Buying a home can be a whirlwind process. At Firefly, we take pride in helping our members find smart, affordable ways to make home ownership possible. We do not outsource our underwriting process - our dedicated team of mortgage professionals are with you every step of the way from application to closing. Contact us at any time to see the status of your application.
Step 1: Getting Pre-Approved
The first step in the mortgage process is to apply for financing. Our in-house underwriting team will review your application and supplemental information (like pay statements, your credit report, employment, assets, etc.) to determine the amount that you are qualified for. If we determine you are a qualified borrower, you will receive a pre-approval letter - typically within two days of your application (if no additional documentation is needed).
Many Realtors request a pre-approval letter before they will begin to show you homes.
Step 2: Find a Realtor
A Realtor will help you find a home that fits your needs and your budget. They will be your advocates along the way by helping you create a competitive offer, review purchase agreements, find a reputable inspector, etc.
In today's fast-moving market, we recommend that you find an experienced, full-time Realtor. A reputable Realtor will look out for your best interests and will not put you in an uncomfortable or unrealistic housing situation.
Step 3: Send your Mortgage Loan Officer your Purchase Agreement
Once you find a home and your offer is accepted, your Realtor will send a copy of the signed Purchase Agreement to your Mortgage Loan Officer. At this point, your Mortgage Loan Officer will work on getting your appraisal, title work, and flood zone information ordered.
Once we have received your Purchase Agreement, you can plan for a closing date about 45 days out.
Step 4: Select a Title Company
Firefly will ask you to select a Title Company for your loan. Your Realtor may have a preferred Title Company, but it is ultimately up to you on which Title Company you want to use. Firefly can run fees for different Title Companies to help you with your decision. Once chosen, notify your Realtor and Loan Officer. They will work with your Title Company to prepare your title work and any other documents prior to closing. You can read more about what a Title Company does here
As a word of caution, always confirm instructions with your Realtor and Mortgage Loan Officer either in-person or by phone before wiring money to avoid scams and phishing attempts.
Step 5: Close on Your New Home
After you give your Realtor the name of the Title Company you would like to work with, they will work with all parties to plan a closing date. This is when you and the seller will go on your closing date to sign paperwork and exchange the keys to your new home.