By Bobbie Terry
You’ve landed a great job. You’ve been responsible with your spending and even managed to save a little money for a “rainy day”. You’ve even managed to be in a relationship that is looking like it will be long term. Now you’re thinking about your future and purchasing a home keeps reappearing in the vast array of things your future holds. Only problem is you have no idea where to begin.
Buying a home can be a stressful yet enjoyable time in your life. You definitely don’t want to go about the endeavor all willy nilly and uninformed.
First things first: You want to contact a mortgage loan specialist and set up a consultation. During the consultation you’ll complete an application to determine your pre-qualification. The pre-qualification lets you know your loan amount which gives you a price range or shopping budget for your home. Now when that’s completed, you want to find a realtor who will help you throughout the home buying process. He or she will help you search for homes within your budget and needs. Once you find the perfect home and your offer has been accepted by the seller, your loan process will begin. During this time period, you will most likely get the home inspected and your lender will order an appraisal of the home. If everything is to your liking, your completed file will be turned in to the underwriter for approval. Once it has been given the green light, your realtor, lender along with the title company will set things in motion for closing on your new home. On closing day, you will bring a cashiers check to cover your closing costs and don’t forget a form of identification. After all of the documents have been signed and loan has been funded, you are now a new homeowner!
Some things you want to keep in mind if borrowing money for the purchase of your home are:
- Have copies of W2s for last two years
- Have paycheck stubs for last 30 days
- Have copies of checking/savings account statements for last three months
- Have divorce decree, if applicable