BUYER’S BLUEPRINT
Presented by
THE HOME-BUYING PROCESS
Pre-Approval
Home Search
Under Contract Processing / Underwriting Closing
Scan the QR code to view the full Homebuyer’s Guide.
DOS AND DON’TS
Do
• Get pre-approved early prior to starting your home search.
• Understand your monthly budget and funds needed for purchase.
• Organize funds early – liquidating stocks / investments and 401K loans.
• Keep credit utilization below 30 percent of the maximum credit card limit.
• Ask questions and keep the lines of communication open with your lender.
• Stay organized and maintain a paper trail of your asset documentation.
Don’t
• Make large credit purchases before buying.
• Transfer large amounts between different asset accounts.
• Open new lines of credit or accumulate additional debt.
• Make late credit payments with your monthly debt obligations.
• Go on vacation during the loan process without discussing with your lender.
• Change your employment status without checking with your lender.
GLOSSARY OF TERMS:
GATHER DOCUMENTS
□ Two most recent pay stubs
□ Last two years of W-2s or 1099s
□ Copy of Driver’s License
□ Last two months of complete bank statements
□ Last two months of any stock, mutual fund or IRA / 401K accounts
ж If self-employed, two years of complete tax returns
• Have your loan pre-underwritten.
• Work with a local lender with a strong reputation in the local marketplace.
• Build home search price off your budgeted monthly payment rather than your maximum qualification.
• Organize funds to close early.
• Work with a trusted REALTOR® with a proven track record in the local market.
Appraisal: An estimated value of the property. As part of the loan approval process, the lender will hire an appraiser to assess the property and determine whether the loan amount is appropriate to its value. The appraiser uses several factors to determine the property’s value, including location, condition and the sales price of recently sold comparable properties in the area.
Discount Point(s): A one-time fee a homebuyer pays directly to the lender (usually a bank) upfront at closing in exchange for a reduced interest rate.
Earnest Money: A deposit paid by a potential homebuyer to a REALTOR® upon bid acceptance that indicates their intention to purchase the house.
Escrow: A “forced” savings account, in which a portion of the monthly mortgage payment is set aside by the lender for payment of such expenses as property taxes or hazard insurance. This assures the lender that adequate funds will be available to pay these.
Jumbo Loan: A loan that exceeds the purchase limits by Fannie Mae and Freddie Mac. Also called a non-conforming loan.
Mortgage Insurance: Insurance for the lender in the event that the borrower defaults on the loan. Typically required when the loan has an LTV of 80% or greater.
Pre-Approval: A document from a lender stating that the lender is tentatively willing to lend you, up to a certain amount.
Scan the QR code to review more helpful glossary terms.
Our Heritage is Tailored for Your Success.
Sanctuary Home Mortgage’s 30-year legacy in Atlanta leverages personal relationships with the area’s top-performing REALTORS® and local appraisal experts to unlock an unmatched financing experience firmly grounded in community and deeply invested in your success.
steven.thomas@sanctuaryhomemortgage.com
NMLS 600478
GA 51152
direct: 678.697.9809
fax: 610.629.6370
STEVEN THOMAS
Loan Officer
A founding member of Sanctuary Home Mortgage, Steven Thomas leverages 14+ years of finance experience to help clients build their financial futures through real estate. Known for his solution-oriented approach and comprehensive industry knowledge (including the real estate market, bond market and personal finance), he serves all types of home finance needs. Whether anticipating potential blind spots in loan structure for those starting out as first-time home buyers or navigating intricate income scenarios for self-employed borrowers, his background, network and resources provide clients with unmatched support.
Born in Marietta, Georgia, Steven earned a degree in finance from Auburn University. His fascination with the mortgage industry sparked during his tenure as a licensed personal banker, where he discovered a passion for uncovering needs and pinpointing solutions for improving his clients’ mortgage portfolios. He firmly believes that Sanctuary stands apart in the market due to its exceptional people, its culture of family, its local focus and its elevated sense of accountability to borrowers. His clients appreciate the real-time communication and sense of ease he brings to the process.
Beyond his professional pursuits, Steven enjoys a full family life in Atlanta, where he resides with his wife and two beautiful daughters. When he’s not assisting clients, he enjoys golf, woodworking and photography.
B.B.A., Finance and International Business, Auburn University Mortgage Bankers Association of Georgia (MBAG) Platinum Award | 2021, 2022
Presidents Circle Award | 2021, 2022