Home Buying Tips

If You’re a First Time Home Buyer:

1. Run a credit report and check detail if any negative report. If there is any, chances are, it might not be yours.
2. Start saving money and keep it all in your bank account instead of here and there. Hey, you need to make sure you have the amount for the down payment and the closing cost.
3. Keep all your documents ready in a secured folder in the PC. Documents such as recent two years of Tax files, W-2s or 1099s, HR Contact, Pay stubs or Income statements, two months of bank statements downloaded from bank website. Govt. Issued IDs and more in .pdf format. You will be able to avoid a lot of stress when Mortgage loan officer asks for these.
4. Speak with a mortgage loan officer of your choice and apply for a Pre-qualification/approval letter. If you don’t know where to go, we can refer one for you. This letter is very important, especially, if you’re truly serious about buying a home.
5. Know how much the mortgage amount will be including all taxes and homeowner’s insurance for the price and the type of property you’re trying to purchase. Your mortgage loan officer will be able to give you that.
6. Check out the first time home buyer’s programs with your local city site if needed. You might get some benefits such as Homeowner’s Assistance Programs.
7. Do not make expensive purchase. This might lower your credit score or affect your DTI as this is a liability. Keep the credit score stable.
8. Start viewing homes and keep comparing the monthly mortgage to see if that’s within your affordability.
9. Find the right home. Consider the location, schools if that matter, commute to work, condition of the property, scope of the work if any needed to be done after purchase.
10. Inspect the property condition by yourself on the first view. Ask as many question as needed to your real estate agent.