Home Buying - We're Ready to Buy - Where Do We Start?

Home Buying - We're Ready to Buy - Where Do We Start?

When home buyers decide to buy a home, they get so excited and want to start looking.  Not to be a kill joy, but the first place to start is with a lender!  Your lender will not only help you determine what size loan you qualify for but what your payment will look like each month, adjusting the loan size to a point where your payment fits your comfort level. There is nothing more disappointing than, looking a homes and seeing all kinds of places you would love to live in, only to find out that you would not qualify for any homes in that price range.  On the flip side of this scenario, you might be looking at houses and thinking how horrible they are, when you can qualify and comfortably afford a slightly higher price range that opens up to much nicer homes. 

Here are some of the things your lender will need from you:

*  How much money do you have to put down.  (This can include a gift from a family member.) Eventually before they can give you final loan approval, your lender will need proof of these funds - bank statements showing the money you have for your deposit.

*  Two years of employment history.

*  Credit report.  They will run this so that they can determine your debts and calculate your debt to income ratio. 

In getting pre-approved, your lender will provide you with a preliminary statement on the size of loan for which you can qualify. (We will need this statement or pre-approval letter when submitting an offer.) Then we can focus your home search!  

Visit the Buyers Information page of my website where you will find many articles on the home buying process, from the preparation and the loan, to the offer and closing.

If you need a referral, I would be happy to give you some names, but when your ready to buy, definitely start with your lender!

I am a REALTOR® in El Dorado Hills with Lyon Real Estate.Though living in El Dorado Hills is my passion, I am happy to help you with your real estate needs throughout the Sacramento Valley. For more information on me or our wonderful area visit my website at www.DeeDeeRiley.comor email me at driley@golyon.com.

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Please keep in mind -the views expressed herein are my personal views and do not necessarily reflect the views of Lyon Real Estate.

By DeeDee Riley 2011 *All Rights Reserved*Home Buying - We're Ready to Buy - Where Do We Start?