Check Out This Simple but Helpful Step-by-Step Guide to Home Ownership:
Thinking of buying a home, but not sure where to start? I've put together a short list that will get you started in the right direction.
The first question to ask yourself is: "What is my credit score?" Lenders generally take the middle score provided by the 3 major credit bureaus. If your credit rating isn't good, or if improving will help lower your interest rate, I can help you find a great credit repair company and we can map out a plan to get you into home ownership sooner that you might think!
Second, decide on a budget. Your credit score, your income and the amount of
your down payment all play a role in how much you should plan to spend on your new home.
Next you will want to get "pre-approved" and this is where I can help. Realtors in this market will not show you a home without a "pre-approval letter." Call me today and we can run some numbers to see where you stand!
Fourthly, gather up the necessary paperwork. You will need to gather recent paystubs, several months of bank statements and your most recent tax returns.
From there we will decide on a loan type. After we have looked at the numbers, and depending on your specific situation, we will decide which loan type is best for you. First time home buyers may want to apply for an FHA loan, which is a bit more lenient on the credit score, and does not require a 20% down payment as conventional loans do.
Now you are ready to shop for a home! This is the most fun part of the process. You done all of the right things, your ducks are in a row, now enjoy the hunt! Sometimes the right home jumps out at you immediately, and sometimes it is a bit of a process. Either way, it is a part of the journey and you (and your loved ones) can really enjoy putting ideas together, and making this important decision together.
Remember not to make any last minute mistakes: Now is not the time to quit your job, buy a new car or apply for a credit card. Any of these things are a red flag to the underwriters and could end up delaying or completely preventing the closing of the deal.
I am here to help! Call me today!