Home Buying Process

Purchasing a home can be one of the most satisfying and exciting experiences of a lifetime. Whether you’re a first-time home buyer, moving up to a larger home, looking for a smaller nest or refinancing your current residence, Planters Bank is here to help you every step of the way!

The following “4 Steps” will help prepare you for a smoother and more efficient home financing process. Preparation is always a good thing when you’re armed with accurate information AND access to experienced Mortgage Lenders who will guide you through the home financing process.

Step 1 – Meet with a Mortgage Lender
to Prequalify for Your Loan

• Setup an Appointment with a Planters Bank Mortgage Lender – We will answer all of your questions before breaking down the application process and helping you determine a price range that works for you and your family.
• Bring Your Important Financial Information -- For your initial Mortgage Lender meeting, be sure to bring the following information and/or documents:
  • Income/Expenses – An accurate list of monthly or annual household income and expenses, as well as copies of your two most recent paycheck stubs.
  • Deposit Accounts – Savings, checking and CD account statements from all institutions with which you have deposit accounts.
  • Loan Statements – Monthly payment amounts and most recent loan balances you owe to banks, finance companies and others (car payments, installment loans, student loans, etc.).
  • Credit Cards – A complete list of all household Credit Cards and copies of most current statement(s), including outstanding balances.
  • Existing Mortgage and Tax Information – If you currently own a home, bring copies of your most recent property tax assessment and your most current monthly mortgage statement.
  • IRS Tax Returns – The last two complete years of Federal Income tax returns.
  • W-2 Earnings Statements – This is the document an employer is required to send to each employee and the Internal Revenue Service (IRS) at the end of each calendar year (also known as the Wage and Tax Statement).

Step 2 – Begin the House Hunting Process

• Once you know how much house you can afford, it’s time to go house hunting! With the guidance of a Planters Bank Mortgage Lender, you will be much more efficient in finding just the right home:
  • Pre-qualify for your home loan which will save you time by focusing on homes with features and amenities that fit your budget! You will avoid spending money for inspections on homes for which you probably would not qualify.
  • Avoid tying up deposit money on purchase offers that may be out of your price range.
  • Narrows down your choices so you can find the perfect home at the right price!
• When you find a house that is a great fit, inquire about any associated costs that you might experience in addition to your monthly mortgage payment. Some examples include:
  • Property Taxes – Ask your county’s Assessor of Property or your real estate agent.
  • Homeowner’s Insurance – Ask your insurance agent for an annual cost estimate.
  • Utilities – Ask your real estate agent if they can provide ALL utility costs for the home over the most recent 12 months.

Step 3 – Apply for Your Loan

• You’ve found the home you want to buy, and now you are ready to apply for a loan.
  • Your Planters Bank Mortgage Lender will help you apply for the right type of loan and explain your financing options.
  • Federal Lending programs such as VA, FHA or USDA could mean considerable savings … but requires application and approval BEFORE applying for your Mortgage.
• Complete a loan application. Your Mortgage Lender can provide your loan approval status usually within 24 hours. Our Mortgage Team will assist you in choosing the type of loan application that is the best fit for you.
  Mortgage Team
• Be aware of your closing costs prior to your loan closing. Ask your Mortgage Lender to provide you with a preliminary Settlement Statement for your review at least 2-3 days before your transaction closing. By being fully aware of any closing costs, you will avoid last minute surprises. If you have ANY questions about your Settlement document, immediately seek guidance from your Mortgage Lender. Closing costs will vary, but may include:
  • Appraisal fees
  • Prorated property taxes
  • Prorated insurance
  • Attorney’s fees
  • Title-related fees and/or insurance
  • Lender’s fees/expenses

Step 4 – Loan Closing

• The final, and most exciting step, is closing the loan “deal” or “agreement.” The following are some of the details you can anticipate as part of the closing process:
  • The title for your property passes from the seller to you (the buyer)
  • You take legal ownership of your new home
  • All details are finalized
  • Paperwork is signed and completed
  • Checks are exchanged
  • Fees are paid
  • You receive the deed and keys to your NEW property!

Calculator: How much house can I afford?

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