Obviously there are many things to consider as you prepare for home ownership. Understanding the process can help you walk through the steps a bit easier. You will want to have a trusted Real Estate Agent at your side and they will become your advocate and be with you each step of the way.
You will want to have your financial house in order. It may be that you need to work on a few steps prior to looking for your home so that you have a stable financial presentation for the loan underwriter to approve.
- Start and continue these steps:
- SAVE
- Pay off as much debt as possible.
- Know your credit report, fix any errors and work to have a good score.
- Develop a budget that you can work with and prepare to apply for Pre Approval.
I would recommend a Real Estate Agent, much like what I try to be for the people I work with. Someone with local knowledge of the area. A good communicator with good people skills is great. Experience teaches so an agent with experience is a plus. A good real estate agent is your advocate and will be a big advantage as you begin to make your first offers.
Understand how the loan process works. Simply put, the pre-approval will determine your likelihood for success in finding an underwriter for the mortgage loan. Once you find the home, a mortgage underwriter will look much closer at your income, assets, debt to income ratio, credit history and more along with an inspection of the home before your final approval. The last step is Title Insurance before you close and become a Home Owner.
Plan your budget and your downpayment. Learn about possible options for down payment assistance. I feel strongly that local lending is always best and I can introduce you to opportunities as we get started.
I would love to be part of your new home journey!
Comments are closed