A home will likely be the biggest purchase a person ever makes — along with being the most daunting purchase.
But the good news is most of the problems homebuyers face have a quick solution, if completed before trying to get a mortgage.
To help overcome the imitating homebuying process, the Independent Community Bankers of America offered the following eight suggestions for perspective first-time homebuyers.
Follow this and the entire homebuying process will go much smoother:
Discuss your finances with your bank before you begin looking for a home. It is important to stay within your means when purchasing a house.
Gather and organize paperwork and documents. Items you should have readily available include paycheck stubs, W2 forms, tax returns and bank and investment statements for the last two years.
Know your monthly income and budget, including how much you spend on rent, utilities, entertainment, clothing, food and transportation.
Check your credit report so you are aware of what your current credit score is before applying for a loan. Credit reporting agencies must give you one free report annually.
Maxing out credit cards or falling behind on other loan payments could create issues when applying for a mortgage. Keep tabs on your spending habits before applying for a mortgage. Once you apply for a mortgage, don't take on more big debt until it closes.
Work with your banker to figure out how much you can borrow and which mortgage product is right for you. "Your local community banker can explain available mortgage options- including rate adjustments, fees and other loan features - so you are prepared for the loan closing and not surprised down the road," the ICBA states.
Learn what current mortgage rates are. Bankers are there to help you understand how that translates into monthly mortgage payments.
Check with your state, city and county government agencies for special first-time-homebuyer loan or grant programs available to assist with down payment and closing costs.
A good realtor can help guide you to a reputable lender who is an local lending expert who can simplify the process. Start your home search today at http://sherrycabrera.com.
Author:Deborah Boyd Phone: 940-368-1306 Dated: June 2nd 2015 Views: 964 About Deborah: My family has lived in North Texas for generations so I personally know the residential areas of Fri...
JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
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JP and Associates REALTORS is a real estate company with a solid structure and foundation built around service and productivity. We believe in providing a fun and rewarding environment for all our REALTORS® and therefore always ready to support our REALTORs® Associates in any market and in any condition. All our REALTORs® will always strive to close more transactions in a given year than the average REALTOR®. Our goal is to recruit and retain the most professional, better trained REALTORs Associates in the local market.
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I've got to say that Gary is very knowledgeable about the entire process of areas to look into the final signing of the documents. He helped me with a lot of information I didn't know, including how some HOA's operate and what it would take to have a repair made. He went all over town with me with zero complaints. I must have looked at 30 houses. He's very personable and professional and I don't know how he pulls it off... We had quite a few laughs due to the things that we saw in the houses we looked at. He slipped on the ice, cut his finger, I bonked my head on a low garage door, and the best was the 'cold' room that was a dead giveaway to a haunting thought. I recommend Gary highly."