Preparing To Buy A Home -Home Loan Preparation

PREPARING TO BUY A HOME

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HOW TO BUY A HOME IN 8 STEPS!

KNOW BEFORE YOU BUY
SEE HOW MUCH YOU QUALIFY FOR?

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First Name

Last Name

Phone

Purchase Price Estimate

Loan Request

Cash Out

Describe Transaction

Subject Property Address or TBD if looking to Pre-Qualify

City

State

Zip Code

Est. FICO

Employment

Loan Type

Home Type

Home » Preparing To Buy A Home

Step 1 - Do Your Homework

The earlier you can start with your new home research,the better. Research the areas that you have interest in living. Look at the homes in your target market area and watch the housing prices. You want to get a good feel for home values. Compare sizes, number of bedrooms and bathrooms, other amenities and square footage. Is the house updated with newer features like granite counters and stainless appliances. Is there a pool?

Once you have a feel for comparable pricing, watch to see if home prices are increasing or decreasing so you can understand the trends in your target areas.

Step 2- Determine How Much Of A House You Can Afford

There are different schools of thought for how much you should spend on your home. One says and I agree, that you should not spend more than 3-5 times your annual income for a house.

There are a lot of factors that come into play and every case is different. Use our affordability calculator to the right to help you determine how much of a house you can afford.

Some things to keep in mind:

Do you have steady income?
How much of a downpayment do you have?
Do you have reserves for major and minor repairs you might need to make?
Can you provide the following
-Verification of income
-Bank statements showing sufficient funds to close
-Two years of employment history

These things are not only important for piece of mind but they will affect your interest rate which will affect your monthly payment.

How Much Of A House Can I Afford
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Step 3 - Get Pre-Qualified & Pre-Approved For A Mortgage

Home loan preparation starts with getting pre-qualified.
The easiest way to know how much you can qualify for is to fill out the form to the right and get pre-qualified for a mortgage. There is no obligation. Actually home loans today require no commitment or obligation on the borrower until they sign their closing documents with their title company.

In order for you to get pre-qualified, you only need to provide some financial information to your mortgage banker. Some of the things that they will ask you for is your income, the amount of savings that you might have and any investments that you may have.

Your information will be reviewed by a lender that will let you know how much they can lend you. Once you know how much of a loan that you qualify for, you will know the range of the homes that you should be looking at.

A Pre-Qaulification is the process by which a lender will tell you how much you can afford. They do not pre-approve until they verify that the information that has been presented is accurate.

The pre-approval process will involve providing financial documents (W-2 statements, bank account statements, paycheck stubs, etc.) so that your lender can do the due diligence and verify your financial status and credit.

MORTGAGE LOAN APPLICATION
Pre-Qualify In Minutes

First

Last

Phone

Loan Type

Purchase Price

Down Payment

Est. Credit

Property Type

Bankruptcy

Estimated Debt

Social Security Number

Current Home Status

Existing Loan Balance

Cash Out Requested

Current Home Address

Home City

State

Zip

Date Of Birth Year-Month-Day

Employment Status

US Citizen

Marital Status

Have you or Co-Borrower served in the military

Yes No

Co Borrower (If none than skip to next)

Co Borrower First Name

Co Borrower Last Name

Co-B Email

Co-B Phone

Co-B FICO

Co-Borrwer Employment

Date Of Birth

US Citizen

Co Borrower Social Sec #

Notes For Lender

Step 4 - Shop For Your Home and Make An Offer

Now that you know how much of a home you can afford, shop for and find the perfect home for you. It is sometimes helpful to take notes when shopping for a home.

Download this home shopping reference checklist, HERE

Make sure to check out the little details of each house.
For example:

Test the plumbing by running the shower to see how strong the water pressure is and how long it takes to get hot water
Try the electrical system by turning switches on and off
Open and close the windows and doors to see if they work properly

It’s also important to evaluate the neighborhood and make a note of things such as:

Are the other homes on the block well maintained?
How much traffic does the street get?
Is there enough street parking for your family and visitors?
Is it conveniently located near places of interest to you: schools, shopping centers, restaurants, parks, and public transportation?

Take as much time as you need to find the right home. Then work with your real estate agent to negotiate a fair offer based on the value of comparable homes in the same neighborhood. Once you and the seller have reached agreement on a price, the house will go into escrow, which is the period of time it takes to complete all of the remaining steps in the home buying process.

Step 5 - Contact CambridgeHomeLoan.com For Best Mortgage Home Loan Rate

CambridgeHomeLoan.com has a wide range of very competitively priced home loan programs and a reputation for exceptional customer service and client satisfaction. You will have many questions when you are purchasing a home and having one of our experienced, responsive mortgage professionals to assist you can make the process much easier. Every home buyer has their own priorities when choosing a mortgage. Some are interested in keeping their monthly payments as low as possible, others are interested in making sure that their monthly payments never increase..and still others pick a loan based on the knowledge that they will be moving again in just a few years. For immediate questions call 800-826-5077.

Step 6 - Have The Home Appraised

Lenders will arrange to have an independent appraiser provide an estimate of the value of the home that you are buying. The third party appraiser is not associated with the lender or buyer. The appraisal will let all the parties involved know that you are paying a fair price for the home.

Step 7 - Coordinate The Paperwork

There is a lot of paperwork involved is purchasing a home. Your lender will arrange for a title company to handle all of the paperwork and make sure that the seller that you are purchasing your home from is the rightful owner of the house that you are buying

Step 8 - Close The Sale

At closing, you will execute signature copies of all of the paperwork that is required to complete your purchase, including all of your loan documents.

It will typically take a few days for your loan to be funded after the paperwork is returned to the lender. Once the check is delivered to the seller than you are ready to move into your new home.

MORTGAGE LOAN APPLICATION
Pre-Qualify In Minutes

First

Last

Phone

Loan Type

Purchase Price

Down Payment

Est. Credit

Property Type

Bankruptcy

Estimated Debt

Social Security Number

Current Home Status

Existing Loan Balance

Cash Out Requested

Current Home Address

Home City

State

Zip

Date Of Birth Year-Month-Day

Employment Status

US Citizen

Marital Status

Have you or Co-Borrower served in the military

Yes No

Co Borrower (If none than skip to next)

Co Borrower First Name

Co Borrower Last Name

Co-B Email

Co-B Phone

Co-B FICO

Co-Borrwer Employment

Date Of Birth

US Citizen

Co Borrower Social Sec #

Notes For Lender

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