
“We understand that this is your first time and there are probably things you don’t know about the different mortgage products and how the whole process works. My job is to make sure you understand and are comfortable with the home buying process. Make a budget and determine what amount you would like to spend on a monthly payment. Once pre-qualified we can help get the client to a local, trusted realtor if they don’t already have one- to begin the home search,” says Adam.
Everything In Place
After a bit of a searching, Caleb and Suzanne were able to find the perfect place to call home. Once they had made a decision, they met with Adam for advice on how to proceed.
“After that, it was a process of gathering pay stubs, tax returns, scans of IDs, and other information to verify that we were who we said we were and we could legally and practically purchase a house. Once we were approved, there wasn’t really much activity until near the end when we needed to coordinate things like the home inspection and closing date. We then met for the final time at the closing office and signed all the papers. Adam was fantastic the entire time,” says Caleb.
With everything squared away financially, Caleb and Suzanne were able to purchase the place they would soon call home. Adam was able to support and see their home buying dreams come to fruition.
There’s something special about banking locally. A close relationship is hard to emulate elsewhere. Caleb attests to how meaningful it was to have a person and bank that truly cares about your financial goals.
“The process was professionally carried out, but it also felt personal. We felt like we mattered. I doubt we would’ve felt that way if I did everything over email/phone with a “factory” mortgage lender. It’s funny – I’m used to doing everything online, but when you’re signing a 30-year mortgage and purchasing your first home, that personal element feels way more important,” Caleb says.
If you are planning for or in the process of buying a home, HomeTown Mortgage is here to help you along the way. You can find our mortgage resources here, or come into any branch for more information.