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Monday, June 17, 2013
FIRST TIME HOME BUYER
Well, you just got married or about to and you want to purchase your very first home. There are a few steps on your way to purchasing your new home.
First, you will need to be preapproved before actual house hunting so naturally mortgage lender hunting would come first. Pick mortgage lenders in the area where you are wanting to live. Check Community banks or local credit union or a bank that you have a relationship with already. Ask each of them questions and compare rates and terms. Once you know what each lender has to offer, negotiate for the best deal that you can.
Once you choose the lender you want to work next is to find out how much you can afford. Make an appointment and you will save a lot of time by being prepared by having these items: 1) social security numbers for both your and your spouse, 2) copies of your checking and savings account statements for the past 6 months; 3) evidence of any other assets like bonds or stocks; 4) a recent paycheck stub detailing your earnings; 5) a list of all credit card accounts and the approximate monthly amounts owed on each; 6) a list of account numbers and balances due on outstanding loans, such as car loans; 7) copies of your last 2 years' income tax statements; and 8) the name and address of someone who can verify your employment. Depending on your lender, you may be asked for other information.
Once you have gone through this process you will be educated on how much you can afford and how much you can borrow. With this information you can start your home search with your Realtor. The process will be much smoother knowing what price range to search in for your dream home. As a Real Estate Professional and your Realtor, I will be able to narrow down homes that fit your price range and your desired criteria. Then when you fall in love with that perfect dream home to start your life together and we submit the offer with the preapproval letter, your offer will have more clout than others that do not include this information.
Use these tools to calculate: How much can you afford? How much can you borrow?
First Time Home Buyers Guide - Get yours FREE - Click here to request a copy
More info available by email request:
Home buying booklet
Home Economics pamphlet
Monthly Budget worksheet
Mortgage comparison worksheet