The Purchase Process

Step 1: Get pre-qualified

Once you've decided that you want to buy a home, you should determine what payments you can comfortably afford. We provides many tools such as an affordability calculator that give you a general idea of what your payments would be, but to get a better idea of the price range of homes to view, you should get pre-qualified. A pre-qualification is beneficial in many ways. First, it gives you an idea of what loan amount and purchase price you can afford. Second, it strengthens your offer to the seller and the seller's real estate agent. Third, by getting pre-qualified, you're getting a jump start on the approval process. Your BancFirst mortgage loan officer will have given you a good idea what documents will be needed during the loan process and you will be in a position to provide them and move to loan approval more quickly.  Once you find your home and sign a purchase contract, you're already a few steps ahead. Get pre-qualified today.

Step 2: Determine which mortgage loan best suits your needs

There are many loan options available from first-time buyer programs with down payment assistance to traditional conventional, jumbo, and FHA and VA loans. There are also loan options suited specifically for applicants that are members of a native American tribe or those who are purchasing in rural areas. With all the options available, you need expert advice to help you choose the right loan for your situation. Be sure to visit our loan options page to learn more about all the options that are available and if you have more questions, you can call one of home loan buyer experts!

Step 3: Contact a real estate agent and start shopping

Once you've been pre-approved and have an idea of what price range you qualify for, you can work with a Realtor to view homes for sale in the areas you'd like to live. Need a Realtor?  No problem.  We can help you there too.  Once you find a home you like, you can work with the Realtor to draw up an offer and complete a purchase agreement. The seller has the option to submit a counter-offer and you may go through several rounds of counters.

Step 4: Review your loan application and update your loan

Depending on how much time has passed since we issued your pre-qualification, we may need to update some personal information and will definitely need to collect verifying documents from you. You probably will have everything we need, but it is a good idea to go over the home purchase document checklist and locate that information at the same time you are providing your sales contract to us.

Once we have updated your file, your BancFirst Mortgage Loan Officer will go over the details of your loan program, confirm the rate that you want, and go over your closing fees. We'll make sure that you understand every detail of your loan program and answer any questions you have before moving forward.

Step 5: Lock your rate

At this point, if you'd like to secure your interest rate, your Mortgage Loan Officer will send you a Loan Estimate to confirm the terms of the loan and rate.

Step 6: Home inspection and appraisal

It is advisable to schedule a home inspection with a professional who will walk you through the property to look for any red flags such as structural damages or appliances that may not be working properly and other items that may need to be fixed. It is a small investment for some peace of mind. Any major issues would need to be addressed before the close of escrow date. While your loan is being reviewed and processed, we will schedule an appraisal appointment with the seller's agent to confirm the value of the home. Unlike a home inspection, that appraisal is a requirement to determine that the home meets the value and condition requirements of your loan program.

Step 7: Loan approval , signing, and closing

Once we have everything we need, the BancFirst Mortgage Loan Processor will submit your complete file to the underwriting department for approval. Once approved, we will prepare loan documents for you to sign at a title closing agency of your choice. Generally, it will take 30 minutes to an hour for this closing and when you're done, you're the proud owner of a new home!