In last weeks post we talked about common questions that abound from first time home buyers. Buying a new home can be a lot more involved than renting a home so it’s only natural to want to research the process and begin to understand exactly what being a homeowner entails.
We touched on some of these a bit in the part 1, but many questions new home buyers have revolve around the important question. How do I get a the loan?
How do I know if I qualify for a loan? Well, if you don’t begin to talk to a loan officer you will never know. There are a Zillion mortgage calculators online, and while those may give you an idea if you punch in your income, it’s a lot harder to begin to understand all the nuances without speaking with a professional.
How do I find the right lender? As we said before there are a host of options when it comes to finding a lender. You can go the route of talking with your own bank, a local credit union, and if you consider buying a new home with Maronda Homes, we have FBC Mortgage as a preferred lender to help make the process go smoothly. Not only will this help move along the process, our proffered lender is familiar with all the nuances of our properties. They also know the taxes, insurance, HOA and other fees.
What do I need to actually apply for a loan? There is a whole list of information that is needed in order to apply for a loan. The more prepared you are upon your first visit, the smoother the process on getting per-qualified and avoiding any surprises.
You will need:
- Social security numbers of all parties who intend on being on the loan
- At least 6 months worth of statements for all checking and savings accounts
- documentation on all assets such as stocks and bonds
- Proof of earnings in the form of a paycheck stub
- A list of all your credit cards and include outstanding amounts as well as monthly payments
- Remaining balance on any other loans such as car or boat loans and their respective account numbers
- A copy of your income tax returns for the past 2 years
Lenders may also ask for other information, but this will be a good start.
Another big question often asked by first time home buyers is about loan types. We will post more about loan types in an upcoming article.
What are your biggest questions as a first time home buyer, or new home buyer?