10 Do’s & Don’ts for Financing That First Home
It’s not all about the bonus room or the two car garage or the stainless appliances.
Finding the right home also means financing the right home.
The good news is that a little preparation greatly increases the odds of finding and closing on your perfect home.
SUZANNE REED from FirstBank Mortgage Partners shares her list of 10 do’s & don’ts for ensuring a smooth mortgage process.
- Last two years tax returns
- Most recent paystubs
- Most recent W2s
2-Check your credit score.
With a credit score of 680 or higher, most loan programs will be available to you.
3-Correct errors on your credit score, if any.
This easy process typically takes about 24 hours after the lender receives the necessary documentation, which includes an application. Once you know how much you can borrow, you can initiate a more targeted home search. A pre-approval also lets you know much cash you need to close.
5-Determine what type of property you wish to purchase, condominium, townhome, or single family as the documentation varies for each.
6-Make any big purchases while house shopping and getting pre-approved.
7-Apply for new credit – this can impact pre-approval and/or closing timeline.
8-Change jobs or make major changes in compensation structure during this time.
9-Be afraid to ask the lender questions.
10-Be offended at the numerous requests for paperwork – underwriting simply requires more documentation than in the past.
Prospective home buyers benefit from Suzanne’s 20 years of experience in problem solving and creative solutions. Suzanne’s successful track record poises her to provide a unique experience in the commoditized world of mortgage lending.
Suzanne can be reached at 615.812.3706 or email@example.com.
Suzanne is looking forward to reading: Think Like A Freak by Steven D. Levitt and Stephen J. Dubner.