Kids, friends or some other bird renting a nest or still in yours? Today’s real estate market has been primed for them to build a nest of their own. In fact, owning today could be more affordable than renting. Rates are still near historic lows and we can help break down all the options for them. We’ll sit with them, look at their individual situation, and get them the help they need to fly out on their own.
Here are some topics our Loan Officers commonly have discussions about with young or new buyers:
- Downpayment Assistance
- Gifts vs. Personal Loans (for down payments)
- Importance of pre-approval
- Avoiding certain buying habits once approved until home is closed
- PMI (and how to avoid paying it)
- Arrange and perform a pre-closing interview.
- Review closing papers prior to closing for 3rd party.
- Know where the closing is going to be held.
- Every borrower has the right to a private closing.
- Try to avoid closing at the end of the month.
- Make sure that the Closing Agent is aware of typos in application.
- Bring valid picture identification to closing.
- Make sure the Closing Agent knows when your last payment was made.
- Any funds that are needed for closing must be in the form of guaranteed funds.
- Schedule your closing when your lender is open. Know your lender’s time-zone.
What You Need to Really Ignite Your Home Search... Starts with the Spark of Pre-Approval.
This is a list of the items you’ll need for the answers going into your home search prepared and focused.
- W2 Forms - or business tax forms if you’re self employed - from the last 2-3 years
- At least one Pay Stub
- 2-4 months of bank statments for both checking and savings accounts
- Your most recent 401(k) or other retirement account statment
- Verification of additional income, such as child support or pension
- Personal tax forms from the the past 2-3 years
- Sales contract (if purchase)
- Name and phone number of insurance agent.
Here are some of the basics steps involved while traveling down the road to closing on your new home. There are more elements involved during each one of these steps so for more detailed information, contact a Century loan officer today!
- Contact Century loan officer by phone or online
- Dig up documentation
- Set an appointment for pre-approval
- Find a home!
- Set an appointment for actual loan application
- Appraisals and Title are ordered and accepted
- Your loan goes into processing which involves employment verifications, etc.
- Your loan goes into underwriting for final approval
- Closing documents are sent to the title company for you to sign at closing
- MOVE INTO YOUR NEW HOME!
What does a pre-approval letter mean to me, as a potential homebuyer?
Before seriously shopping for a home, it is advantageous to become pre-approved for financing. Some people are clear on the concept, others maybe not so much. That’s why we are here! We want to help you understand the importance of what it means to become “pre-approved” in the home buying process. Below are a few points on what preapproval is and why it’s important to you as a homebuyer.