The First Time Home Buyers Guide First Step

The First Time Home Buyers Guide First Step

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There is an incredible sense of accomplishment you will feel owning your own home. Imagine coming home, parking in your garage, then cooking dinner in your beautiful kitchen, and then relaxing in your backyard surrounded by loved ones and enjoying your drink of choice. Owning a home can do wonders from an increased sense of enjoyment, confidence, and pride in a piece of land where you will make countless memories with family and friends. When you own a home, you get to determine how you want to style and design it or what additions to make. Owning property certainly can lead to wealth, but also it leads to more security for you and your family.

With that said, there are several steps in the process for a first time home buyer, and each one needs to be completed before the rest can begin.


The Loan Pre-Approval

A loan pre-approval is a document from a lender saying that they have done a preliminary check of your ability to make a mortgage payment. The pre-approval letter will tell you how much you are pre-approved for, and what kind of interest rate you are looking at. When you want to make and offer on a house, the first thing the seller will want to know is if you have the ability to actually get a loan for a house and close on that house.

While every lender is a little different, in general you will need to provide the lender with:

  • Your last two years’ tax returns

  • Your last two years W-2’s

  • Your last two bank statements

  • Your last two pay stubs

  • A list of your current debt (credit cards, car payments, school loans, etc)

  • Permission for the lender to run your credit

This is one of the very most important first steps in the home buying process. If you are considering buying a home and would like to be advised on which lenders are the best with good terms and rates, please reach out to me for assistance.

The process gets a lot more exciting after this initial step when you will be finding homes to go and see!

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Dated: December 30th 2018
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