Purchase Loan 101
Annette Bui | Updated June 08, 2020 | Mortgage Programs 101
The purchase loan process can be quite an overwhelming one if it is your first time. The great news is it doesn’t have to be if you are prepared with the right expectations, understand the step by step of how long everything should take and work with both your mortgage professional and your real estate agent. The goal is to do your due diligence so you can properly arm yourself with the tools and resources to start you home ownership journey.
The start of your home search can be filled with excitement as you begin your next steps to becoming a homeowner. The preparation is a crucial part of going your loan successfully in a seamless manner. Below are crucial considerations to sit down and discuss with your spouse or partner to be sure you are both on the same page.
1. Have I been with my same line of work for 2 years?
1. How is my credit rating?
2. Is source of income secure and consistent?
3. Do I have a sufficient emergency funds of 6-8 months of living expenses?
4. Is my income stable?
5. Do I have enough funds for the down payment and closing costs?
If you these questions apply to your situation, it may make sense to reach out and see what you may qualify for. Annette’s team to get a custom-tailored preapproval. We are always ready to help!
· FHA- for less than perfect credit, 3.5% down payment.
· Conventional-for credit scores 640 and above, ideal for 5% to 20% down payment.
· VA- perfect for active members of the military, surviving spouse.
· Investment Property- generate your passive income and start creating wealth.
· Renovation- remodel and upgrade your new purchase at a more affordable price.
If you’re interested in learning more about one of the home loans listed above, contact Annette’s team. We are happy to explain each type of loan and which might be best for you, based on your finances and home buying goals.
Our team will be available to help explain how the loan preapproval process works to help guide you through the maze of the purchase loan shopping process and connect you with all the tools and resources to start your home journey. Once we review your financial and loan preapproval, you will be armed with the resources to start working with a real estate agent.
Once you receive a loan pre- approval, rest assured that you can begin your home search with the peace of mind knowing that you are in good hands. We recommend that you locate a realtor that specializes in the area you are searching in to get the appropriate guidance to locate the ultimate home and help you with the negotiation and secure a good value on the house.
Once you locate a realtor, you can start narrowing down the areas of your home search and take consideration for some of these crucial components.
· School district, neighborhood, and work commute.
· Amenities and entertainment.
· Listed price, Association dues
· Property type: Single Family, Town home, Condo.
· Home size: consider the number of bed and bathrooms, single or multi-story.
Now that you have a better understanding, let’s dive into your custom-tailored road map. Reach out to Annette’s team to find out what you can get preapproved for and start planning for your dream home today!