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Take the first step in your home journey and get pre-qualified.
The Benefits of Pre-Qualification:
- Determine your affordable price range
- Shows you are a serious buyer
- Having a pre-qualification gives you the added leverage when buying a home
- Makes your offer more attractive
The Purchase Process
Step 1: Get pre-qualified. Once you've decided that you want to buy a home, you should determine what loan amount and purchase price you can afford.
Step 2: Determine which mortgage loan best suits your needs. With loan options from first-time buyer programs with down payment assistance to traditional conventional, jumbo, and FHA and VA loans, we have the right home loan for you. There are also loan options suited specifically for applicants that are members of a Native American tribe or those who are purchasing in rural areas.
Step 3: Contact a real estate agent and start shopping. Once you've been pre-qualified and have an idea of what price range you qualify for, you can work with a realtor to view homes for sale in the areas you'd like to live. Need a realtor? No problem. We can help you there too. Once you find a home you like, you can work with the realtor to draw up an offer and complete a purchase agreement. The seller has the option to submit a counter-offer and you may go through several rounds of counters.
Step 4: Review your loan application and update your loan. Depending on how much time has passed since we issued your pre-qualification, we may need to update some personal information and will need to collect verifying documents from you. You probably will have everything we need, but it is a good idea to go over the home purchase document checklist and locate that information at the same time you are providing your sales contract to us. Once we have updated your file, your BancFirst mortgage loan officer will go over the details of your loan program, confirm the rate that you want, and go over your closing fees. We'll make sure that you understand every detail of your loan program and answer any questions you have before moving forward.
Step 5: Lock your rate. If you'd like to secure your interest rate, your mortgage loan officer will send you a loan estimate to confirm the terms of the loan and rate.
Step 6: Home inspection and appraisal. It is advisable to schedule a home inspection with a professional who will walk you through the property to look for any red flags such as structural damages or appliances that may not be working properly and other items that may need to be fixed. Any major issues would need to be addressed before the close of escrow date. While your loan is being reviewed and processed, we will schedule an appraisal appointment with the seller's agent to confirm the value of the home. Unlike a home inspection, that appraisal is a requirement to determine that the home meets the value and condition requirements of your loan program.
Step 7: Loan approval, signing, and closing. Once we have everything we need, the BancFirst mortgage loan processor will submit your complete file to the underwriting department for approval. Once approved, we will prepare loan documents for you to sign at a title closing agency of your choice. Generally, it will take 30 minutes to an hour for this closing, and when you're done, you're the proud owner of a new home!
For qualification purposes, lenders look at income, debt, assets, as well as credit. There are many different loan programs that offer different terms and rates, and some require lower down payments than others and offer more flexibility in credit and income. The best thing to do is get pre-qualified to see what you can afford. You can also use our lending calculators to find out what your payments would be and determine what purchase price and loan amount is comfortable for you.
Traditional conventional financing requires a down payment of 10 to 20% of the purchase price of the home; however, there are other programs like our FHA program that requires as little as 3.5% down, our RD program requires as little as 0% down, along with 2.25% down for our HUD Section 184 program. In addition to the down payment, you should be aware that there are other fees associated with purchasing a home like closing fees, pre-paid interest, and prorated items such as property taxes and homeowner's insurance.
Although a home inspection is not required, it's a good idea to have a qualified inspector determine the condition of the home you are looking to purchase. A professional inspector will look for any structural issues as well as mechanical problems that may exist in the home that could cause problems in the future. If something needs to be addressed, you can address them with the seller prior to closing.
Information regarding your income such as paystubs covering the most recent 30 days and W-2s for the last two years, asset information such as bank or mutual fund stock statements covering the last 60 days showing source of funds for your down payment, closing fees, points, pre-paid items, and other funds needed to close your loan.
A typical period is 30 to 60 days. The time period, defined on the purchase contract and agreed upon by both buyer and seller, is usually what dictates when your loan closes.
Typically, you will sign your loan documents at a title company or attorney's office. In the presence of the signing authority, you will review and sign all your loan documents and then present a certified or cashier's check to pay the remaining down payment, closing fees, and other applicable closing funds. Your mortgage loan officer will guide you through the process and will advise you on what needs to be done when. Once the loan documents are signed, you are the proud owner of your new home. Don't forget to change the locks!