When it comes to buying a home, there are so many different things that go into the process. Every mortgage is a little different, but there are basic rules to follow that will make the entire process faster and easier for everyone, us included. If you want to get your home bought quickly and painlessly, follow these five rules.
1. Start By Talking To Us
We are your best friend on this transaction, folks. We’re the money. You want to talk to us, because we will always tell you the truth about the process. We want nothing more than for you to get a mortgage and buy your home. Find out how much home you can afford proper to shopping, so you know what you can afford. We stay in contact with you through the entire process, too, so we can answer your questions and help you on the path to home ownership. Along with your realtor, we work for you.
2. Have Staff In Hand
When you buy a home, there are certain people you have to hire. Start with us. Then hire a realtor. Then look for an inspector. Your realtor can usually recommend a good one, and often you’ll get a better deal with them than you will going on your own. That’s not always the case, though.
Do the research and call around to other vendors. Never just take the first bid.
3. Know What Your Down Payment Will Be
Your down payment seems simple. Get 20% together and put it down. Well, it’s more complicated than that.
Your down payment MUST be documented. That means we need to know where that money comes from. If it’s a gift, we need to know that you don’t have to repay it. You can’t take a loan to use as your down payment – it adjusts your debt-to-income ratio. We have to have every nickel of your money accounted for so we can assess if you can afford the payments on your loan, so if your down payment affects your repayment schedule, it can affect your ability to land the mortgage.
4. Paperwork, Paperwork, Paperwork
We need everything. Get your paperwork together before you call.
- Paycheck Stubs
- Bank Documents
- Investment Documents
- Tax Documents
- Profit Statements (Only if self-employed)
- Proof of income from rental properties
- Proof that a gift is not a loan
- 12 months of canceled rent checks and bank statements
- Divorce decree
- Proof of age of children in child support is involved
- Bankruptcy discharge paperwork
See? We need a lot of paper, so start getting it together before you call. That way, we can get you approved and into your dream home faster.
5. Stay the Course
The easiest way to ruin a mortgage application is to make a huge life change. Changing your job, buying a car, getting divorced, buying a speedboat, getting married, getting fired, taking out a giant loan, or anything that affects your cash flow negatively can blow the whole deal. So keep it under control. Don’t make major life decisions while you’re making THIS major life decision. Just keep your life on course until you buy the house.
Of course, when you work with The Home Loan Expert, Ryan Kelley, that’s never a problem. We work with you, step-by-step, to make sure that you get the lowest rate possible. These tips will help you when you’re looking to buy a home in St. Louis, Chicago, Nashville, or Indianapolis. Call us in St. Louis at (314) 781-9700, Chicago at (773) 770-6438, or Indianapolis at (317) 550-1515. You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. Don’t forget to follow @TheHomeLoanEx on Twitter for breaking mortgage news and knowledge. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?