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Buying a Home

Step 2:  Make sure you can pay for your new home.

As simple as it sounds this is an often overlooked step in the home buying process.  Early on in the process let an experienced loan officer evaluate your financial situation and help you obtain a preliminary loan approval. 

Important items to review with your loan officer or banker are:

  • A thorough credit evaluation.  With all of the turmoil in the mortgage industry today having a thorough review of your loan file and credit history is critical to obtaining the best loan you can get.  And while good financing programs still exist, credit standards have certainly tightened more so than in years past. 
  • How much money do you have saved?  This is a big factor in obtaining a mortgage since the “no money down” loans of the past few years have become very difficult to find.  In addition to the down payment you should also plan to have some extra money in reserve for things like new furniture, decorations, landscaping or other improvements you may want to make.  According to national statistics the average homeowner spends almost $9,000 on their home within the first year on these items.
  • What type of loan is best for you?  Depending on what type and size of home you buy there may be different financing options available?  A loan officer can help you decide which loan product best fits your needs and financial situation.

We work with most lenders and bankers in the area and if you would like a recommendation
of trusted professionals that may be able to help please contact us today.

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