So you’ve made the monumental decision to buy a new home. Wow, that’s great! Okay, now take a deep breath. You are probably feeling a range of emotions about the decision and process ahead – excited, scared, anxious, joy, doubt – pretty much the whole gamut. That’s only natural. You may also be wondering how the heck you’re going to figure all this out and who you can trust to help guide you through (without taking you for a ride). Well, this is about as good a place as you’ll find. Let’s start.
Unless you are one of the lucky few who can buy a home without a loan, you’re going to need a lender. Just like the variety of homes to choose from, there are many lenders out there. Luckily in this case, selecting the best one actually saves you money, instead of costing more. Even better, we’ve done your homework for you and can recommend someone who we know to be knowledgeable, ethical, responsive and has dynamite loan programs. His name is Rob Briggs with New American Funding. Following is a link to his site: http://www.newamericanagent.com/robbriggs
Before you even contact a lender, you should probably gather up the necessary documents that will be requested. These may include, but not be limited to:
- W-2 forms from the previous two years, if you collect a paycheck;
- Profit and loss statements or 1099 forms, if you own a business;
- Recent paycheck stubs;
- Most recent federal tax return, and possibly the last two tax returns;
- A complete list of your debts, such as credit cards, student loans, car loans and child support payments, along with minimum monthly payments and balances;
- List of assets, including bank statements, mutual fund statements, real estate and automobile titles, brokerage statements and records of other investments or assets;
- Canceled checks for your rent or mortgage payments.
Oh yeah, once you’ve applied for a loan – even if you’ve gotten your approval – don’t make any big purchases, change jobs or apply for credit. Don’t worry, there will be plenty of time and MORE than enough things you’ll want to buy, once you close on your new home. For more on what to expect during the buying process, check out our post “First Time Buyers” under the “Qualifying” tab.