If You Are Ready To Buy Now, These Four Steps Will Help You Prepare.
- Research Loan Programs
The home buying process moves pretty quickly, so it is important to do your research before meeting with a loan officer. Make sure to educate yourself before beginning the process. What kind of loans are there? What do you really want in a mortgage? Make sure all your needs and wants can be met by making an informed decision
- Get Pre-Qualified and Pre-Approved
A pre–qualification is a preliminary step where you provide the mortgage lender with basic information about your financial situation via an online form. The lender doesn’t verify this data, but uses it to determine whether or not they might qualify for financing and offer their services as well!
The process of getting a pre–approval letter involves submitting an application and providing your lender with supporting documentation. This includes tax returns, paycheck stubs, W2s, financial statements, as well as a credit check.
- Find a Real Estate Agent
You will need someone by your side during the buying process that can answer all your questions and help guide you through the process, while looking out for your best interests. Find an agent by doing research. Ask family and friends, read reviews and conduct interviews.
- Be Ready To Pay a Earnest Money Deposit
Have liquid cash for your earnest money deposit. This is a check you submit with your offer to show the seller that you are a serious buyer. These deposits typically range from 1% – 2% of the price. The seller doesn’t just take your money and run though. The funds are held in an escrow account, which means they will either return it to you at closing or or applied to your closing costs and/or down payment.
If you’re in the market for a home, it’s important to do your research. You can get qualified and pre-approved online or through an agent who will guide you on what steps are necessary before going house hunting so that when you find one of those perfect homes with everything on your wishlist, you’ll be ready to buy!
Give us a call today at (888) 671-7885 and speak with one of our specialists about your specific needs!