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First-Time Home Buying

Starting to think about buying your first home?

You’ve come to the right place. Navigating the mortgage process can be intimidating, but Landmark is here for you. We will walk you through the steps of getting pre-approved for a mortgage that fits your needs. Once you are pre-approved, you can confidently get to the fun part—finding your dream home.

The Home Buying Process

It's easy to get started once you understand the home buying process. We’ve compiled the basic steps you’ll take from start to finish. With a support team, research and the best mortgage options, you’ll be set for a smooth process.

Step 1Get a Free Pre-Approval

This is the first and most important part of buying your home. A pre-approval is key when it comes to making an offer on your first home, and it’s FREE through Landmark. Being pre-approved shows the seller that you’re already working with a lender and are pre-approved to borrow the offered amount, making you a reliable candidate to accept.

Items needed for pre-approval:

  • Name, current address and social security number
  • Name(s) and work number(s) of employer(s) for the past two years
  • Monthly income for you and your co-borrower (most recent pay stub(s) with year-to-date income) includes bonuses, commissions and overtime income for the past two years (this information is on your tax return)
  • If you are self-employed, you will need the last two years' tax returns for the type of business you own: Sole Proprietorship (Schedule C), Partnership (Form 1065) or Corporation (Form 1120 or 1120s) as well as the last two years' personal tax returns (including K-1s)
  • Documentation to support credit history problems (if applicable), which can be a written explanation of late payments, bankruptcy (petition and discharge papers), defaults, judgments and/or liens
  • All checking and savings account information
  • Stock, bonds, stock options and 401(k) value
  • 401(k) loan statement
  • Gifts from family documentation
get pre-approved online

After applying, a Landmark Mortgage Loan Officer will meet with you personally or over the phone to accurately determine the right loan amount and mortgage product that fits your budget. They will also inform you of the cash amount you will need to close.

It is important to remember that some lenders offer just a pre-qualification letter, while Landmark can provide a pre-approval letter. A pre-qualification is just an estimate of a projected loan amount; whereas, a Landmark pre-approval is based on our loan experts reviewing your documentation, credit, income and verifying funds to close.

Step 2Find Your Home

Working with a realtor is a great way to get started. They will help you find homes that fit your budget and needs and stay with you from showings to closings.

Keep in mind that your pre-approval is good for 120 days. After the 120 days mark, you would need to apply for another pre-approval. Also, in the event any of the information provided changes, please contact us to update the information at which time we may issue a new pre-approval letter.

Step 3Make an Offer

Your realtor will write up an offer and sales contract to buy the house. Once the offer is accepted, you’ll complete a formal application with your loan officer.

Step 4Closing Time

With most of the hard work done, it's time to sit down, sign the paperwork, and get the key for your new house. Then you get to enjoy making your new house a home.

calculator
Not sure if you're ready to start the process?

Use our Rent vs Buy online calculator to help decide if buying a home is the best next step.

Rent vs buy Calculator

First-Time Home Buyers save up to $1,000 in closing costs1.

Landmark’s First Time Homebuyer Program makes you eligible for up to $1,000 off your closing costs.

Benefits and Qualifications:

  • Landmark Credit Union will pay up to a maximum of $1,000 in closing costs for first-time home buyers
  • A first-time home buyer is defined as an applicant who has not owned a home within the past three years
  • A Landmark Credit Union checking account is required to receive any closing incentive for first-time home buyers
  • Only fixed rate mortgages are eligible

Mortgage Calculators

Use our helpful online calculators to help you calculate your payments.
 

Free Home Buyer Seminars

We periodically offer home buyer seminars that describe the steps to homeownership.

Still have questions?

Contact a mortgage loan officer

Consult a tax adviser regarding tax deductibility of interest and fees.

1 $1,000 reduced from closing costs for qualified first-time home buyers. Landmark checking (insured by NCUA) is required for the First-Time Home Buyer Program. Cannot be combined with other offers. ARM loans are not eligible.

Mortgage Escalation Case

Routing Number: 275079714
NCUA Equal Opportunity Housing
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