Buying a home is a very big decision. Even under the best of circumstances moving can be a very stressful time for the whole family. There are some steps, however, that can be taken to make the whole process a less overwhelming one. First conduct a self evaluation of your housing needs and financing. Once this is done, you are ready to work with a Realtor to find a home that meets your requirements. The final step in the process is making the offer, closing and moving in. Here are a few tips to help you along the way: • Get a free credit report before inquiring about a mortgage. • If there are any problem areas on your credit report, try to resolve them. • Don’t make any large purchases that will impact your credit. • Create a file with all the necessary documents for a mortgage application – social security number and birth date; current and past addresses; paycheck stubs (usually for the last 2 months); W-2 tax forms (usually for the last 2 years); name and address of your current and past employers (up to 2-3 years); checking, savings and money market account information; assets such as CDs, 401-Ks, stocks & bonds; any personal property; and list of your liabilities (debts you may owe such as car and student loans, other mortgages, etc.) • As soon as you start your mortgage process, secure a Realtor and an attorney so that you are ready to start your search as soon as you have your mortgage pre-qualification or pre-approval. • Decide your needs and wants in your next home and don’t look to buy “more house” than you need. • Keep a checklist when previewing homes and be honest with your Realtor regarding what you are looking for. If any of your requirements or needs change at any time, share the information with her/him. • Take into account the market in which you are working. If it’s a “buyer’s market” you may have room for negotiating. If it’s a “seller’s market” and you find your dream home, you may have to make a full price offer or higher to get it. • Always have a professional home inspection done and be present at the inspection. This is the time to learn all you can about your new home. • Don’t be afraid to ask questions and fully understand what you are committing to when signing a contract. This also applies to the mortgage loan program you agree to take on. • Always do a final walk through right before your scheduled closing and check all appliances and systems in the home. • Have your attorney review all documentation with you prior to signing anything at the closing table.
