So, you think you are ready to buy a new home. Buying a home can be confusing, intimidating and stressful for some buyers. It can also be a smooth and worry-free process if you work with the right mortgage company.
The first step when considering a home purchase or refinance is to go visit with a mortgage officer to get pre-qualified. Even if you are not ready to purchase a home at the moment, your mortgage officer can discuss with you the different loan products and give you a price range of homes for which you can qualify and can begin to shop. Everyone’s employment and financial situation is different and your mortgage officer can guide you through the steps necessary to make your home purchase or refinance as painless as possible. Meeting with your mortgage officer early in the process can help you avoid any potential “surprises” later on when you do find your dream home. After you have been pre-qualified, it is very important that you consult with your mortgage officer before any significant purchases or employment changes. These items could affect your mortgage loan approval.
There are several items you will need to provide to your mortgage officer for pre-qualification:
Your most recent pay stub.
Your last 2 years of complete federal tax returns.
Your last 2 years of W-2s, K-1s or 1099s.
Your driver’s license.
Before you go visit with your mortgage officer, you might want to familiarize yourself a little with the four mortgage loan programs. This will help you and your mortgage officer decide which program would best fit your needs. The four mortgage loan programs are:
Once you have been pre-qualified, I would suggest that you engage the services of a realtor to help you in the home search and negotiation process. After you find a home that is in your price range that you would like to purchase, contact your mortgage officer so that they can work up a pricing scenario for you to review. If you are comfortable with the pricing scenario, you can consult with your realtor to negotiate a purchase contract. Your mortgage officer and your realtor will guide you through the rest of the home buying process.
Purchasing a home is a major financial decision and should not be taken lightly. Your Bank of Ruston mortgage team is made up of professionals who work on home purchases every day. Take advantage of their knowledge in order to help you make the right decision and make your home buying process smooth as butter.