Buying a home with UBT

September 01, 2023
Buying or building a new home is an exciting time — and it’s also one of the most important financial decisions you’ll ever make.

You can relax knowing our team of professionals will be right there with you, from getting a free prequalification to finding the right loan. Here are some things to know as you go through the home-buying process.

Jump-start your journey by getting prequalified. We recommend taking this significant first step by making an appointment with a loan officer to get prequalified over the phone or in person. Before you buy a home, it’s important to determine what you can afford. Remember, you’ll be responsible for the monthly mortgage payments, plus home insurance, real estate taxes, maintenance expenses, and possible homeowners association fees. A loan officer can help you with these calculations.

Saving money for a down payment is important. Lenders have different requirements for down payments, but generally, the higher your down payment, the lower your monthly payments will be. Calculate your monthly income and expenses to see what you can afford for your housing budget. We typically recommend that consumers’ monthly mortgage and housing expenses not exceed 30% of gross monthly income.

The right partner makes all the difference. If you’re already working with a UBT Home Loan Officer, make sure to note this in your application. If you’re not, we’ll connect you with one of our experts. You can also search for a Loan Officer near your location by clicking here.

Start your application. Once you’ve made an offer and have signed a purchase agreement for a house, you’re ready to get started with our online mortgage application by following these steps:

  • Add your information into the application, including your name, marital status, and current address, and include the same information for any co-applicants.
  • The application section that asks for your assets, income, real estate, and any declarations will help us better understand the type of property you’re buying and financing you want.
  • The “getting to know you” portion will ask about things like the price of the property you’re purchasing, your down payment, and how much you’re looking to borrow.
  • Your income is used to evaluate your ability to make monthly payments. Select the income source you’d like considered as part of your application. Our online application integrates with some payroll providers and many banks to make this part easier.
  • After that, we’ll ask you about any real estate you own and any financing you have. Please include proof of your homeowner’s insurance policy, if applicable.
  • Then, we’ll ask you to provide some demographic information, which we encourage you to answer. The law prohibits lenders from discriminating on the basis of this information.
  • Next, we’ll ask you about any financial circumstances you need to disclose. These questions will help us understand more about your financial situation when we review your application.

Our team will work with you to collect documentation, get an appraisal on the home, and submit the information to underwriting to get approval. The next step is getting the keys to your new home.

If you ever get stuck along the way, our team is here to help. We can answer questions and even remotely look at your application with you to help you complete it.

  • Personal
  • Owning a Home
  • Mortgages
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