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Purchase Information

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PURCHASE FAQ

Benefits of Owning a Home

There are many reasons for owning a home. Many families simply want to provide a home for their family. However, buying a home is a type of investment that can accumulate wealth over time, similar to stocks and bonds.

You may ask, “Is now the best time to buy?" Well, if you’re renting, then it is time to give some thought to investing in your future.  Stop paying someone else's mortgage and start paying yourself. Below are some benefits of owning a home.

  • Personalization: Personalize your property as you see fit.

  • Inheritance: You own something tangible that can be left to your heirs.

  • Power of Amortization & Appreciation: Making each mortgage payment and the property value increasing, provides long term wealth called equity.

  • Tax deduction: Mortgage Interest, Property Tax & MI may be deductable. Consult with your tax advisor.

Conventional, Conventional High Balance, Jumbo, FHA, VA, USDA and Reverse Mortgage financing is available in the following states: AZ, CA, IL, KS, MI, MN,  NJ, NV, OH, OK, OR, PA, TX and WA.

Purchase Loan Process

STEP 1

Gather Financials & Get Pre-Approved

Send us your financial details, we'll calculate a customized loan estimate for you, and provide a pre-approval.

STEP 2

Find a Real Estate Agent & Search for Homes

If you don't have a real estate agent, our CMF Home Rewards* offers a 20% real estate commission rebate towards closing costs and outstanding service from a trusted, local real estate agent.

STEP 3

Choose a Home & Make an Offer

As soon as the seller accepts your offer, we'll collaborate with the settlement agent. Ask your real estate agent about ordering a home inspection.

STEP 4

Loan Review

We'll secure your mortgage interest rate, order the property appraisal, and send your information for review by our underwriters.

STEP 5

Conditional Loan Approval

Once our underwriters conditionally approve your loan, we'll get you ready for closing.

STEP 6

Close & Receive Your Funds

The Closing Disclosure will be sent for your review. Next, you'll sign loan closing documents. We will wire the funds to the settlement agent to enable you to finish your home purchase.

*Our CMF Home Rewards offers exclusive home selling and home buying benefits.

A pre-approval is an initial assessment of how much an applicant can borrow. It is based on certain assumptions derived from a preliminary review of incomplete credit information criteria. A pre-approval is not a guarantee of any particular loan product, features, or terms, nor is it an approval of a completed application. Final loan approval is subject to a comprehensive analysis of the applicant’s creditworthiness, the satisfaction of all product-specific underwriting requirements and conditions, and property acceptability and eligibility.

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