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Purchase

buy home

Buying A Home

When the time comes to look at buying a home, it can be an exciting time in your life, but it can also be filled with confusion and stress. We are here to help!

At ClearPath Lending, we want to present you with the clearest path to financial success and home ownership by providing you with quality loan products. We provide products for all types of home loans such as: VA, FHA, and conventional home loan products.

We promise to be there every step of the way, from application to funding. With our client portal, you can track the progress of your loan from start to finish. Have questions? Give us a call at (855) 866-5363 and a licensed mortgage loan officer will be more than happy to help!

PURCHASING ROADMAP

start planning

Start Planning

  • Make a list of features you are looking for in a home.
  • Use one of our calculators to estimate a price range.
  • Speak to a ClearPath Lending mortgage loan officer to determine how much you need for a down payment.
get prequalified

Get Prequalified

  • Call us to get prequalified in as little as 15 minutes.
  • Ask us about the ClearPath Loyalty Program
  • Let one of our mortgage loan officers help you get access to home listings, buying tools, neighborhood and school information, and other local information.
find the right home

Find The Right Home

  • ClearPath Lending can help you get in touch with a real estate agent.
  • Once you find the perfect home, your real estate agent will help you make an offer.
  • When you and the seller agree on an offer, call ClearPath Lending to apply for your loan.
  • Don’t forget to celebrate!
apply for home loan

Apply for a Home Loan

  • A ClearPath Lending licensed mortgage loan officer will talk with you about the loan type that is right for you.
  • Your dedicated mortgage loan officer will give you a list of needed documentation.
  • Register on our client portal.
  • We will keep you updated on the progress of your application.
new home

Closing On Your New Home

  • Your dedicated mortgage loan officer will work with your real estate agent to coordinate the closing on your home.
  • ClearPath Lending will provide you with closing documents and review the closing steps.
  • If needed, bring your payment for closing costs on closing day.
  • Meet with the closing agent and sign your final documents.
  • We did it! You now have the keys to your new home.

Buying Basics

Buying a home is exciting, but it can also be confusing and scary.
Our goal is to make the process as smooth as possible so you enjoy the experience.

Ready to buy a house?

  • When you are considering buying a home, you will want to consider things like location, home features, price range, and getting prequalified. Don’t worry, we’re here to help you through the process.
  • You can use one of our calculators to help you decide what you can afford and how much you will be able to borrow.

Saving for a down payment.

  • If you don’t already have a down payment saved up or from the sale of your current home, you need to put together a plan to save the amount you will need. First, make a budget cutting out as many luxury items as you can to maximize the amount you can save each month. Stick to it and you will have your down payment in no time! You can also have a percentage of your paycheck automatically deposited into a savings account specifically for your down payment. This is very effective because you really don’t miss it when you never see it.

Find a good real estate agent.

  • Once you know how much you can afford and your ClearPath Lending mortgage loan officer has you prequalified, it is time to find a real estate agent. An experienced real estate agent can help you find the right location and the right home and negotiate a price on the home, any needed repairs, and sometimes even a portion of closing costs.

Start Paying the mortgage amount now.

  • Let’s say you plan to purchase a home with a mortgage payment of $2000 but you are only paying $1500 right now. Put that extra $500 in savings each month. Not only will you have a bigger down payment or a bigger emergency/maintenance fund but you will be used to paying your mortgage before you even move in.

Understand your monthly payment.

  • Your monthly payment is made up of the principal amount you borrowed from the lender to purchase your home, plus the interest on the loan, property taxes, and homeowner’s insurance. It is important to have a good idea what this total monthly payment will look like.

How much do I need for a down payment?

  • Typically, and for most conventional loans, you will need 5%-20% of the purchase price of the home for a down payment. Some of the factors that affect down payment are loan type, credit score, and product or program. For instance, an FHA loan can require as little as 3.5% down and a VA loan for veterans has a zero down payment.

Have an emergency fund.

  • The days of calling the landlord to fix things will come to an end when you purchase a home. You are your landlord! It’s a good idea to have an emergency/maintenance fund just in case you need it. And you will need it.

Down Payment

Saving for a down payment starts you on your journey to home ownership. Start today by having a conversation with one of ClearPath Lending’s licensed mortgage loan officers. We can help you determine the right type of loan for your needs and the down payment needed. Don’t wait! Call today (855) 866-5363

Know Your Number.

  • Let’s say you qualify for an FHA loan 3.5% down payment and you are purchasing a home for $250,000. That means you need $8,750 for a down payment. If you can save $750 a month, you will have your down payment in less than a year. With a solid plan and a budget you can reach your goal.

IRA or 401K

  • It may be possible to borrow against your 401k or withdraw from your IRA for your down payment. We highly recommend you speak with a financial advisor and tax expert before choosing this method.

The gift of a down payment.

  • Many homebuyers receive gifts for a down payment from a family member. Achieving your down payment goal in the form of a gift is subject to specific rules so be sure to speak with your ClearPath mortgage loan officer to make sure you understand the process.

Down payments come in all sizes.

  • The size of your down payment has a direct impact on your loan approval, your rate, and your monthly payment. It is best to have the largest down payment you can but homes are purchased with all types of loans and many different sizes of down payments. A ClearPath Lending mortgage loan officer can help you decide the best option for your needs.

Let’s Talk Credit

Your credit score is an important factor when applying for a refinance loan. The better your credit, the higher your chance of being approved for your loan.

Improving your credit

  • Pay your bills on time. Late payments lower your credit score. Typically, payments less than 30 days late don’t affect your credit score. Make sure you are consistently paying your bills on time.
  • Don’t max out your credit cards. Lenders look at your total credit card debt and how much available credit you have left on your cards. When you don’t have much available credit left on your cards, this is a red flag to lenders.
  • Don’t close out your credit cards. Keeping your credit cards open with available credit improves you score. Credit cards also help with length of credit history. If the interest rate is high on the card you are considering closing, call the credit card company and ask them about lowering your rate. This works more often than you might think.
  • Limit the number of credit inquiries. When a creditor checks your credit this is a “hard inquiry” and lowers your score. Avoid too many inquiries into your credit.
  • Be aware of your debt-to-income ratio. Your ratio is your monthly payment obligation divided by your pre-tax income. Lenders will always take debt-to-income ratio into account when approving a loan.

Bad credit? There are options. Speak with one of our mortgage loan officers today.

lets talk credit

GET PREQUALIFIED TODAY

Contact us to get prequalified for a loan in as little as 15 minutes. Ask us about our ClearPath Loyalty Program.

Give Us a Call… 855-866 5363

best price

BEST PRICE GUARANTEED!

ClearPath Lending guarantees the best pricing for your loan.

Our pricing is among the most competitive in the industry. We pride ourselves on having the edge on both rates and loan products, ensuring that you benefit from the lowest rate and best terms possible. Do you have a quote from a competitor? Call one of our loan officers to discuss our no-beat policy.

GET PREQUALIFIED TODAY

best price

BEST PRICE GUARANTEED!

ClearPath Lending guarantees the best pricing for your loan.

Our pricing is among the most competitive in the industry. We pride ourselves on having the edge on both rates and loan products, ensuring that you benefit from the lowest rate and best terms possible. Do you have a quote from a competitor? Call one of our loan officers to discuss our no-beat policy.

ClearPath Lending has among the fastest turn times in the industry.