Tips for Buying a Home

Check out our tips that save you time and money when you buy a home.

Planning ahead is a key step toward making a home purchase.

Start right away by finding the home loan option that is suitable for your needs. Depending on your individual situation and goals, the type of home loan you choose can help make the most of your purchase and homeownership.

At OneWest Bank, we take pride in offering a wide selection of conforming loans and customized jumbo loans including fixed-rate mortgages and adjustable-rate mortgages with initial interest-only or an initial fixed-rate period and cross collateralization-options.

Once you have found the home of your dreams and are ready to submit an offer, obtain a free, fully underwritten preapproval from OneWest Bank that establishes the terms of a loan you can qualify for and reduces the chances of any unpleasant surprises arising during the closing process of your loan after your offer has been accepted on your dream home. In addition to the peace of mind it provides you as the homebuyer, it also shows the seller that you are a serious buyer because you’ve already met the loan’s credit and income requirements.

My purchase offer has been accepted. What do I do next?

Submit a copy of your accepted purchase offer to your OneWest Bank Mortgage Lending Specialist. Your Mortgage Lending Specialist will provide you with a list of required documentation in order to close on your loan. To get a head start on compiling your documents, please view required income documentation.

You should now:
  1. Complete your loan application process (if you have not done so already).
  2. Lock in your interest rate.
  3. Obtain a homeowner's insurance quote.
    • OneWest Bank requires adequate hazard insurance coverage (and maybe flood insurance) before your loan can close. Hazard insurance covers the cost of replacing the house in case of fire or other damage.
    • To determine if you need flood insurance, or where to purchase it, go to www.floodsmart.gov.
OneWest Bank will:
  1. Schedule a home appraisal.
    • OneWest Bank will hire hire an appraiser to estimate the home's value using information about the condition of the home as well as the value of comparable homes in the area.
  2. Order Title Insurance.
    • Title Insurance protects OneWest Bank in case someone else has a legitimate claim to the property or if there are other liens or claims against the property. You can also obtain Title Insurance to protect your interest in the property.
Your Real Estate Agent should:
  1. Schedule a home inspection.
    • A home inspection will determine the condition of the property and whether there are major repairs that are required or if there are any defects. A home inspection can be very useful because it lets you know what you are getting into or if any repairs need to be made as a condition of your purchase offer.
  2. Schedule a pest inspection.
    • A pest inspection is different from a home inspection in that a pest inspection evaluates the level of damage caused by termites, pests, rodents or mold. If the inspector finds a signification infestation, and extermination is recommended, an additional expense will be incurred. You will have to negotiate who will cover this cost.
At your closing...
  1. Bring the required documents, two forms of ID and a cashier's check to pay for your down payment and closing costs.
  2. Sign all documents and get the keys to your new home!

To get started fill out the form on the right or contact us at 1.866.246.3962.

Important Disclosures

It is important to know that with Adjustable-Rate Mortgages, your payment and rate may increase significantly over time.

Not all applicants will qualify for financing. Mortgage rates and terms are subject to change without notice.

Mortgages with LTVs higher than 80% with no PMI may generally have a higher interest rate and/or fees than other mortgages. This may result in a loan without mortgage insurance being more costly for a borrower who intends to remain in the property for a longer period of time. A borrower who intends to remain in the property for a shorter period of time may find that the extra interest cost is lower than the amount of PMI payments for that period of time.

Mortgage escrow accounts are created so that you can pay your yearly property taxes, homeowner’s insurance and mortgage insurance in monthly installments throughout the year, rather than all at once. When these bills are due, we disburse the funds from your escrow account to pay the taxes and insurance in a lump sum. If there is a requirement for a mortgage escrow account at closing, it will be required to be maintained for five (5) years after closing.

The rates displayed may require the establishment of an escrow account upon closing. If you choose to pay taxes and insurance separately, you will be responsible for timely payments, which may be substantial.

Home Loan Products

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