Purchasing a home is a huge investment, its something that should be thoroughly planned out.
You want to start with getting your credit and finances in order. Your credit score needs to be a 620 or higher. Save as much money as possible. Lenders typically recommend homes with a cost no more than three-to five times your annual household income, with a 3.5%-20% down payment and moderate debt
Cost Associated with Purchasing
You won't know how much house you can afford until a loan application has been filled out. Initially you'll provide some financial information to your lender- such as your income and amount of savings, the lender will also perform a credit check.
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What Documentation is needed for a Mortgage Pre-Approval?
After touring homes in your price range, I'll assist you in writing an offer on the right home. Well present a fair offer based on the comparable homes in the area. We may need to negotiate this offer with the sellers until accepted
The immediate step after making an offer and having it accepted is to complete any inspections that the offer was contingent upon.
An appraisal, is an estimate of the property value. The approval is not only to justify the lender's investment, but to help keep the buyer from overpaying on a property. Your lender will typically hire an appraiser and charge you the fee at closing.
Congratulations You're A New Homeowner! The closing process finalizes the sale of your home.