Shopping for your first home can be exciting – but finding the right financing can be daunting. With PHH Mortgage, it doesn't have to be. We’ll help you understand and navigate the homebuying process, from start to finish.
If you're ready to consider buying a new home, we're ready to help you make decisions, find the financing that fits your unique situation and show you how you might get an edge over other buyers.
This overview takes you through the homebuying and mortgage experience so you know what’s to come. For a more detailed explanation, call an experienced PHH Mortgage loan officer at (855) 233-9749. We can answer any questions you have, every step of the way.
Knowing what you can afford is an important first step on your road to home ownership. Key costs to consider are:
These expenses may vary, depending on the loan options you choose. An affordability calculator may help you determine the amount you can afford – and feel comfortable spending.
Once you have an idea of what you can afford, speak with one of our loan officer who will help you find a financing option that’s right for you. Call (855) 233-9749
Obtaining a loan is typically a big part of the experience for first-time homebuyers – but the process can require high credit scores and a lot of documentation. It's best to obtain a pre-approval decision before you start house hunting, as it will allow you to search with the confidence of knowing the amount you can borrow.
A pre-approval decision can make your homebuying experience easier. A pre-approval is a preliminary evaluation of your financial status that does not include a commitment to giving you a loan. If you receive a loan pre-approval decision, we'll fax or email a letter with your loan amount so you can start house hunting right away. In fact, many real estate agents will ask you to get a pre-approval letter first so they can show you homes that suit your budget. With the letter to back up your bids, you can stay focused on finding your first home.
We're at your service and available to answer any questions. Contact us at (855) 233-9749 to apply for a pre-approval decision. Submitting complete, accurate and legible documentation helps to speed the process – and we can help keep you on track. Once you receive your pre-approval decision, you can check the status of your loan anytime at www.phhmortgage.com/borrowerportal
Once you find the home you want, your real estate agent can provide you with a list of comparable homes (known as “comps”) recently sold in the area. Comps help you determine how much to offer, but before you decide on the amount, consider such important factors as how much you can afford, the condition of the home, the competitiveness of the local marketplace, inspections and more.
Any offer you make could become legally binding, so we strongly recommend consulting with your real estate agent before committing.
Make sure your offer contains provisions for an inspection by an accredited home inspector and outlines actions to address any issues that may arise. The inspection should cover interior and exterior structural elements, as well as heating/cooling, electrical and plumbing systems. It is strongly recommended that you be present during the inspection so you can use it as a time to ask questions and learn about the property.
The loan commitment takes place once the loan and the property are approved. These steps include appraising the home to make sure it meets certain guidelines and conducting a title search to ensure there are no outstanding liens on the property.
At the closing, you and the seller transfer funds and sign all applicable paperwork to finalize the transaction. Real estate agents, closing agents, attorneys and mortgage and title representatives may also be present.
Our loan officer will help you prepare for closing, which includes providing you with an estimate of any fees due at the closing.
Once all parties sign the papers and fees are paid, you'll get the keys to your new home.
1 This is not a commitment to lend. All pre-approval requests or applications are subject to complete underwriting review.