Tag Archives: what do i need to do to get a loan

the home buying process, simplified

9 Steps to Buying Your First Home

Let’s Get Started!

Buying a home can be overwhelming, especially if you’re a first time home buyer.

Here is a comprehensive check-list list and resource guide that will help to get you started on the path to property ownership.

1. Do some preliminary research. The best place to start is on the Home Buyer’s FAQ page. There you will find answers about PMI, Minimum Credit Scores, No-Cost Loans and so much more.

2. Gather your documents. If you’re not sure what you need, then visit our Loan Checklist page. There you’ll see a list of preliminary documents that you will need when applying for a home But don’t stress-out about getting every single one, this is just to get the ball rolling.

3. Come in for your free 90 minute consultation. Now that you have some or all of your documents, you probably have a ton of questions that you want to ask. So that’s the time to pick up the phone and give me a call. I will sort through all of your documents, get you in-touch with the right people, and help you understand the loan process.

4. Leave the consultation confident to buy your property. That’s right, after just one visit I promise that you’ll leave informed, relaxed, and confident about buying your new home. Even if your credit isn’t so great, we can develop a plan that will help you get started on the path of home ownership.

5. Get pre-qualified or pre-approved for your loan. This is an important step in buying your home. Essentially it lets your Realtor know how much you qualify for, and it lets the seller know that you’re serious about buying.

Being pre-qualified or pre-approved can make the difference between getting your dream property or not getting it.

6. Find a Realtor. Sometimes people are so anxious about buying a home that they find a Realtor before understanding their financial situation. This can lead to disappointment. So definitely come in for a consultation first. If you don’t have a Realtor I can help you find one that’s right for you.

7. Start looking. This is the fun part. Start looking for your new home. You’ve done all the work, and you have your documents in order. So let your Realtor do his or her job and help find you the perfect home.

8. Making the winning bid.  With all of the preliminary work done you are now a prime candidate to purchase your home. Make the right bid and you’ll be irresistible to the seller.

9. Enjoy your property. Viola! You did it. You’ve reached for the good life and now you’re living it.

Congratulations!

Contact me today for your free 90 minute consultation!

what's the difference between a pre-qual and pre-approval

Checklist for a Successful Loan Approval

Getting a loan is all about “proving” that you are a trustworthy and reliable borrower; that the bank will most likely receive your monthly payment on time.

To help increase your chances of getting a loan and at a good rate, I’ve put together list of Do’s and Don’ts.

Contact me if you have any questions or concerns.

Employment Don’ts

Do not change jobs.

Do not change compensation arrangements (i.e. salary to commission).

Do not change your bonus to a cash payment.

Do not go part-time.

Employment Do’s

Do disclose any cut back or furlough in hours.

Do tell your mortgage broker about any gaps in employment in the last 2 years.

Do tell your mortgage broker about any company name changes.

Funds/Bank Accounts Don’ts

Do not cross out your bank account numbers or any other information on your statements when submitting it to your mortgage advisor.

Do not move your money from account to account.

Do not accept gift funds without telling your mortgage advisor (even from a spouse or parent).

Do not accept “borrowed funds” without telling your mortgage advisor.

Do not borrow from credit cards without telling your mortgage advisor.

Do not deposit “cash.”

Do not borrow from 401k without telling your mortgage advisor.

Do not pay off a debt without telling your mortgage advisor.

Do not give us incomplete bank statements (if it says 4 pages we need 4 pages).

Funds/Bank Accounts Do’s

Do explain any other names that appear on your bank statement.

Do explain and document ANY and ALL deposits that are not your payroll.

Credit Don’ts:

Do not close out accounts.

Do not take out new accounts.

Do not add to debt.

Do not pay off debt without telling your mortgage advisor.

Do not pay off debt with borrowed money.

Do not borrow from 401k without telling your mortgage advisor.

Credit Do’s

Do disclose any new debts not on credit report.

Do disclose all properties owned (even in other states or other countries).

Do explain any inquiries into your credit. Your broker has to explain to the underwriter why someone ran your credit and if any new credit came from it.

Do explain all tax liens make sure that they are satisfied.

Do list all student loans that are deferred less than a year. You must have an extension, or they will be counted against you.

Do disclose child support.

Do disclose spousal support.