If you’re looking to buy a home this fall, here are some helpful tips to get started. Affordability is the number one concern with mortgage rates and home prices today. However, we are seeing a rise in inventory that is creating a more even playing field in capturing a property. The first step is to get pre-approved for a mortgage.
During the pre-approval process, the lender will look at the big picture of your finances. You will provide them with two months of pay stubs, two years of tax returns and two months of bank statements. This information coupled with your credit report will help the lender determine your debt to income ratio and ultimately how much you are able to borrow. They will tell you what loan types and programs they offer and also let you know if you need to ask the seller for closing cost assistance in offers.
One of the best pieces of advice we can offer is to not only find out how much you are able to borrow but also let the lender know what payment you are comfortable with and ask what amount of loan that correlates to. This will help save you time and heartache during your home search.
Getting pre-approved prior to looking at available houses puts you in the position to make an offer confidently and show a home seller that you are serious about buying. You put in the work to get pre-approved and if the seller chooses your offer, you are ready to do your part to make sure escrow closes in a timely manner.
Our office works with top lenders in the industry who can help you find out about down payment assistance programs and mortgage rate buy down programs.
Remember, the process may seem overwhelming but we are here to help you every step of the way! Give us a call to talk about your home buying goals and how we can help you achieve them!
As always, when you are ready to buy or sell, we are ready to help!