Buying a Home
So you're thinking about buying a home? Now, its time to get serious and get game face on. Owning a home is rewarding on so many levels. Just as with anything else that's worth having you have to work for it. This is where I come in to help simplify the process and make it less stressful for you.
Some of the first things you want to decide on are:
- What area(s) are you seeking to live in. It's best to list 2-3 areas that you would like to live in
- What amenities do you need to be near in those areas?
- What type of home do you want, how much sq footage and any other requirements you may have
Now, that you've decided those things here's where the work begins.
- Pay off all unnecessary debt. The less debt you have the more your changes of getting approved for financing increase.
- Stop spending and start saving. Make sure that save your down payment seasoning in your bank account for at least 45-60 days. This can vary depending upon lender. Use a mortgage calculator to get an estimate of what your fees could be.
- Have additional monies set aside for other costs such as appraisals, home inspections, etc.
- Make a folder and put your W2's for at least 2 years, pay stubs, 401K statements, and any additional income you want to include, most recent bank statements, copies of utility bills, if you rent provide a rental history from your landlord. These are items that lender will most likely ask for and to have them on hand lessens the stress.
- Keep a paper trail. If you deposit money in an account. Have a receipt and/or write a letter of explanation as to where the money came from and sign it. The same with withdrawing money and if funds are gifted.
If you already have a lender you would like to utilize, contact them, submit your application and documentation and request a qualification letter. If you do not have a lender, call and schedule an appointment with me and I will walk your through that process with one of our trusted lending partners.
*These companies are my preferred companies to work with as they have a proven track record of providing excellent customer and financial services to my clients. I am not compensated in any form by any of these companies. Feel free to use any provider that you choose as these are just my recommendations.
After your lender providers your approval letter we can begin to search for and look at homes that meet your criteria. Here are a couple of suggestions for the showing phase.
- Make sure you have a notepad to take notes of each property.
- Take your camera to take pictures of details about the property
- Make sure to have your flashlight to see dimly lit areas
- Ask questions about specific rooms, functions, features or areas that may seem problematic.
- Don't wait too late to make an offer. Homes are often selling as soon as they are listed.
People buy homes for numerous reasons: to have extra space, move closer to work, along with other lifestyle changes.
- Is there enough room in the home for your family to expand?
- Do you have adequate storage space?
- Will you need to replace the appliances?
- Are there enough bathrooms?
- How much maintenance or upgrading will you need to do immediately?
- Will your furniture fit in this home?
The mortgage calculator below can help you estimate your monthly mortgage payment. Enter the estimated price of the home, the amount of your down payment and loan details to calculate your monthly payment.