You are ready to buy! This is how you get ready
1. Please collect the following:
Two years of personal returns or W-2 if applicable. If you receive extra income such as child support, please provide income last 12 months.
Most recent 2-month bank statements
Legible copy of driver’s license
Legible copy of the Green Card id you are not a citizen
2. Select a lender
3. Once your credit is run, please stop using the credit cards, don’t apply for additional credit, don’t make cash deposits on your account.
Please request a GFE from your lender to understand the monthly payment you qualified for. The Good Faith Estimate will indicate not only the amount of money you need to close but also will detail the monthly payment breakdown.
-Principal and Interest are an estimate based on the interest rates the day you are receiving the quote. The rate can be locked once you have a contract. The rate is fixed for 30 years on most loans.
-Real Estate taxes are unique to the house you are buying. The lender will initially give you an estimate
-Mortgage Insurance will be required if the loan is more than 80% LTV. It’s calculated in percentages and changes depending on the principal being financed.
-Insurance – It’s unique to the house.
Your cash to close it’s an estimate of the mortgage origination, title fees and Prepaid Items (taxes and Insurance). That’s the reason I push to do an Inspection and Appraisal during the first week that the contract is signed. So buyers can have a clear idea of the real numbers after obtaining insurance when based on the inspection results. As far as financing, the appraisal has to come back at value or a greater number, if not the property price needs to be renegotiated.
Loans can process between 25 and 40 days however to find the house you like and to get your offer accepted will require more time and patience.
The internet gives you access to thousands of listings. If you see a house that you like please call us. One of the trickiest processes that a real estate professional can make easier is during the negotiation. Reaching an agreement on price and closing the deal requires an understanding of offers, contingencies, deeds, disclosures, title searches, and many more intricacies. Having a skilled real estate professional, like myself by your side can improve your chances of buying your home at an optimal price.
I can also assist you with the legal components of buying a house and help ensure you don't miss any critical information on disclosure forms. Every small detail about the home's physical condition, history, zoning, etc. needs to be properly documented and disclosed to the buyer. If anything is overlooked and not disclosed, it could lead to an expensive claim.
You don't have to navigate these complicated steps alone. Contact us today to make buying your home the smoothest process possible. 305-776-1952 or bluepenrealtors@gmail.com