The first time you make a specific meal it is essential to have the recipe so hopefully it turns out just as you are expecting. By following the recipe, you know the ingredients and the preparation instructions can guide you through the process.
When it comes to buying a home, it is basically like following a new recipe. There are certain things that need to be done in a certain order. This order will save you time, money, effort and disappointment.
We get so excited about finding a home that we jump on the internet and begin looking at what is available. We want to schedule showings and take in some open house events. This is gratifying and makes you feel like you are doing something but if you haven’t gone through the preliminary work this could be wasted effort.
If you are a first-time home buyer then you may have not been through the process before and even though you might have an idea of what you need to do, partnering up with a good agent from the start will give you years of personal and professional experience to draw on that will help you avoid the more common mistakes that first-time home buyers often make when buying a home.
A good agent can help you find team members that are required to make the sale like a lender, title company, inspectors and others. Each member of these team has an important role. If the process is not done correctly, it can cause delays and possibly, make you loose your dream house.
The first and most important step is getting pre-approved by a lender. This part of the process lets you know how much you can afford in a new mortgage so you know what price range you should be shopping in. Pre-approvals are also very helpful when it comes to negotiating with sellers since it removes any doubt of you being able to afford the home. If you are in a market where there is high competition or bidding wars, then you are stronger with a pre-approval and you become a known commodity.
You’ll need to assemble some documents for the lender that include pay stubs from the past two months, W-2’s from last year, proof of additional income, tax returns for the past two years, bank statements for the last three months, list of all open credit accounts and balances, copy of driver’s license and a history of residence for past two years.
Buying a home is one of the most important decisions in your life and it should be done with care and research. When all the things are done in the right order, finding the “right” home is just like following a recipe. For more information, download this Buyers Guide that includes great information to help you through the process.
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