Kelly Engstrom
Real Estate Officer | NMLS# 1149392
kelly.engstrom@border.bank
701-526-1133

Whether you are purchasing your first home, or your fourth home, the home buying process can be overwhelming and stir up a lot of emotions. One of the best ways ensure a smooth process is for you, the home buyer, to be educated and prepared.

One of the most important things to understand is that “no question is a dumb question.”  If you’re uncertain of something, just ask! To get you started, here are the top four questions (and answers) I receive from customers throughout the home buying process. 

1. How long does the process take? You can start your prequalification online and completed in under 15 minutes. Next, we set up an appointment to go over your options and answer any questions, which usually takes about 60 minutes. Then you go shopping for your home! Once you have a fully executed purchase agreement the process is about 45-60 days, depending on how busy the housing market is at the time

2. What items would you need from me? Some of the common items requested to receive full underwriting approval are your most recent 30 days of paystubs, most recent 60 days of bank statements, and two years of federal tax statements, including all schedules and W2s.

3. How much money do I need to save to purchase a home? A lot of people think you need 20% down to buy a home and that is not true! There are many different loan products out there, some even require 0% down. There are also programs that could help you with down payment assistance if you qualify under the program requirements. The best thing you can do is to call or email your real estate officer at Border Bank so we can see what programs you qualify for. Even if you’re not ready to buy a house right now, we can give the information you need to get ready when you are. 

4. What is the difference between a home inspection and a home appraisal? A home inspection is an optional report you can order where you will get a detailed report regarding the condition of the home to make sure everything is in working condition or note if there are any property defects. A home appraisal may still flag some property items depending on the type of loan you are prequalified for, but their main goal is to determine the market value of the property.

The home buying process begins before you even look at a home and being prepared, and asking questions, makes a huge difference in your home buying experience. And remember, our Mortgage team of friendly and experienced officers is here to help, and only one click away.