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When Buying a Home
Introduction to Home Buying
It is recommended you learn all you can about the home buying process before you begin house-hunting. This is a guide to give some meaning to the concepts you may have heard about how to buy real estate. Please keep in mind not all of the information will apply to your area, and careful examination of local laws and regulations is imperative.
To start the process, you must determine what you can afford. Your desires and needs will be tailored around what you can afford. It is recommended to get qualified and approved with a loan officer. Once you know how much house you can afford, then it's time to decide how you want to spread those dollars.
You also must decide where you would like to live. This may not always fit into the affordable price range you've come up with. Buyers should make a checklist of what they want, including; location, number of bedrooms and baths, square footage, proximity to schools, public transportation or other frequent destinations, then list your priorities. Also, buyers should consider whether they are willing to renovate and if so, how much work and money they want to put in it.
Determine out how much cash you have to put toward buying your home. Then decide how much time and effort you are willing to do in order to make a not-quite-perfect house into a home you really can treasure.
After you have made some decisions on location and affordability, engage the services of a real estate professional to lead you down the unpaved road to home ownership.
Now......"Call The Best!" Penny & Barry Lombard Toll Free 1-877-451-0101 "Maine's Most Recognized" Husband and Wife Team!
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Items Needed for a Credit Application
Employment:
W-2s or tax returns for the past 2 years
Proof of Gross monthly income for past 30 days
Proof of pensions, retirement, disability or Social Security Security
Proof of income from rentals, investments, etc.
If Self-Employed:
Two years 1040 Tax Returns, all schedules
Current year-to-date profit and loss statement
Creditors:
Each creditor's name, address, type of account, and account numbers
Monthly payments and approximate balances
Amount of child care expenses (For VA loans only) Assets:
Two current consecutive months bank/asset statements (Checking, Savings, Money Market, Stocks, Bonds, 401K)
Miscellaneous:
Life insurance cash value (documented if used as cash down payment)
If applicant is selling a home - a copy of sales contract
Veterans - Certificate of Eligibility, Check to pay for appraisal fee & credit report
Realtor® will provide:
Copy of sales agreement
Copy of listing on property
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Earnest Money
Shopping for a Loan
Mortgage Application
Inspecting a New Home
Imagine You Live There
Pre-Qualified? Pre-Approved?
Title Insurance
Prorations
Closing Day Details
Choosing a Home Inspector
Homeowner's Insurance
Scheduling Your Closing
Now......"Call The Best!" Penny & Barry Lombard Toll Free 1-877-451-0101 "Maine's Most Recognized" Husband and Wife Team!
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