Purchasing

Purchasing a home is a very exciting time! It can also be a stressful time. There are many things to take care of and many things to learn, if you are not familiar with the process. I will make sure that obtaining your home loan is as easy as possible.

Whether you are buying your very first home, a new home, a vacation home, or an investment property, I have a loan program that will meet your needs. To help you get started, I have outlined the major steps of the home buying process below. This will help you get organized and know what to expect.

• Getting Organized - There are some things you will need in order to get started with the financing process. They include:
  1. Past two years of W-2's and one month of most recent pay stubs for salaried employees.
  2. Past two years of tax returns including all schedules
  3. Past two months of bank statements for all accounts
  4. Most recent statements of your assets, IRA/401K, Stocks, Bonds etc.
  5. If you own rental property, provide recent rental agreements and tax returns for the previous two years, including all schedules
  6. If any borrower has filed bankruptcy, provide the Discharge Notice, Filing and Schedule of Creditors.
• Getting Pre-Qualified - Getting pre-qualified is the process of determining how much money the bank will let you borrow based on some basic financial information you will need to provide. This is an important step because many realtors will not show houses to anyone who has not been pre-qualified by a lender. This is a service that I provide free to you. After a preliminary review of your financial information, I will provide you with a pre-qualification letter. You will need to give this letter to your realtor and it will be included with any written offer you make to buy a house. If you need to be pre-qualified, please visit the Pre-Qualifying page. If you would like to get an idea of how much you can afford to borrow, you can use my How much can I afford to borrow calculator (please be sure to read the side note).
• Finding a House Finding a house will require assistance from a realtor. Your realtor will help you locate the type of home you are looking for, assist you in submitting an offer on the home, while looking out for your rights as a buyer, as well as organize and schedule any inspections that may need to be done. If you are not currently working with a realtor, I know several excellent realtor professionals who I would be happy to refer you to.
• Completing the Application After your offer to buy a particular home has been accepted we will need to meet to complete the application (1003). We will make sure the application has no errors, update it with the correct address of the property you are buying and make sure that you understand each disclosure in the application package before signing everything.
• Processing and Approving Your Application After we have completed the application, I will turn it into my processor, Michele Kahl, and include all of your employment, income and asset documentation. Michele will, among other things, verify your employment, verify your assets, verify your income and get your loan package organized for our underwriters. You will have direct communication with Michele while your loan is being processed. Our underwriters will then make sure that we have followed all the rules and determine if your loan will be approved!