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General, Lending
Whether you are a first-time homebuyer or buying a new home, this guide will help you navigate the process every step of the way. Let’s get started!
Homebuyer Advantage! For a limited time, get a FREE APPRAISAL* when you buy your home with National Bank of Middlebury. Learn More »
1. Partner with a National Bank of Middlebury lender
Our Lenders are here to support and guide you every step of your home buying journey. Call to discuss your next move and schedule a time to meet one-on-one with a lender. We will examine your finances to confirm how much you can afford. If you are a first-time homebuyer, talk with your lender about grants that you may be eligible for to assist with covering down payment and closing costs.
Remember: be cautious about taking on more debt while you explore buying a home. Together, we will look at different purchase prices and monthly mortgage payments to see what best fits into your lifestyle and budget.
2. Consider homeownership counseling
Talk with your lender to assist you with determining if homeownership counseling is required for the loan program selected. Housing Counselors can provide advice on buying a home to support you now and after owning. Below are links to helpful advice and information:
Find a Housing Counselor at the Consumer Financial Protection Bureau »
View homebuyer education materials from the Vermont Housing Finance Agency »
3. Get pre-approved for financing
Start the pre-approval process by completing a Pre-approval application, which your lender will direct you to. During the pre approval process:
- A credit report will be pulled to assist us with understanding your credit record and credit score.
- Your lender may request additional financial information.
Receive your Pre-approval letter
After the information is received, your lender will determine which loan programs you are eligible for and create a pre-approval letter that states you are ready to buy a home!
4. Choose a realtor and start shopping for a home
A realtor will assist you in finding homes that are within your budget while considering your wants and needs. Your realtor will schedule a time to view homes that interest you. Have your pre-approval letter in hand to share with your realtor and stay in touch with your lender
5. Make an offer
When you find a home, your realtor will create a purchase contract with a financing contingency and any other contingencies. Now is a great time to consider ordering a home inspection. Your realtor will assist you with finding a qualified home inspector.
At this point you should select an attorney to represent you. Your lender and realtor will assist you.
6. Finalize your loan application with your lender
- Review and choose a loan program that best fits your needs.
- Provide any additional financial documents, as requested.
- You and your lender will determine the best time to lock in your interest rate.
- The lender will provide a loan estimate detailing the terms of the loan and cost of the loan. This will estimate how much cash you will need on closing day.
- The lender will order the appraisal of the property on your behalf.
- For a limited time, buy your home with us and get a FREE APPRAISAL!* Learn More »
7. Approval from National Bank of Middlebury
- The bank will underwrite your loan request.
- Once your loan is documented, the lender will issue a commitment letter and review any loan conditions that may be outstanding.
- Your lender will notify your attorney of the bank’s requirements for title work.
- Once the appraisal arrives, it will be reviewed by the bank for acceptance. Once completed, we will provide a copy of the report.
- Now is a good time to obtain homeowner’s insurance. Your commitment letter will outline specific needs for insurance to review with your insurance agent.
8. Time to schedule your closing
After all conditions have been received and cleared, you are now clear to close!
- Your lender and settlement agent will schedule a closing date.
- Your attorney will do a title search and provide the title work to the lender.
- Your lender will review your initial closing disclosure with you.
- You will provide your closing funds to your settlement agent.
- With your realtor, you will complete a final walk-through of the house.
9. Closing—get your NBM pen ready to sign
You will sign the loan and property transfer paperwork with your attorney. The settlement agent will handle transferring the money to the appropriate parties and recording of the closing documents.
10. Time to celebrate! Congratulations and welcome to your new home.
When everything is finalized, you will receive the keys to your home and can move in! If you haven’t done so already, set up electronic monthly billing statements in online banking and arrange for an automatic monthly re-occurring payment.
How did we do? Complete our tone of service questionnaire. We’d love to hear about your purchase journey with your hometown lender.
*FREE APPRAISAL: Offer valid with fully executed purchase and sales contract dated on or after April 1, 2024 through September 30, 2024. Mortgage applications and purchase and sales contracts must be received by National Bank of Middlebury by September 30, 2024. Offer valid for primary residence purchases only, including modular, condominium, townhome and doublewide manufactured homes. Maximum value $600. Credit not to exceed actual cost. Home purchases must be completed by November 30, 2024.
