It’s exciting to start thinking about buying a home. Whether you are a first-time homebuyer or a seasoned homeowner, thinking about life in a new space can be invigorating!
Most of my clients these days begin by poking around online and seeing what is out there. That’s great! And when you are ready to take it a step further, let’s talk about your custom plan.
your wants and needs
First determine what is NOT working about your current living situation. Not enough bedrooms? Want room for a garden? Thinking about a horse (why would you not be thinking of a horse!?)? Or do you need a different space configuration? Possibly thinking of downsizing? The more you can share with me, the more I can help track down your perfect spot.
are you selling first?
If so, I would like to help by determining the market value of your home with you. By determining how much you might get for your home sale will help you determine your home-buying budget.
People are usually nervous about taking this first step, especially first-time homebuyers. But it’s important to remember that lenders are problem-solvers and even if there are some credit issues that need to be cleaned up or things that need to be clarified, they are in the business of lending money and will help you towards success.
Here is what you can expect they will need from you to give you a pre-approval (important for knowing the home-buying budget:
- Asset and investment statements
- Bank account statements
- Credit card statements
- Auto loan statements
- Pay stubs for the last two months
- Verification of other income sources
- Tax returns and W-2s for the past two years
- Form of ID
- And, of course, the mortgage application!
The lender may ask for additional documents, but this will get you started.