Be prepared to provide pay stubs and bank records to your lender.
Be prepared to discuss credit and job history.
Know your monthly expenses. Just because the bank states you can afford an $1850 a month payment doesn’t mean you are comfortable in doing so.
You will be given a letter of pre-approval to enclose with your offer. This sends a signal that you are a ready and able buyer.
Finally, avoid large purchases, changing jobs or doing anything that would affect your credit.
You know how much house you can afford. Don’t fall into the too-much-house-not-enough-money trap.
How many bedrooms do you need? What size of yard? How much storage?
Your My Way agent can send you everything you need to know about a house. In some cases virtual tours are available. This will save you and your sales agent hours of time looking at properties that do not meet your needs.
Your My Way agent will be with you every step of the way.
In this market, if you find something you like, submit an offer.
Negotiation comes down to how much you want the home and how badly does the owner wants to sell. A good agent navigates you through this so everyone wins.
That’s the goal!
A qualified home inspector will look at everything in your potential home. Remember all homes typically have maintenance and repair issues. You and your agent need to decide what you can live with and what you feel needs to be fixed. You might ask the seller to fix something and you might not. Again, your My Way agent will help you navigate through this part of the negotiation.
Once you and the seller agree on the inspection, your lender will send out an appraiser to ensure that you are paying fair market value for your home. This protects you and the lender. Typically there is an additional cost for this, which you the buyer will pay.
The final process to obtaining your loan. Be prepared to supply tax returns, W-2’s and bank statements. The faster you can get these documents to your lender the better chance you have on getting through this process quickly. You will then be asked to sign a large stack of documents that basically states that you will pay your mortgage to keep your home!
Your loan company will wire money to the seller through an escrow company.
Once the sale is recorded with the county and your agent gets receipt of this, you get your keys.