Whether you are a first time home buyer or a repeat buyer, purchasing a home is always a stressful process. Sometimes the thought alone deters people. But the good news is that people do it all the time, and even better news – they survive.
I am a numbers person, so if you are like me, here’s some STATS for you.
The first step in any home purchase is identifying your personal goals. What are you trying to achieve? Being a homeowner is not for everyone – finances, timing, commitment, all play a part. So identifying what your homeownership goals are and how those goals will fit into your lifestyle will help you quite a bit.
Then there is the finance part (ugh!).
Homeownership can be a huge undertaking, but it can also be very beneficial from a finance point of view. According to research, over time, renting actually COSTS MORE!!
But that being said, you are visiting this page because for the most part you have decided that homeownership may be for you. So here are the basic steps and some resources to help you. And AS ALWAYS we are here to help. We believe in educating people about Real Estate, it’s the oath we took when we became Realtors!
STEP 1: You need to be PRE-APPROVED for a home loan. The loan officer will work with you to identify the best loan programs for you by analyzing your credit, income, down payment , etc. They are licensed professionals and can assist you with the numbers portion of the deal. The loan officer will help you establish a purchase price budget for your new home as well as give you a Pre-Approval letter that you will need to begin shopping.
Heads up, the loan officer will need to collect some paperwork from you. Below is a basic list of what you will need to gather up:
- Current Photo ID
- 2 Most Recent Paystubs
- 2 Most Recent W-2s
- 2 Most Recent Tax Returns
- 2 Most Recent Bank Statements
Also, here a few more links that might help you finance wise:
- GET PRE-APPROVED AT NO CHARGE. We offer this service. Competitive rates, no hidden fees! If we can’t do it, we will redirect to other resources that may be able to.
- FREE CREDIT ANALYSIS – It’s Often Not as Bad as You Think!
- CREDIT REPAIR. THINK YOU CAN’T QUALIFY – Think Again!
- US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT – Excellent Resource on the Buying Process
So now that you have Pre-Approval in hand, what’s next?
STEP 2: Identify your Real Estate Agent. So what does a Buyer’s Real Estate Agent actually do? In a nut shell, their job is to represent your best interests in the negotiation process of purchasing a home. The real estate purchasing process is a lot of things; stressful, paperwork intense, legally binding, etc. The agent’s job, as the professional, is to help you through all of that.
Once you establish who will be assisting you, you get to…
STEP 3: Start shopping for your DREAM HOME!!!
Here is where we cut this article. Stay tuned for SHOPPING TIPS and what happens once you find the home you plan to lay your head each night. That’s a whole other process called the ESCROW PROCESS.:) You’ll love it.
Tezra Rogers is a Real Estate Broker/Loan Officer (CA DRE #01744515/NMLS #01466173) with 17 years experience and at last count, 816 transactions under her belt. Her clients become family, and in this house there is always room for more. You may contact her at firstname.lastname@example.org or at the corporate office in Suisun City, CA at 707.759.4251. Follow her on IG @pacbaybroker.