Your Financial Road Map
A Deep Dive Into Purchasing Your Home
Buying a home is a complicated multi-step process. We’re here to help you every step of the way in making one of the biggest decisions of your life! We’ve provided you with a step by step financial road map and listed everything you are expected to have in order prior to purchasing a home with us.
Preparation Can Make All The Difference
Is Buying Right For You?
Buying a home is a big decision that comes with huge time and financial commitments. You should decide whether you’re ready to take that step.
Get Pre-Qualified
It’s quick and easy to do with your bank. Getting pre-qualified for a loan can be done over the phone or even online. This will then be reviewed by your broker.
Save For A Down Payment
At the very least you’ll need 3.5% down for an FHA loan while traditional mortgage brokers look for 20% as the gold standard.
Shop For A Mortgage
You can begin this process with your bank or local credit union. You can also hop online to a site such as bankrate.com
Credit Report & Scores
It’s a good idea to ensure your credit score is in good shape prior to your bank pulling your credit report. If there are any errors take action immediately.
What’s Best For You?
You’ll have several choices such as fixed vs adjustable rates, 30 year vs 15 year, balloon mortgages, and even FHA loans. Do your homework.
Financial Documents
You’ll need your W2 statements (2 years), federal tax returns (2 years), Bank statements, recent pay stubs, and any additional income sources.
Get Pre-Approved
Your goal should be to get pre-approved prior to looking for homes. Pre-approval isn’t a guaranteed loan but it is a good and recommended start.