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"Nancy gave us tremendous personal attention in our house hunting adventure ... she even went so far as to find us a temporary living arrangement until we could move into our new place. I would recommend Nancy to all of our friends in the future."
Julia M.
Chicago, IL
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Thinking of buying a home? Follow These 6 Simple Steps for a smooth & enjoyable home buying experience!
The financing process should be addressed before venturing out to find your new home. The mortgage application process can take anywhere from 30 to 60 days. Credit challenges, documentation issues, a delay in getting an appraisal or credit report can delay the process. In addition, although you might have an idea of what you can afford, you may find out that the amount you have been approved for is in fact more than you intended to spend. It is extremely beneficial to get pre-approved before you start the search as many listing agents will ask for a commitment letter along with the contract & earnest money when an offer to purchase is presented.
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Have Information About You Ready:
Name, address, social security number of each applicant; landlord or mortgage company.
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Get Your Financial House In Order:
Assets:
Source(s) of down payment and closing costs. Bank name and approximate balance of any checking, savings money market accounts. Stocks/Bonds, retirement accounts, etc. BE PREPARED TO PROVIDE STATEMENTS: if you receive monthly statements, provide the last 2 months. If you receive quarterly statements, provide the most recent quarter. Net worth of any businesses owned (if applicable).
Debts:
List of current liabilities: car payment, credit card balances, student loans, etc. Information on any other properties owned. Alimony/Child Support payments (if applicable)
Income
Monthly salary (pay stubs) and 2 years employment history. (Last two years of W2's and Federal tax forms) Information on employment.
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Think about what your "IDEAL" monthly payment would be.
What would you ideally like to spend on your housing costs???? Include taxes and assessments if applicable. Think about this relative to your current rent or housing payment, current net pay and other expenses.
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Clean Up Your Credit:
If you know there are outstanding credit issues, gather your supporting paperwork/documentation and be prepared to explain any derogatory marks that you know are on your credit.
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Have an idea of how much you plan to put down:
Consider that down payment as well as closing costs.
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Do some research!!!! An educated consumer is the only way to be!
Check out various loan products online or in the Real Estate section of the Sunday paper. (i.e. 30 year fixed vs. 1, 3 or 5 year adjustable rate products. Along with this research, have a general idea as far as time frame (minimum vs maximum) as well as how long you will personally be in or hold onto the property as an investment.
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