First-Time Homebuyer's Guide

Buying your first home is exciting, but can quickly become overwhelming. Our resources help first-time homebuyers realize their dreams from the first questions about home buying basics to a successful home shopping experience all the way to that day you close and collect the keys to your new home. 

First-Time Homebuyer Preparation

• 7 Steps to Create a Budget that Actually Works
• 6 Tips to Improve Your Credit Score
• When it Comes to Buying a Home, Credit Matters
• Understanding a Pre-Qualification vs Pre-Approval
• Mortgage Loan Application Checklist

Shopping For Your Home

A mortgage lender can be a valuable resource while you are shopping for your home. Park Bank's customized pre-approvals set us apart from other lenders. There is a lot of confusion when it comes to what pre-approved means for homebuyers.  We make it simple.  We will verify your income, assets, and credit. If all those meet the requirements for the loan requested, we are making a commitment to make you this loan, subject to identifying an acceptable property and that there is no material change to your credit-worthiness. We customize each offer based on individual circumstances, including rates, costs, and loan structure, so you enter the offer stage with the best possible information.

Closing on Your First Home

 The Finalization Process

Congratulations! The seller has accepted your offer for the home you were interested in. Now, your Park Bank Mortgage team will shift into high gear. During this phase, we will secure your interest rate, carry out all necessary third-party verifications (which may or may not involve an appraisal), complete the title work, and assist you in obtaining homeowners' insurance. Although a home inspection is not mandatory for the mortgage process, we strongly recommend it as it can help identify any significant property issues that could potentially pose safety hazards or result in future expenses related to HVAC systems, the roof, pests, or other structural concerns. Once all these steps are completed, and your income and financial documents have been verified with no major issues, your Park Bank loan will be ready for closing.

 Final Steps Before Closing

As your close date approaches, you can expect a flurry of activity. However, there's no need to worry as the Park Bank team has successfully guided thousands of homebuyers through this process, and we're here to help you navigate through it as well. You will receive a closing disclosure that outlines all the costs and terms agreed upon at the time of lock-in, along with any subsequent changes that may have emerged during the final process. Additionally, your Park Bank Advisor will assist you in organizing your cash to close.

 Close On Your New Home

It's finally here - the big day you've been waiting for! As you prepare for the closing, make sure to bring a valid government-issued photo ID and any necessary cashier's checks for your down payment and closing costs. During the closing process, which typically lasts around an hour, you'll be joined by the title agent, the seller, and their representatives. Together, you'll go through and sign all the necessary documents. Once everything is completed and the keys are handed over, you officially become a homeowner!

 Move-In Day

The moment when you turn the key in the lock of your new home is an unforgettable memory for many homeowners, even years after the fact. The purchase contract with the seller should outline the specific dates for when you can move in. Depending on the circumstances, the seller may allow you to move in early or provide a few days after the closing date. As a new homeowner, we recommend that you take steps to update your address with various entities, including the post office, federal and state agencies, social security, employers, insurance companies, banks, credit card companies, and other financial and subscription-based services. This will ensure that all your important documents and information are sent to your new address, and you can avoid any potential issues or delays.