Congratulations! You've decided to take the plunge and purchase a home. Most experts agree that your primary residence is one of the best investments you can make. Whether this is your first house or you're an old hand at home buying, purchasing real estate can be a confusing and sometimes stressful process. That's why we're here - to make buying your home easy by helping you each step of the way.

Your Mortgage Associate will be there to walk you through the process from application to closing. By understanding each step of the process, you'll be better prepared and there won't be any last minute surprises. So read on and find out how you can have a hassle-free experience buying or refinancing your home.

Step 1. Prequalify

The first step in purchasing a home is to prequalify for a loan. We will ask about your income and your expenses and use a standard ratio to determine how much house you can afford. HealthCom Federal Credit Union will provide you with a written pre-qualification letter. This shows realtors and home sellers that you are a serious buyer, and can give you leverage when negotiating the price of your new home. You can get more information or start the mortgage process with a prequalification by calling us at 770-579-1000 or by using our on-line form.

Try our On-Line Prequalification Calculator

TIP: This is a good time to review your credit records. You want to know about (and take care of) any errors or problems now, rather than in the middle of the application process. Contact the 3 credit bureaus directly to get copies of your credit reports - it's FREE for Georgia residents!

Step 2. Search

This can be the hardest or the easiest part of the process! Today more than ever, buyers have access to thousands of homes for sale on the internet, often being able to see a home's features through slide shows or virtual tours. Buying a home is often the single most important investment a person makes. Realtors can take a lot of the hassles out of home buying as they know the area, are trained in negotiating and often can spot potential problems in a new home before you go to contract. Their ability to help you in each stage of the contract phase can take a lot of the worry out of home buying. I would be happy to refer you to a reputable local Realtor.

However you choose to find your home, the best rule of thumb is to see the home purchase as an investment rather than buying with your emotions. Make a list of the features you want and DON'T want in your new home. Remember that the Seller's beautifully-furnished home will be empty when you move in! Rate each home that you see on these points before you fall in love with the color, floor plan or location.

TIP: Use your prequalification letter as leverage in the contract negotiations. Sellers want a smooth transaction and will often reduce a price simply because it appears that the buyer is well prepared to make the process quick and painless.

Step 3. Apply For A Loan

HealthCom Federal Credit Union makes it easy to apply - phone us at 770-579-1000 or apply on-line.

After receiving your information, we can have your loan commitment ready in as little as 24 hours! Within 3 days we will send you the Truth-In-Lending disclosure, a Good Faith Estimate of Closing Costs, and other important federal and state documents. Review, sign and return these to us quickly to expedite the process.

How much will your payments be? Try our On-line Payment Calculator

TIP: Your interest rate may continue to fluctuate up or down until the day of closing, unless you lock in your rate. You are eligible to lock in your rate at any time after you turn in your application. Seven days before closing you will be locked in so that your paperwork can be prepared.

Step 4. Insurance and Services

You are required to have a homeowner's insurance policy in effect at closing time, so don't forget to contact your agent and let them know about your move. Have them fax a copy of the policy's declaration page and a paid receipt to us at 770-579-1039. Your agent can contact us directly if they need any additional information.

Don't forget to contact the phone company, as well the utility companies and give them plenty of time to get the services set up and turned on in time for moving day.

TIP: This is a good time to review your options. With the recent deregulations of several industries, you may have more than one choice of supplier for gas, electric, even your telephone service.

Step 5. Closing

Your closing can be scheduled at any time convenient to you and your agent, and the seller or builder. HealthCom Federal Credit Union will make sure all of your loan documents are ready for closing. At least 24 hours before the closing, we will review your HUD1 closing statement to verify that all the figures are accurate. If you have a balance due at closing, we will let you know the amount in advance.

TIP: There are a few things you will need to bring to the closing. Each borrower should bring a photo ID. You should also bring the original homeowner's insurance declarations page and a receipt of payment. Of course, any balance that you have due should be in the form of a certified or cashier's check, made payable to yourself.