Are you looking to purchase your first home in the new year? There are a few steps you can take on the financing front now to make things easier when you’ve found the right house.
Gathering the Right Documents
Most mortgage companies require paperwork covering both your financial and renting histories. From student loan payments and debts paid by a third party, to your annual income, all of these pieces will play a part in the size of the loan you’ll be able to qualify for.
Accessing Your Credit Report
Go ahead and get a copy of your credit report and scores now. If the report doesn’t reflect all of your monthly student loan payments, you’ll need to contact your loan service provider to get this information. Also you can dispute any problems you see on the report, and get a head of any time lapses that would cause doing it at a later date.
Preparing for Upfront Costs
For closing costs and down payments, you’ll need to have a lump sum of money on the front end. If you’re getting a gift from a relative to help cover part or all of this cost, you’ll need to provide your mortgage company with a paper trail. This includes a completed gift letter, a copy of the gift check and a copy of the donor’s bank statement to prove they have the funds to give.
Don’t Go It Alone
Once you have everything in order, it’s time to find a quality mortgage company, like Bond Mortgage and a real estate agent to walk you through the process. A great agent won’t just take care of the paperwork and negotiation, but can also help you narrow down the search for a new home and view each property with a critical eye.
To make your first time buying a home go as smoothly as possible, give us a call today, and we’ll connect you with a Benchmark agent in your community.