Currently viewing the tag: "home buying process"
Times have changed and the days where real estate agents would show homes without a pre-approval are gone. You may find that an agent will take you out once if you call on a particular property, but most experienced real estate agents will ask you very early on, “Have you been pre-approved for financing?” Experience real estate agents know that this is the first step to a successful home buying process.
Whether you’re thinking about buying a home now or a year from now, the right time to visit with a mortgage professional about your financial situation and is as early as possible. Our objective is to make the home loan process and getting a mortgage as seamless as possible for you. There are some sure fire ways to make it more stressful and we would rather speak with you before you make some common mistakes that could make getting a mortgage more challenging.
Whether you’re looking to start the process of buying your first home today or a year from now, we want to help you to understand the process and get your questions answered! It’s truly about your timing and we believe that knowledge truly is power when it comes to buying your first home.
Many people aren’t quite ready to jump into the home buying market right now, but they need basic education in a non-threatening, non-sales pitch environment. We cover the basics and, we work in on your timing, not ours. We always say it, but I think people believe that’s part of the “pitch”. It’s not. It’s reality. And, getting started in the home buying or mortgage pre-approval process early is always a good idea.
If you’re a first time homebuyer, this is a must read! There are programs available with down payment assistance, closing cost assistance and even money to fix-up the home you’re looking to buy if it’s not quite “move-in ready”.
There are two major gaps for first time homebuyers to purchasing their first home today – credit and cash. With programs offered through Minnesota Housing Finance Agency that cover the whole state, Counties like Dakota or Anoka County, and Cities like Minneapolis, Saint Paul and Woodbury; you could be in a situation where you qualify to buy your first home for $1,000 out-of-pocket.
Step 3: You’ve Found A Home, Now What? At this point, you will be signing property specific loan documents for your final loan approval based on the exact details of your purchase agreement and closing date. We will review all of the numbers again, finalize any first time homebuyer assistance, discuss locking in your interest rate, obtain updated documentation from you (very likely updated paycheck stubs and bank statements as those items expire) and sign all necessary loan disclosures to move into the next stage in the loan process.
You’re submitted your application and supporting documentation – what’s the next step?
It’s time to talk details now. You’ve supplied everything you needed to in order to get the process started. Credit has been reviewed, taxes, paycheck stubs and bank statements have been sent in and your pre-qualification is validated. Now, here’s where the education really starts!
It’s time for a sit-down, in my in my book, this is the most important meeting you need to have before buying a home. It should be face-to-face, but can be handled over the phone if necessary.
Beyond that, a full pre-approval will help you to understand all of your loan options and set you up in a place as a home buyer where you are educated and prepared for your home purchase. There are a large number of first time homebuyer programs available in Minnesota. During our pre-approval process, we’re validating your ability to qualify for a variety of different down payment and closing cost assistance programs available to you as a first time homebuyer.
Your offer has been accepted on the home, now comes the home inspection. A great home inspector will not only tell you what is wrong with the home, but will inform you of the upcoming maintenance issues as well as long term issues you may come across.
[ July 21, 2011; 6:30 pm to 8:00 pm. ] Start here! No-pressure, No-obligation First Time Homebuyer Seminar, Thursday, July 21st, 2011 from 6:30-8PM at 436 Gateway Boulevard in Burnsville. We walk you through the home buying process in a way that gives you a thorough overview and informs you about the availability of first time homebuyer assistance programs and various important pieces of the home buying process.
Watch this video for information on the upcoming First Time Home Buyer Class
Subscribe Via Email
View Posts By Category
- Chela's Story (5)
- Conversations With Carrie (100)
- First-Time Home Buyers (61)
- Home Buyer Class Information (8)
- Home Loan Process (46)
- Local Information (33)
- Market Updates (25)
- Mortgage News (42)
- Mortgage Terminology (19)
- Trusted Resources (8)
- Tuesday Tidbits (3)
- Uncategorized (15)
- Upcoming Events (26)
