Home
Buyers
Journey of
Home Buyers
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The Home Buying
Process
Securing your
finances
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Apply For a
Mortgage
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Time to go
House shopping
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Have the property
Inspected
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Close, move into
Your new Home
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Preparing
To Buy
Check your
Credit score & report
A good credit score will significantly influence your loan terms. A good credit score of 640 or higher can get you pre-approved with lenders, some lenders still have programs that can get you pre-approved with a score as low as 580. Pay off any large open collection accounts and keep documentation of payment to give to lender. Make all your bill payments on- time and pay down your credit card balances. You have to wait 2 years after a bankruptcy discharge to apply for a home loan.
Get
Pre-approved
Hire a skilled
Real Estate Agent
You cannot navigate the real estate market on your own without making mistakes that you wouldn’t ordinarily make with a real estate agent. You need a real estate agent who knows their apples, is familiar with the neighborhood you want to live in and knows what homes are worth. More than helping you make informed decisions, remember that purchasing a home involves contracts and contracts should be negotiated. Your real estate agent will cleverly negotiate, make sure you get the best deals and explain the terms of these contracts so that you are aware of what you are getting into.
Buy the home
You can afford
Regardless of what your dream home is, analyzing your financial situation and buying a home you can realistically afford saves you from terrible financial disasters. You do not want to be house poor because of your mortgage.
Documents & Information
Required
Documents and information
For Pre-Approved
These are the documents and information you need for getting pre-approved
- Proof of income/employment (30 Days of pay statements)
- Bank statements (60 Days)
- Two prior year W2 forms
- Social security cards, valid ID such as drivers license
- Good credit score 640 or higher some loans can be approved with a 620
- Most Recent 401k or 403b statement (only if applicable)
Things To Avoid
Before Closing
8 things NOT to do between your date of getting pre-approved and your closing
- Don't buy a new car or trade-up to a bigger lease
- Don't quit your job to change industries or start a new company
- Don't switch from a salaried job to a heavily-commissioned job
- Don't transfer large sums of money between bank accounts
- Pay your bills on time -- even the ones in dispute
- Don't open new credit card accounts
- Don't accept a cash gift that will be deposited into your account without filling out the proper gift letter (you can get this from your lender)
- Don't make random, undocumented cash deposits into your bank account
Meet Your
Agent
Ready to make the most significant financial decision of your life?
Speak to a savvy real estate agent now!
Patti Warnke
READY, SET, MOVE
When your move in date is near, you’ll want to make sure to collect the proper information for the home to make your transition as smooth as possible.