Tips for Successful Homebuying

  • Get Help. Work with a REALTOR as a buyer's representative
  • Choose a lender. If unsure on when to start, ask your REALTOR for recommendations. The lender will get you pre-qualified for a mortgage before you start looking so when you are ready to make an offer you can! A local lender that you can build a relationship with is a MUST!
  • Be picky, but be realistic.
  • Decide when you want to move.
  • Are you looking for a starter home with the idea of moving in a few years or is this your forever home. The decision may dictate what type of home you'll buy.
  • Consider home inspections and home warranties. Your REALTOR can explain these.
  • Don't become "house poor". Listen to your trusted advisors.


  • Ask questions!



Negotiating the Purchase


You've found your

 "Dream House"!


You want to buy it. Now what?


You make an offer by submitting a signed contract with the type of financing and other terms you would like to offer. This will become the sales contract when the seller signs it   accepting your offer. Before you sign it, read it carefully and make sure you understand every detail. Ask questions. If you want to have an attorney review it, do so prior to having it presented to the seller. Your REALTOR can explain the contract but not give you legal advice.

Ask questions about contingencies on financing, inspections, termites, personal property (what stays and what goes), repair work, insurance, closing and possession.




 

Questions to Ask your Lender......

  • What mortgage loans do you offer
  • Which mortgage plan do you think would be the best for me/us? Why?
  • Are your rates, terms, fees, and closing costs negotiable?
  • What are the options to avoid mortgage insurance?
  • Who will service the loan?
  • How long is your loan lock-in period? Do you have extended locks? If so, what the costs?
  • How long will the loan approval process take?
  • How long will it take to close the loan?
  • What are the charges or penalties for prepaying the loan?

Financing Checklist

Documentation you will need when buying a home

The following is for general information. Your lender may request additional information.

All Loan Applications

  1. All employment pay stubs the last 30 days for all applicants
  2. Employment history for the past two years (minimum)
  3. Documentation to verify additional income, such as child support, pension, social security income, etc.
  4. W-2 forms for the last two years, for each applicant
  5. Bank statements for the last three months, for all checking and savings accounts (all pages)
  6. Name, address and telephone number of landlord for the last 24 months, if you are currently renting or have rented in the last 24 months.
  7. Last twelve months cancelled mortgage payment/ rent checks
  8. 401(k), IRA statements, and investment account statements for the last three months, if applicable
  9. A check for payment of the application deposit (funds necessary to order an appraisal and credit report)

For an FHA Loan

  1. Photocopy of drivers license and photocopy of social security card
  2. Lead-Based Paint notification if house was built prior to 1978 (for refinance transactions, this form will be supplied at loan application)

For a VA Loan

  1. VA Certificate of Eligibility
  2. Form DD-214 or, for in-service veterans, Statement of Service
  3. Most recent Leave and Earnings Statement (in-service veterans only)




Simple Steps to Getting your Finances in ORDER

Develop a budget
Reduce your debt

Get a handle on expenses

Create a house fund
Save for a down payment
Keep your Job
Establish a good credit history
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