Home Buying

First Time Home Buyers

Buying a home should never be intimidating or scary. It should be an easy and comfortable process with professionals you trust. Along with low rates we are dedicated to clarity and transparency around the home buying process and will walk you through every step. We will always let you know where you stand in the process and what step is next.

Returning Buyers

Already a home owner? That is great. We have a loan program that will align with your financial planning goals. Whether you are buying a larger house, or downsizing, we can help you develop a plan for success. We will crunch the numbers and find the loan programs that will work best for you. You may qualify without selling your current house, but you may not. Perhaps you are interested in converting your current primary house into a rental. If that is the case, we can quantify that so you will know exactly what your cash flow and expenses will look like once your transaction is completed.

Vacation Homes

We will help turn your dreams into reality without hidden fees or surprises. Our pre-qualification process will increase your negotiating power and speed up the closing process, making your home purchase a breeze. We’ll find the right mortgage loan for you. We have numerous mortgage options to help you finance a vacation property, some with as little as 10% down.

Investment Property

Investing in real estate can yield powerful profits and long-term peace of mind. Interest rates and down payment requirements are slightly higher on investment properties, but you can use the future rental income to help you qualify. We offer low rates and make it easy for you to understand the mortgage investment process so you can make informed, confident decisions.

13 Steps to Buying a Home

  1. Initial Consultation:
    Connect with us and we get an understanding of your situation and goals.
  2. Get Pre-Approved:
    We analyze your credit, income and assets. You will then know what you are able to afford and what your future payment will be.
  3. Start Shopping:
    The fun part…you start shopping for a new house!
  4. Submit an Offer:
    Once you’ve found a house you like, submit an offer with your Realtor. We’ll generate a fresh pre-approval letter to go along with the offer.
  5. Offer Accepted:
    Congratulations your offer is accepted!
  6. Loan Application & Disclosures Signed:
    Harris Mortgage springs into action. We decide on a lender and a loan program and you sign a loan application and disclosures, usually electronically.
  7. Processing:
    Several verifications are ordered including the appraisal, property title and escrow. Your loan file is reviewed for completeness before it is sent to the underwriter.
  8. Underwriting:
    The underwriter will review your loan and send us a list of requirements not yet met. These items are called loan conditions.
  9. Cleared to Close (CTC):
    Once all the conditions are provided, the loan is CTC.
  10. Closing Disclosure (CD):
    A CD summarizing all of the terms of your transaction is generated and delivered to you.
  11. Signing Loan Documents:
    Loan Documents are generated and signed with a notary.
  12. Loan is Funded:
    This is our last step as the lender, the loan is funded.
  13. Recording:
    Once the transaction is recorded at the County Recorder by title, you are the official new owner and the purchase is complete. Congratulations!!

Common Questions

The first step is to contact a Harris Mortgage to get pre-approved. Once we connect and get an understanding of your situation and goals, the pre-approval process will begin. We will pull your credit, calculate your income and analyze your assets. You will come out of the pre-approval process with an understanding of the loan program that will best fit your needs and you will know precisely what your overall monthly housing expense will be, as well the amount of cash needed to close.

This clarity will allow you to shop for a house with confidence and comfort knowing you are looking at housing you can both afford and that will land you with a monthly payment you are comfortable with.

If you need a referral to a local Realtor to work with, we would be happy to provide that for you.

There is a saying, regardless of if you own or rent, you are paying a mortgage. If you own it is your mortgage, if you rent, it is your landlord’s mortgage. In the case of renting, you pay while your landlord builds equity, writes off interest and deducts property taxes. When you own your home, it is an investment.

Some benefits of owning are that you own an appreciating asset, part of your mortgage payment is principal which I consider forced savings. There are also tax benefits to owning, and ownership brings a sense of stability and belonging to a community that renting does not.

Some benefits to renting are that it is generally cheaper than owning, there is flexibility to move at anytime, and you do not need to pay for the maintenance and repair costs.

Closing costs vary by transaction type and loan size. The largest costs are typically:

  1. Origination Charge: This is a fee to the lender for originating a new mortgage.
  2. Escrow or Settlement Fee: Escrow is a neutral third party who collects, holds and disburses funds and documents for the protection of all parties involved.
  3. Title Insurance: Title insurance is required when you get a mortgage. Title insurance protects you against claims of an ownership interest on your property.
  4. Appraisal: A property value appraisal is typically required when you are getting a mortgage.

We can’t give you a precise answer to this general question, but when you are pre-approved and shopping, or analyzing a refinance with Harris Mortgage, you will be provided a list of all expected costs up front so there are no surprises.

There are several low-down payment loan options: VA (0%), FHA (3.5%) Home Ready (3%). You can structure the deal to get a seller credit or a lender credit to offset your closing costs. Also, several loan types allow you to use a gift towards your down payment and closing costs too.