We’ve listed a couple of key items that are important for you to have when buying a new home. For more information on buying a home be sure to visit our “Buying a Home” page on our site.
- Get a copy of your credit report. If there are any issues it is a good idea to get them cleaned up prior to the loan application.
- Have Proof of Assets. These days it is difficult to get a loan with little or no down payment. Banks want proof of your down payment and the bank statements to prove it. If you are using an investment account it is best to have that money transferred at least 3 months out. The banks will want 2-3 months worth of statements to prove the assets are available. 6 months worth of cash is a good estimate for a down payment.
- Find a loan officer that you feel comfortable working with. Get recommendations from friends and acquaintances. You are counting on this person to work for you, not against you. If you need help finding a loan officer be sure to ask a Better Homes and Gardens Real Estate Executive Partners agent for some trusted recommendations!
- Have copies of everything including 2 years of tax returns, 3 months of bank statements, investment and 401k statements and check stubs. A two-year history of employment will also be necessary.
- Have a pre-approval letter ready prior to finding the home of your dreams. It usually takes 45 days to go through the entire process. Having this letter beforehand will also make your offer look more attractive to the seller.
- Make sure you can afford the house. Your loan officer will tell you on paper how much the bank will loan you but you need to know how much you can comfortably afford.
- Negotiate your broker fees. Ask for a good faith estimate of your fees and closing costs. See if the “origination fee” is negotiable.
We are here to help you with all of your real estate needs. If you are in the market to buy a new home be sure to check out our current listings. Contact a Better Homes and Gardens Real Estate Executive Partners agent today for more information before purchasing your new home!