Buying a home is not something you need to dread or not look forward to, as it can be an exciting experience in which you work to make your home wish list a reality. When you prepare properly and utilize the best resources, it will make for a much more positive experience. Here are some preparation tips to help you get ready for your upcoming home purchase.
To prepare yourself for the financing end of your home selection, you can begin by collecting your documentation that will be required by your mortgage lender. If you keep these documents filed away or kept on an online source, search them out or print them to have them available. Your lender will require certain documents for the underwriter to review and can include your past pay stubs for the last few months.
You will also likely need to provide copies of your W-2s or similar prepared tax filing documents. This will show proof of your income for the past few years, which establishes a history and builds your credentials.
The next step in the process is to contact a mortgage lender to process your loan application. You can complete this online through an online lender or meet with a local loan broker to begin the process. Fill out your application and your loan officer can get you pre-qualified for a loan based on your income and credit.
Your mortgage lender will likely pull a copy of your merged credit reports from the three main credit bureaus. This merged file will provide details from all your credit reports so no important detail is missed. If there are any errors, you can dispute these with the credit bureau providing them, then you will need to wait for them to be removed from your report before you can proceed with your credit application.
Use a Smart Search Source
Once you are pre-qualified with a mortgage and you know how much your limit is, you can begin to search for a home that you like. Talk to a local real estate broker to get a list of homes in the area that are for sale that are the type of property you want. Your realtor can personalize your search criteria to find the perfect home, containing features on your wish list, such as a wood-burning stove or fireplace, a large three-car garage, or a yard landscaped with mature trees. Let your realtor know if you find a home you want to tour through they can arrange for the tour with the seller's agent and accompany you on the visit. If you have any questions about the home that are not addressed in the home's listing details, your realtor will inquire for you. Your realtor is your source for real estate information, so make sure they can provide you with the information you want to find the right home.
To learn more about housing for sale, contact a real estate agent in your area.