Buying a home involves a variety of parts; many people, documents and tasks are needed in order to make your purchase go smoothly. This post will give you the 20 Documents You Need for a Smooth Home Purchase. It's better to get organized as soon as possible, but what exactly do you need?
To start, you should get all the paperwork that will be required gathered and organized. Here's a list of the paperwork you'll need to buy a home, depending on what stage of the purchase process you're at:
If you're ahead of the game and still getting ready for your pre-approval or mortgage:
1. Tax Returns (at least one year, if self-employed or commission typically 2 years)
2. W2s (last 2 years)
3. Pay Stubs (last 2 years with year-to-date earnings)
4. Bank Statements (last 2 months)
5. Investment Account Statements
6. Copy of Your Driver's License or Photo ID
7. Credit Report
If you're at the point of submitting an offer:
1. Copy of Your Pre-Approval Letter
2. Sales Contract (signed and dated)
3. Any Addendum
If you're already at closing:
1. Sales Contract (signed by Buyers and Sellers)
2. Title
3. Title Insurance
4. Copy of Your Driver's License or Photo ID
5. Deed
6. HUD-1 Statement
7. Survey
8. Proof of Home Insurance (if required by lender)
9. Proof of Required Repairs
It’s known that buying a home can be a secure option to invest in. And lately, many are taking advantage of today’s low rates and home prices to buy investment homes.
If you’re thinking about getting another property, keep in mind the following 8 tips to make sure your home purchase goes with the greatest of ease. And of course, call your Guaranteed Rate loan officer to make sure you qualify!
1. Location
Make sure you invest in the best location you can afford. This will determine how much you’ll earn on your house, whether you’re renting it out or holding onto it to sell at a later time.
2. Control How Much You Fix Up
If you’re planning on making your investment home a rental, those renters will give your home some wear and tear, so don’t go crazy when fixing it up. Just stick with simple, light, bright and clean units to please possible tenants.
3. Be Prepared with Cash on Hand
4. Think Long Term
By planning to keep the home long term, you’ll be able to ride out any swings the housing market might throw your way over the years.
5. Consider All Options
Decide what you’re going to use the property for. Is it a vacation home, condo for your child in college or are you going to rent it out? Once you figure this out, consider what type of property would be best for your needs.
6. Calculate Cost of Ownership
Make sure you factor in all the expenses of owning and managing a home. Click here to help calculate what you can afford.
7. View a Property’s Potential
When viewing properties, make sure you see what the property can be, not what it is right now. With a little imagination, you could find yourself with a great deal and property!
8. Familiarize Yourself with Landlord Rights and Potential Tenants
When you’re beginning the mortgage process, you may start coming across many terms you’re not familiar with. At Guaranteed Rate, we know educating our customers is one of the most important parts of helping them obtain a loan.
Today we wanted to break down what a Jumbo mortgage is and if it’s a loan option for you.
A jumbo loan is a mortgage with a loan limit exceeding the conforming loan limits. This is $417,000 in most areas, but in more expensive places, it can be as high as $729,750. These limits have been set by the Office of Federal Housing Enterprise Oversight or OFHEO and any loan over these limits are not eligible to be purchased by Fannie Mae or Freddie Mac.
If you’re looking to get a loan over these limits, you won’t have to worry about having fewer options. Jumbo mortgages are available in fixed or ARM, same as conventional mortgages. You can also choose to have the loan be standard or interest-only if you desire. For more information on jumbo mortgage options, click here.
A jumbo loan is a great option if home prices in your area tend to be high, not leaving you many other options due to the high-value real estate. In addition, if you have a large salary, but haven’t saved enough money up to bring your loan amount down to conventional limits, then a jumbo mortgage could be the answer for you, if you feel comfortable with the larger monthly payments.
Other benefits of a jumbo mortgage include building credit quickly and if you’re looking for a great option for long-term financing. If you want to discuss your mortgage options further, contact me at 954-684-9227 and I would be happy to help you.
Or see how much you can afford here.
With all the news about record-low rates recently, you may be contemplating if now is the time to plunge into home ownership. But maybe you’re a bit hesitant about entering the housing market with all this uncertainty about when home prices will rise, wondering if owning a home is a good investment. Well in actuality, the low home prices we’ve experienced make it the perfect time to buy a home! Here’s why:
1. Buying a home now will give you appreciation in the future. With mortgage rates being so low and home prices at rock bottom, you could buy the home of your dream for cheap. And since the housing market works in cycles, we’ll see home prices rise in the coming years, making your profit sky rocket if you decide to sell once the market rebounds.
2. There’s been a new trend forming in the housing industry recently: borrowers putting more money into their monthly payments. By doing this, homeowners are able to build equity quickly, locking in lower rates than available before, while shortening the length of their loan. Thus, they own their home faster, but paid less for it!
3. Still not convinced? Did you know that the IRS also provides full tax property tax deduction on your first home or a vacation home, which makes owning a home an even cheaper expense than you might have originally thought.
In conclusion, these near record-low rates and low home prices make 2012 a perfect time to purchase a home. And with Guaranteed Rate’s various loan options, you not only leave with a lower rate, but with a loan that will be customized for you! Start your application now!
If You have any aditional questions, concerns or if I can serve you and/or someone you know for mortgage financing please let me know. I am available anytime at 954-684-9227
When preparing to purchase a home, whether you’re a first time home buyer or looking for an investment home, it pays to do your homework before house hunting. But where do you start? Do as the experts do! Here are some insider tips Real Estate Agents follow to know where to find great homes for their clients.
Study The Local Pricing
Every agent knows to study current house price trends in their areas, and you should too. See what the average home price is in the town you’re looking at, then compare them to the average price in neighboring towns. This will reveal what town is more in demand as well as which properties are priced “fairly”. You can find home prices online or in your local newspapers.
Check School Rankings
Check your state’s board of education website or PSK12.com to see what schools near you are at the top or moving up in the ranks. This is obviously beneficial if you have children, but can also be a good investment if you don’t as homes in a good school district will be more desirable if you decide to sell.
Look Out for Development
When driving around possible neighborhoods, keep an eye out for any new roads, schools, etc. This is a sign that the community is set for a growth spurt and home prices could end up increasing in future years.
Watch the Outskirts
If you’re looking to live in a major city, but are finding that the home prices are overpriced, check out the outer fringes of the city. These areas will soon be in demand and are still a short commute to the center of the city!
Explore Low-Tax Alternatives
This information can be received from a local tax assessor or your real estate agent once you get one. Check to see how much the town charges in taxes per $100 of house and compare it to the neighboring towns
For Additional Questions call me, Michal Bander at Guaranteed Rate - 954.684.9227
A very Aggressive, innovative and professional Mortgage Banker that will do whatever it takes to serve the needs of my client and referral partner.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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