Purchasing a home is one of the biggest decisions you will make in your lifetime. So, it’s not something you should take lightly and without lots and lots of research.
I will offer a list of suggestions to get you started with buying your new home. Hopefully this will be helpful to our first-time buyers, as well as our seasoned buyers.
- Do a full financial budget. Don’t forget to include the small things, like entertainment, non-budgeted trips to the store, a small toy for the kids, that happy meal for the kids etc. If you’re not sure of how much you really spend. Keep a small journal and write down the amount you spend, every time you make a purchase.
- Determine how much you can afford to spend. I would recommend doing this before going to the loan officer. They may say you can afford more then you are comfortable spending every month. Know your budget ahead of time, so you can stay within your budget.
- Check your credit. You get a free credit report each year from all three credit bureaus Equifax, Experian and Transunion. You can go to each site and obtain your free report.
- Find a good loan officer to get pre-qualified or pre-approved. I have suggested several good loan officers on my site. But, you can ask friends, family or co-workers who they used for their mortgage loan and did they like them. Remember, a good loan officer communicates with you and lets you know what you need to get a mortgage loan if you may have issues. If they don’t follow-up, return your phone calls or provide you with detailed information about the loan options to include down payment, closing cost or any out of pocket needed to obtain the loan. You may want to consider another loan officer or mortgage company.
- Find a good Realtor to help you find your dream home. You’ve already found me, so just give me a call so we can get started with a plan to get you into your new home 972-638-9590.
- Gather all paperwork needed to get a mortgage loan. The hardest to get is usually two years of your tax returns. Other paperwork you will need are pay check stubs, bank statements all pages, rental history among others that would be requested from your loan officer.
- Be ready to pay earnest money, option fee, home inspection, home appraisal, final appraisal and closing cost.
- Find your home and put in an offer to purchase. Once you have agreed on a price to purchase and all paperwork is signed you are under contract.
- Do any inspections and negotiate repairs if necessary, during option period.
- Get everything into loan officer that is needed to close your loan.
- Cross your fingers and wait for appraisal to get back.
- Sign a bunch of documents promising to pay back your loan, also known as closing!
Congratulations, you are a home owner!
This is a condensed list of the home-buying process. If you have any questions, please feel free to reach out to me to answer any specific questions you may have.
I hope this helps you get moving in the right directions. CALL ME, I will be glad to help!
For all my veterans.
First, thank you for your service and preserving our freedoms.
In real estate news:
The VA Loan will be expending it’s reach, by offering rehab loan for veterans with the same no money down benefits. The loan will work similar to the FHA 203(b).
If you find a property that needs work such as, a new roof, flooring, foundation work etc. you are able to take out a loan for the amount to purchase the property, as well as make repairs to the property.
Of course, there are specific requirements for obtaining this loan. However, it is certainly something worth discussing with your loan officer if you qualify for a VA Loan.
So, I drove all the way to Frisco yesterday to have my fill of Swedish meatballs and to stroll through the IKEA store to see what caught my decorative eye. It was a MAD HOUSE! Oh my goodness, their were people everywhere and even more kids running and jumping trying to relieve their boredom. Needless to say, my stroll did not go as planned. I came out a desk rack and wooden hangers. Oh and by the way, we stood in line for one hour for those meatballs.
So, I have decided to never go to IKEA again! Until the Grand Prairie store opens of course! I can handle the madness without an hour drive tacked on.
Sooo, I did some digging and the new Grand Prairie IKEA is scheduled to open November 2017 on the east side of state highway 161 and Mayfield Rd. north of I-20. Yeah, that’s jibberish to me too. But, its 14 miles from downtown Dallas and 18 miles from downtown Fort Worth. Which equals less than 10 miles from my house.
Woo-hoo!! Oops, I almost dribbled on myself from the excitement!
This is what the store is supposed to look like when it done.
If you have never experienced an IKEA store, you have to stop in to check it out. They have everything for your home at great prices. And, they give you showrooms with decorating ideas. It’s a great place to linger and be inspired.
Am I the only one excited here?!