First Steps for a New Home Buyer
When our family plans out our summer vacation, we tend to follow the same general pattern:
pack the car the day before
leave at bedtime so the kids are sleeping
stop for gas along the way.
Inevitably, once the small bladder people are awake, we’ll make a few extra stops.
Or we’ll see a sweet rest stop or park and want to stretch our legs for a bit.
But the exact trip and the milestones along the way vary each year.
We have different pit stops when we head to Myrtle Beach than if we were to go to the Grand Canyon.
Because the paths are different.
We’re on different timelines and there are different sights to see.
You’re probably thinking, “well duh”, and you’re not wrong.
It’s the same for our first time home buyers - every mortgage is unique.
The general process is the same for everyone, but the specific details will vary.
Not knowing exactly what to expect can be tough - so we want to help first time home buyers anticipate key steps before they happen.
4 Things to Know to Be Ready For Your First Call With A Mortgage Lender
#1 - Make a Mortgage Lender your first call.
When you know you’re ready to start the process of buying a house, reach out to a mortgage lender.
Here’s an easy script to get you started.
(By the way - the sooner the better!)
#2 - Answer some questions.
Once you initiate contact with the lender, they are going to need some information from you to get the process going.
To get a good idea of the questions we ask - you can take a look at our survey here.
Expect questions such as:
What’s your job history?
How much do you want your monthly payment to be?
How much cash out of pocket you are comfortable spending at closing?
When are you wanting to buy a home?
And other goals you may have…
(By the way - We know so many homebuyers are more comfortable texting and would rather grab a live barbed wire fence with both hands than jump on a phone call…
Keep in mind, you’ll get your questions answered much easier with a quick phone call. We don’t bite, or shock - promise!)
#3 - Send in your documents.
Be prepared to know where to find:
a valid form of ID
two months worth of pay stubs
last two years of W2s or tax statements
last 30 day bank statements (full pages, please!).
4 - Let’s review!
We take all the information you’ve shared as well as your goals to map out an action plan for your unique situation.
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From this point on, a line is drawn in the sand and your mortgage journey will be uniquely yours.
You might need to take some time to work on raising your credit score.
You might need some time to save extra $$$ for closing costs.
You might find the exact house that fits your budget and you’re ready to go, go, go with the rest of the process.
On a public platform we talk high-level, big-picture, generalities because mortgages are as unique as fingerprints.
If you want to get nitty-gritty into the details of your mortgage journey - please give us a call!
We would love to look directly at your specific situation to help map out a custom action plan.
We want you to be as comfortable during the journey as possible - so PLEASE ask questions.
As many as you need to, as often as you need to. We are here to serve you!