Our Services
Buyers
Purchasing a home can be a scary and daunting task. Let us handle all of the worrying for you. Let us help you through the entire process. We help First Time Buyers find programs that will assist with down payments and closing costs.
We also walk every client through the entire home buying process.
Call us first and we will walk you through the following steps!
Step 1: Check Your Credit Report & Score
Check the accuracy of your credit report annually for free: http://www.annualcreditreport.com . To obtain your credit score for a fee, contact the three major credit reporting agencies: Equifax (1-800-685-1111) TransUnion (1-800-916-8800) Experian (1-888-397-3742)
Step 2: Figure out How Much You Can Afford
An important metric that your banks uses to calculate the amount of money you can borrow is the Debt to Income Ratio — comparing your total monthly debts (for example, your mortgage payments including insurance and property tax payments) to your monthly pre-tax income.
Depending on your credit score, you may be qualified at a higher ratio, but generally, housing expenses shouldn’t exceed 28% of your gross monthly income.
For example, if your monthly mortgage payment, with taxes and insurance, is $1,260 a month and you have a monthly income of $4,500 before taxes, your DTI is 28%. (1260 / 4500 = 0.28)
Many financial professionals recommend following the “28/36 Rule” to determine how much you can afford to spend on a home. The rule states that you should spend no more than 28% of your gross monthly income on housing expenses (e.g., mortgage, taxes, insurance) and a maximum of 36% of your gross monthly income on your total debt obligations (i.e., housing expenses PLUS any other debt obligations, like car loans, student loans, credit card debt, etc.).
Step 3: Find the Right Lender
Getting a mortgage preapproval letter before you start looking at houses will give you an edge when bidding against other buyers. The letter shows the seller that you're a serious buyer whose loan is likely to close. It's evidence that a lender has evaluated your finances and figured out how much you can afford to borrow, and therefore how much house you can afford.
To get preapproved, you’ll have to provide lenders your financial information. Here’s a list of what a lender typically requires:
- Social Security numbers for yourself and any co-borrowers
- Bank, savings, checking, investment account information
- Outstanding debt obligations, including credit card, car loan, student loan and other balances
- Two years of tax returns, W-2s and 1099s
- Salary and employer information
- Information about how much of a down payment you can make, and where the money is coming from.
Get preapproved by more than one lender. Then you can compare Loan Estimate forms from each one to determine who offers you the best rates and terms.
Contact us we have a list of lenders that we work with that can assist you with your loan approval.
Step 4: Learn about homebuying assistance programs (free money)
There are multiple home buyers down payment and other assistance programs.
Contac us to discuss.
Step 5: Find your Home
A good real estate agent can remove much of the stress and uncertainty from the home search process. From setting goals to securing a loan to selecting the best neighborhood to meet your needs, we will be there to assist you every step of the way.
We have access to home listings, past sales data and market statistics. We can set up a customized search that alerts you as soon as a new listing you might like goes live. We also get notified about many of the hottest homes even BEFORE they hit the market.
Step 6: Close on Your Home
Once your purchase offer has been accepted by the seller and you have chosen a loan and a lender, it’s time to focus on the closing process.
We will walk with you through this entire process.
You’ll need to provide your lender with additional documents, so stay alert for requests and notifications. You’ll also need to get a home inspection and shop for homeowner’s insurance. Signing your closing documents is the final step. Take time to review them carefully. Once you sign, you’re responsible for the mortgage loan.