Ready To Take The Next Step?
When you are ready to start searching for a home, knowing how much you can afford is a crucial step in purchasing a home.
I wanted to be the first to congratulate you on taking
the first step towards home ownership.
Here are some of the steps that it takes to buy a house, which I would gladly walk through them with you on this journey
1. Credit Check
The first thing to do prior to purchasing a home, is to check your credit thoroughly. The best place to start is by obtaining a free credit report that federal law allows you from each credit bureau every 12 months and make sure everything on your credit is correct
2. Financial Commitment
Depending on your credit score, you can do a minimum of 3.5% down payment from your savings, a gift from a family member or down-payment assistance programs. Depending on your down payment you will have to calculate for Private Mortgage Insurance
3. How Much Can You Afford
4. Qualify For A Mortgage
Next you will contact a local credit union or major bank (your current bank is a great place to start), or a mortgage broker to start the qualification. In this step you will need to submit all required documents including and not limited to: 2 forms of ID, recent 2 month’s bank statements, most recent 30 day’s pay stubs, and most recent two year W-2 statements. There is no one size fit all when it comes to mortgage documents every situation is unique. Once approved we can start hunting for the perfect home!
The most important step is finding the right place to call home. During this process I will assist in locating the best properties that fits your criteria. We will go out and look at properties and inspect them, check out the area, and see if the house is a good fit for you. Once you choose the right home, we will order for a home inspection to make sure there is no major problems in the near future. Once everything checks out we will then submit an offer for your home and start the negotiations to assure you get the best deal possible, once we are in an agreement we set up escrow and submit earnest deposit and then we move towards the next step, we are almost crossing the finishing line!
6. Escrow & Close
The mortgage company will now proceed in ordering an appraisal for the property and underwriting the loan, check out these things to avoid that can affect you while buying a house, once that gets back if needed we will negotiate for a fair price. Once agreements have been met on the sellers side and our side and the loan is approved we will set up a date to close. Prior to signing the closing documents we will do a final walk through and make a final inspection before signing the deal, after everything checks out we go ahead and sign the closing documents and bring the funds for the down payment and closing cost and depending when the time of closing the sale will be recorded and keys handed over!
7. Home Ownership Aquired
CONGRATULATIONS! You have now joined millions of Americans in home ownership, the cornerstone of the American dream. After weeks of hard work it is now time to relax and enjoy your beautiful home