Mary Salinas Duron
From the moment the decision to become the owner until it receives the keys to your house, there are several important things to consider. If this is your first experience buying a house, it is likely that the process seems complicated or intimidating. You might wonder what happens? What should I expect? Who will be involved in the purchase?
The answers to some of these questions can be found knowing the 4 basic steps to buying a home:
1. Find out what you can afford
2. Find a home and make an offer to purchase
3. Meet with your lender and submit a formal request for loans
4. Close the purchase of a house
Step 1: Figure out what you can afford
Before you start looking to buy a home, you want to know how much you can pay for it. One of the best ways to find out is to meet with a mortgage lender.
A lender can review your financial situation including:
how much money you make,
how much you have saved,
how much to loan vehicles
credit cards and other debts.
Given this information, the lender can give you an idea of ??how to afford a house.(See Step # 3 for a detailed list of information that lenders could you ask).
During the meeting, the lender should also explain in detail and without the pressure of a salesperson, the different types of loans that may best fit your situation.
At that time, the lender may "pre-approve (a)" for a mortgage loan. Usually, a pre-approval indicates that you are qualified (a) for a certain amount of loan, as long as your information is verified and do not change before obtaining the loan.
Being pre-approved for a loan has other advantages:
- Real estate agents and home sellers know that you are seriously thinking about buying.
- In addition, you will not waste time looking at homes that are not within the price range you have available.
Step 2: Find a home and make an offer to purchase
It's a good idea to start the process of buying a house looking for the services of a professional real raíces.Pida friends, family members or colleagues to recommend a real estate professional. Your lender may also be a good resource to make a recommendation.
The real estate professional working for you is known as a "buyer's agent." Share with him or her about what you can afford and what kind of house would you like to buy. The agent will help you find a home and help you to make an offer to buy it.
A tender offer is a formal agreement signed. You should read it and ask the questions you need. You can also make an offer subject to various points, an example of this property might pass favorably by an inspection, that is valued by the price and you can get a loan to buy the property. Your realtor should be able to explain all the details of the agreement.
Step 3: Meet with your lender and apply for a loan
At this step in the process of buying a home, you will meet with your lender and submit the formal loan application.
The lender can help you complete the loan application. You should be prepared to deliver the following documents and information that will be required:
- Number (s) Social Security of the borrower (and all co-borrowers, if any)
- Copy of your checking accounts or savings of the last six months
- Copies of statements of other assets you may have, for example, the program of retirement savings from your employer
- Recent pay stubs, withholding forms W-2, and / or your tax return for the last two years to verify your income and verify your employment
- A list of your credit cards and the amount you pay each month
- A list of account numbers of other loans, such as a car loan
- The name and address of someone who can verify your employment
- A history of where he lived the last years, and if applicable, the name and address of their landlord
- A copy of the formal agreement of purchase between you and the seller of the house.
There are also loan programs available that require less documentation. You should ask your lender about alternative programs such loan.
Your lender will review the application information that was provided and request a credit report issued by a credit bureau. Also, retain an appraiser to confirm that each has a value that corresponds to the amount of money equal to the loan.
The lender uses all this information to make a formal decision to approve or deny the loan. Once your lender approves the loan, the purchase of the house is ready par the final step.
Step 4: Close the purchase of a house
The closure or transfer is a meeting where you sign all the paperwork and pay all costs to be officially owner (s) of your home. Just before the closing of your loan, you are entitled to make a final inspection of the property. Although the closing process varies from one place to another, some activities are standard.
Several people can attend the loan closing. This includes you and the co-borrower (if any) at or seller (s) of the house, your attorney (if any), both real estate agents and closing agent. The meeting normally takes about an hour and takes place in the closing agent's office. If you live in an area where there is no formal closing meeting, an escrow agent or closing or a lawyer, will process all the paperwork, order all documents to be signed and collect and disburse the funds required.
I'm ready to buy
Have you decided that you are ready (a) to become a homeowner? In that case, the most important point is that "knowledge is power." Remember: There are no stupid questions!
During each step of the process of buying your home, ask the questions you want.Ask your lender. Ask your real estate agent. Ask any person involved in the process. Ask questions and if the answers are not clear enough, ask again.
Lenders are eager to help you understand the process of buying a home can be a good source of educational information. A lender may serve as a guide and trusted advisor, helping you understand the buying process.
From the moment the decision to become the owner until it receives the keys to your house, there are several important things to consider. If this is your first experience buying a house, it is likely that the process seems complicated or intimidating. You might wonder what happens? What should I expect? Who will be involved in the purchase?
The answers to some of these questions can be found knowing the 4 basic steps to buying a home:
1. Find out what you can afford
2. Find a home and make an offer to purchase
3. Meet with your lender and submit a formal request for loans
4. Close the purchase of a house
Step 1: Figure out what you can afford
Before you start looking to buy a home, you want to know how much you can pay for it. One of the best ways to find out is to meet with a mortgage lender.
A lender can review your financial situation including:
how much money you make,
how much you have saved,
how much to loan vehicles
credit cards and other debts.
Given this information, the lender can give you an idea of ??how to afford a house.(See Step # 3 for a detailed list of information that lenders could you ask).
During the meeting, the lender should also explain in detail and without the pressure of a salesperson, the different types of loans that may best fit your situation.
At that time, the lender may "pre-approve (a)" for a mortgage loan. Usually, a pre-approval indicates that you are qualified (a) for a certain amount of loan, as long as your information is verified and do not change before obtaining the loan.
Being pre-approved for a loan has other advantages:
- Real estate agents and home sellers know that you are seriously thinking about buying.
- In addition, you will not waste time looking at homes that are not within the price range you have available.
Step 2: Find a home and make an offer to purchase
It's a good idea to start the process of buying a house looking for the services of a professional real raíces.Pida friends, family members or colleagues to recommend a real estate professional. Your lender may also be a good resource to make a recommendation.
The real estate professional working for you is known as a "buyer's agent." Share with him or her about what you can afford and what kind of house would you like to buy. The agent will help you find a home and help you to make an offer to buy it.
A tender offer is a formal agreement signed. You should read it and ask the questions you need. You can also make an offer subject to various points, an example of this property might pass favorably by an inspection, that is valued by the price and you can get a loan to buy the property. Your realtor should be able to explain all the details of the agreement.
Step 3: Meet with your lender and apply for a loan
At this step in the process of buying a home, you will meet with your lender and submit the formal loan application.
The lender can help you complete the loan application. You should be prepared to deliver the following documents and information that will be required:
- Number (s) Social Security of the borrower (and all co-borrowers, if any)
- Copy of your checking accounts or savings of the last six months
- Copies of statements of other assets you may have, for example, the program of retirement savings from your employer
- Recent pay stubs, withholding forms W-2, and / or your tax return for the last two years to verify your income and verify your employment
- A list of your credit cards and the amount you pay each month
- A list of account numbers of other loans, such as a car loan
- The name and address of someone who can verify your employment
- A history of where he lived the last years, and if applicable, the name and address of their landlord
- A copy of the formal agreement of purchase between you and the seller of the house.
There are also loan programs available that require less documentation. You should ask your lender about alternative programs such loan.
Your lender will review the application information that was provided and request a credit report issued by a credit bureau. Also, retain an appraiser to confirm that each has a value that corresponds to the amount of money equal to the loan.
The lender uses all this information to make a formal decision to approve or deny the loan. Once your lender approves the loan, the purchase of the house is ready par the final step.
Step 4: Close the purchase of a house
The closure or transfer is a meeting where you sign all the paperwork and pay all costs to be officially owner (s) of your home. Just before the closing of your loan, you are entitled to make a final inspection of the property. Although the closing process varies from one place to another, some activities are standard.
Several people can attend the loan closing. This includes you and the co-borrower (if any) at or seller (s) of the house, your attorney (if any), both real estate agents and closing agent. The meeting normally takes about an hour and takes place in the closing agent's office. If you live in an area where there is no formal closing meeting, an escrow agent or closing or a lawyer, will process all the paperwork, order all documents to be signed and collect and disburse the funds required.
I'm ready to buy
Have you decided that you are ready (a) to become a homeowner? In that case, the most important point is that "knowledge is power." Remember: There are no stupid questions!
During each step of the process of buying your home, ask the questions you want.Ask your lender. Ask your real estate agent. Ask any person involved in the process. Ask questions and if the answers are not clear enough, ask again.
Lenders are eager to help you understand the process of buying a home can be a good source of educational information. A lender may serve as a guide and trusted advisor, helping you understand the buying process.