Dear Homebuyer:
I would like to take this opportunity to make your home search just a little easier. The whole process is exciting, confusing, exasperating and sometimes just downright maddening. But in the end it's one of the most satisfying experiences you will ever have.
The preparatory phase of your search should be:
- Determine where you want to live (neighborhood, school system, highway access, etc)
- Determine what type of house you want (single story, two story, basement, no basement, etc)
- Research your market - learn current pricing trends and sale conditions
- Make a time-line that you want to follow so that you don't wind up overwhelming yourself when you find your dream house
- Gather up your pay stubs, W2s, 2 years of tax returns and any other financial documentation you may have
Now comes the important part - getting pre-approved for a mortgage. Contact your bank, credit union or a mortgage broker. If you don't know of any, ask your friends, family or co-workers for a referral. Give the lender all the information they need in order to find out just how much house you can afford.
Once you are armed with a pre-approval letter and the amount of mortgage you can handle, then contact a Realtor and search out the perfect home.
When you have found your perfect home and gotten your offer accepted please, please, please get an inspection done by a qualified/certified home inspector. This is for your protection. And remember - a home is the largest investment most people ever make. It's worth protecting.
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